Asheville Real Estate:

For Sale By Owner - Introduction for Asheville, NC.

Congratulations on your decision to market your home. It can certainly be challenging and I am sure you are being inundated with real estate agent information. Please understand this is not a solicitation, I want to extend my professional services to you in the purchase or leasing of your new home. In the meantime, this booklet is just one of the ways I offer value-added service to my clients.

I have additional information that I would be happy to share with you on how to successfully sell your home or if you would like my personal assistance in preparing your home for sale, I will gladly schedule an appointment for you. Over time, I have found that most homeowners will engage the services of a full service real estate firm if they are unsuccessful with the marketing of their property, or they learn lately of all the things that have to be done and properly coordinated. I have taken the liberty to include some Question and Answer topics below that will help you decide what you really want to do, as well as some basic facts of which very few are aware.

In return for the free “For Sale By Owner” Guidebook offered on my site, all I ask is the opportunity to tell you of my services should you make the choice to use a real estate professional. Until then, please do not hesitate to call me if I may be of assistance to you and good luck to you on the sale of your home.

Should You Try to Sell By Owner?
The truth is that only about ten percent of owners successfully sell their home on their own. That varies by region and the number goes up a tad for professional real estate investors because they are more familiar with real estate than your average homeowner. Those that do sell their home successfully usually accept not only a lower price, but they net less than if they had sold it with a professional qualified real estate agent helping them - especially in an uncertain market with high inventory, like today.

It would currently take almost nine months to sell all the homes currently on the market at the current sales pace, even if no new homes came on the market. That is with all the advantages of a real estate agent and the Multiple Listing System (MLS) at your side. On your own, it's even harder.

So why is the MLS such a big help?
Well, if you run an ad to sell your home, you not only have to pay for the ad but you can only sell your home to those that see your ad. That limits demand. As everyone who has taken Econ 101 knows, the more demand for a product, the higher the price: The less demand, the lower the price.

By sharing information about your home via the MLS with all other Realtors and brokerages in the area, you increase demand for your home. Not only does your agent's company advertise, but so do many others. Since less than ten percent of prospects actually buy the home they see advertised, real estate agents have to find them another home to purchase. Realtors find those homes in a database called the MLS. Unless you are an agent, you do not have access to the program. In other words, you can just walk in and demand that your house is listed with everybody else's. You can't benefit from the MLS, unless you have licensed agent. But with an agent, as a result, not only is your agent working to sell your home, but so are all the other MLS members, too. Your agent's efforts are multiplied by those of all the other agents in the area. More demand. Higher price.

What are other problems with selling by owner?
A FSBO (For Sale by Owner) sign attracts lowball offers, for one thing. Think of buyers that want not just a deal, but a steal. Have you ever stayed up late and seen an infomercial about how to get rich in real estate? The number one method is to find a steal, often by taking advantage of someone who does not know what they are doing.

Then there are phone calls. Who answers them? What do you say? How do you convince them to come look at your home when you're available to show it? How do you convince them to write an offer? Where do you get the right forms? What forms do you need? And that's just the beginning..... Is the buyer qualified? Do they have money in the bank, good credit, can they get a mortgage loan? Is your buyer's loan officer competent and flexible?

There are also lots of details. Do you need an escrow company or a lawyer? Termite inspection? Home inspection? Warranties? Title inspection? And when there is a challenge (a polite word for problem), as their always is, who handles it? It isn't easy and we've just barely scratched the surface. I'm biased, of course, but I recommend a professional agent.

And Here's Some Other Things to Consider....

I’m selling my home "by owner," and a real estate agent who wants to show my home to a buyer said something about "agent protection." What does this mean?

This probably refers to the agent wanting to protect their right to a commission should you elect to sell to their client. In this case they will be asking for a "one-time-listing" for their "one time show." This is something the agent will probably come in and get you to sign before bringing in their clients. It identifies the client, the commission, and prevents you and that buyer from negotiating directly at a later time, with the intent to cut the agent out of the deal and not pay a commission.

On a FSBO (for sale by owner), what is financial obligation, if any, to sell to client with buyer agent?

When a buyer's agent has a client who makes an offer to buy your home, the offer will also ask you to cover the agent's commission - either directly or indirectly. Since the traditional arrangement usually includes two agents and the customary commission is approximately six percent of the sales price, the commission asked for in this transaction should be approximately half. There is only one agent involved.

On the one hand, you save money over traditional agent marketing. On the other hand, you don't make as much as if you sold the home at its full market value. Then, on the other hand again, sellers working with agents usually get a higher price for their home than seller who work by themselves. It is a difficult decision for you to make. Anyway, the offer will ask you to either pay the commission directly to the agent and their broker, or apply a "credit" to the buyer so that the buyer can pay the commission. Either way it comes out of the proceeds of your sale.

We are thinking about selling our home on our own. If a buyer comes in with a Realtor do we still have to pay their agent the 3% commission?

That depends on whether you choose to "cooperate" with agents or not. If you do not, agents will not bring buyers to your house. If you do cooperate, some agents will bring buyers, but if their client makes an offer and closes the deal, they will expect to earn a commission. A three percent commission is customary, but you can attempt to negotiate, too. Before an agent brings a client to your house, they will probably stop by and ask you to sign a "one time show" agreement. This prevents you and the buyer from negotiating directly in an attempt to not pay the agent’s commission.

Where can I find information on selling my own home?

My favorite place is the local bookstore rather than on-line. However, reading through this package will give you lots of tips, too. Most FSBO (for sale by owner) books are quick reading and "Robert Irwin" is an author who has covered it a couple of times. I recommend you buy a couple of books so that you cover the topic thoroughly.

How do I make an offer on a "for sale by owner" home? I have already received pre-qualification, and am ready to buy, but need the specifics for buying from an owner, not an agent.

The owner of the FSBO should have prepared for this contingency and have the proper forms available. You can also obtain forms from your local stationery store. Plus, there is a form available on line, but they charge a $4.95 fee.

How do I sell my house by owner?

You want a quick answer? People write entire books on this topic and one of the better ones is "Sold by Owner," by "Robert Irwin." It's like golf - it sounds easy. You just whack the ball a bunch of times until it goes into the hole. You may land in a sand trap or go out of bounds, but if you keep whacking at it, the ball eventually goes in the hole. Buying and selling real estate is the same way. If you are willing to do all the work, you can muddle through and get it done.

Remember: Introduction for Sale By Owners: Buying and selling a luxury home or finding that special piece of Asheville Real Estate with Kathleen Blanchette, a fully licensed Asheville Real Estate Broker and Realtor, is a comprehensive and thoroughly professional experience in buying and selling Asheville Real Estate throughout the Blueridge and Smokey Mountains, where efficiency, personal regard and concierge services are guaranteed every step of the way. Keeping the Tradition of Integrity..., and a Reputation for Results!

Whether its a North Carolina luxury homes on your own Private Mountain Estate in one of our uniquely designed plush Golfing Communities, Exclusive Gated Communities, Active Adult Communities, surrounding Lake Communities, or a great Condominium, Loft or Townhome, all of Greater Asheville and Hendersonville Luxury Homes are within reach with Kathleen Blanchette. Feel Free to browse the entire website of all available Greater Asheville Real Estate MLS and Western North Carolina MLS, for all Asheville Real Estate Properties, Land Acreage, Horse farms, Investment Properties, Commercial Real Estate, New Home Plans, as well as handy relocation and moving calculators, tips for buying and selling a house, For Sale By Owners (FSBOs) Center, city and school reports, and more. Just call us when you're ready to move ahead!


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