Big Errors For Sale By Owners Make, Mr. / Mrs. FSBO What Are You Doing Wrong?
Posted Sep 27, 2007 @ 9:16 am, Viewed by 402 Visitors, Read 425 Times.To read part 1 of this 2 part series go to the FSBO fatal mistakes part 1.
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Fatal Mistake 4: Selling a home is a complex legal process. If you’re not using a real estate professional, hire a real estate attorney to review the paperwork and make sure you’re obeying all the applicable regulations involved. Expect to pay the real estate attorney from $800 to $1,300 depending on your area and how much help you need. Do not hire any other type of attorney; they will not know what they are doing. Pay an escrow agency or title insurance company to prepare closing statements and documents, and hold earnest money if your attorney is unwilling to do this. Certain forms must be filled out and filed with proper authorities, or fines can be levied. Other forms, if not handled correctly, can enable the buyer to walk away from the transaction at any time, without penalty. The sales proposal itself may contain a number of obligations you must be prepared to meet. Make sure you’re working with someone who can guide you through the maze. Fatal Mistake 5: The State of New Jersey and the United States government have extensive rules protecting certain groups of citizens from discrimination in regard to real estate, and the purchasing / renting process. You may not discriminate against these protected classes (race, religion, national origin, age, certain disabilities, etc.). It is a fatal mistake to talk about finding the “right kind of neighbors”. Such discrimination is illegal and immoral. The government and certain private groups will send “testers” into certain areas to see if Fair Housing laws are being followed to the letter, and penalties can be expensive and severe. Owners selling their own homes are bound by most of the same rules as those working with real estate professionals, so ensure that you follow the rules, they apply to all.
Fatal Mistake 6: There have been many cases of criminals visiting open house in groups of 2 to 4 people. One is tasked with keeping the person holding the open house busy, while the rest rob you blind. For Sale By Owner open houses are especially venerable as the home owner is unlikely to detect what is going on in time to stop it, as they are usually to busy trying to bend over back words trying to impress the visitor. They will appear to be very legitimate buyers. Always ask to see the potential buyer’s driver’s license. If they refuse, do not let them into your home. Explain the reason you want to see their driver’s licenses. Legitimate buyers will be more than happy to show you. Write their names and driver’s license numbers down. Another approach is to have a sign in sheet and ask every visitor to sign in. Have an assistant to go out and write down their cars license plate number so that you have something to go on if the worst happens. This could mean the difference between being safe and being robbed. While doing your open house, do not have your children of any age present, especially children under the age of 10. You cannot parent your children at the same time as holding an open house; you will do none of the tasks well.
Be Safe, or be sorry, it is up to you.
To read part 1 of this 2 part series go to the FSBO fatal mistakes part 1.
James Boyer
Realtor Associate
488 Springfield Avenue
Summit, NJ 07901
973-376-0033 (Office)
973-647-0253 (Direct)
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James Boyer, is a resident of Morris Township in Morris County New Jersey and Specializes in listing and selling homes in Morristown, Morris Township, Madison, Florham Park, Chatham, Summit, Short Hills, Millburn, Maplewood, & South Orange New Jersey and Morris Essex & Union County Real Estate. Read More
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