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Why i told my buyer to cancel the contract to a for sale by owner


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Why i told my buyer to cancel the contract to a for sale by owner

  1. 1. When I tour homes for home buyers I don't shy away when approaching For Sale By Owners. Recently, I approached a for sale by owner, since my buyer had in interest in their home. I arranged for an appointment and toured the home via Skype with my buyers. The home was very nice and had all the bells and whistles my buyers where looking for. The sellers were set on a price which included all the appliances, most of the furniture, spa, golf cart etc. and other miscellanous items. My buyers were so excited and told me to write up an offer right away for the price the sellers are asking for, fearing someone else will make an offer.
  2. 2. I wrote up the cash offer and included an appraisal contingency that the home must appraise at $X amount. After I present it to the homeowner I did some further investigation into the homes' market values of comparable homes within the community. The next day, the homeowner called and said that they did not like the appraisal contingency and that he is countering the appraisal contingency to a lower appraised value and that I should offset the difference into the content of the home - lowering the appraisal amount, increasing the amount for the contents= sellers asking price. After I talked with my buyers of the sellers counter, I asked the buyers to cancel their offer because the home is heavily overpriced and it would not appraise.
  3. 3. Is a Lakeland Fl home for sale by owner a bad idea? The answer is – YES! Selling your home as For Sale By Owner may cost you more than hiring a real estate agent. Most people think that DIY projects and tasks saves them money, but this is not always the case. Some DIY projects tend to end up a disaster, which costs more money to fix as well as more time to redo, not to mention the frustration it causes.
  4. 4. That is why there are professionals who are good at what they do, their role is to make things easier and faster. This is true in real estate. If you plan to put your Lakeland Fl home for sale, make sure you work with an experienced Lakeland Florida real estate agent. Real estate transactions are complicated and it takes a lot of experience and knowledge about the market, neighborhood, marketing, pricing, negotiating, and staging to successfully close a deal.
  5. 5. 1. FSBO sellers usually price their Lakeland FL Homes for Sale too high. Sellers often consider how much they still owe and work on a price from there. However, buyers don’t care how much the seller owes. Buyers compare values of Lakeland FL Homes for Sale to other similar homes in the neighborhood. Listing a home for more than the price of comparable sales is a very big risk. Most of the time, overpriced homes get few or no showings at all. Once a Lakeland Fl home for sale stays on the market for too long, it becomes stale and buyers and their agents will be negotiating for price reductions, capitalizing on the seller’s frustration to sell.
  6. 6. 2. Since they lack skills and knowledge in real estate, most FSBO homeowners fail to understand many aspects of the home selling process. hiring a seasoned Lakeland FL Real Estate agent will give you an assurance that someone will always be there to answer your questions about selling your Lakeland Fl home. Real estate documents and contracts are getting more and more complicated these days, and if you attempt to do it by yourself, you put yourself at risk of making big and costly mistakes.
  7. 7. Selling a home in Lakeland Fl is a very big decision with a huge impact on the seller and his or her family. Even if you hire a Lakeland Fl agent, make sure you are still educated and aware of the process of selling a home. Working with an experienced Lakeland Fl real estate agent not only saves you time and money, but also gives you peace of mind as you proceed with the sale of your Lakeland Fl home.
  8. 8. By: Petra Norris (863) 619-6918