A real estate agent plays a crucial role when buying or selling a home. Buying a home is a big deal hence, paying attention to every detail matters. Additionally, having a real estate agent on your side will help you in eluding multiple issues that come along with the home-buying process. If you’re new to the process then read our blog ‘The Dangers of Buying A Home Without a Real Estate Agent’
Paying Exorbitant Amounts of Money
Unless you don’t belong to the real estate industry you’d hardly know about the accurate prices of homes. Furthermore, if it’s an FSBO home (For-Sale-By-Owner) then, it’s likely that the owner is unaware of the pricing. In most FSBO cases, homeowners overprice the house. Reason being, a lack of knowledge and guidance.
When you hire a real estate agent, they offer you accurate information and provide you with a precise house price. They can give you a fair idea post-first viewing and rest after the completion of CMA(Comparative Market Analysis) or comparables(real estate appraisal term referring to properties with characteristics that are similar to a subject property whose value is being sought.). Additionally, they’ll offer you a suitable bidding price for your house that may take months to establish.
Issues with Disclosures
As a mandatory rule, disclosing problems related to a property is crucial whether it’s for an agent or a buyer. Although, in some places the rules may differ for instance in New York there is a rule known as Caveat Emptor. Caveat Emptor or buyer beware translates that a seller is not entitled to disclose known problems, if there’s an issue then it’ll be on you (seller). Although, major problems like structural issues still need disclosure.
Being Unaware Of The Neighborhood
A good real estate agent will know and understand your needs and the neighborhood that interests you. They will suggest the best neighborhood according to your requirements and value. Furthermore, they will also enlighten you about the market if it’s steep, low, or stable. If you research alone it’s almost impossible to be precise about prices in a city that you’re unfamiliar with. Moving to a new neighborhood is a big deal as you may spend most of your life residing there. Having a real estate agent at your side can identify potential problems in the neighborhood.
Problems while Appraisal
Paying an extravagant amount for a home can be bad, and seeking financing for the purchase is even worse. The case can worsen if you are buying an FSBO home. As none of the sides are represented the buyer eventually ends up paying more. Furthermore, when the home appraisal is run, the bank refuses to approve or sign off as the appraisal value is low and the amount is high. It’s a scary situation as the final price is settled and the seller doesn’t negotiate on the prices further.
Additional Problems
The situations above are some of the nightmares you would want to avoid by not hiring a real estate agent. Adding to the rest there are numerous other risks that you may fall prey to when you try to trade properties.
- Loss Of Time
Researching homes, potential buyers, neighborhoods, and buildings can take a toll on your head. Unless you’re a retired person or are currently unemployed you cannot afford to lose time and property.
- Too Much Paperwork
Real estate agents can be extremely complex with multiple verification processes and paperwork it can get tedious. Laws and regulations can differ from state, city, and region although, it comes inclusive of several documents that require signatures. Every detail counts and if you make any mistake it can cost you a fallthrough or delay.
- Numerous Lost Deals
The real estate market is highly competitive and constantly changing. Failing to make the right move on time can lose you out to other buyers that prepare beforehand. An agent’s job here is to make sure you’re ready to finalize deals and even win buyers/sellers respectively.
Bottom Line
No matter how much you may deny it, hiring a real estate agent will only help you ease the home-buying process. If you don’t have time to deal with a real estate agent you can get in touch with Elite Properties. We are a cash buying company and buy home as-is, we can close a deal in less than a week. This means you can move with the alignment of your timeline without having the need to disturb your schedule. Call us at 718-977-5462 and get to know more.
Selling Your Home as is for Cash doesn’t have to be costly. Your home is a big asset and you wouldn’t want to spend a lot and get less than the desired value. You might be thinking that selling a house will be expensive and never-ending, which is partially true. However, we would like to tell you how you can find ways to save money while selling your home quickly and cherish the yields of the sale.
Sell Your House for Cash
Selling your house for cash is the most feasible solution while selling your home, how? Selling a house for cash has several perks, the sale closes in a much faster timeline, which allows you to proceed with your timeline. Second, if you choose Elite Properties you can sell your house within 3 days, so if you have a tight deadline, you have a solution. Third, you are offered an all-cash offer which means you have immediate cash for your next purchase.
Avoid Real Estate Agents
As much as real estate agents are saviors in the home selling process sometimes it’s better not to pick them.
Why?
Hiring a real estate agent has many pros, but in the specified situation, there are none. When you hire an agent you are automatically liable to pay the fees in multiple facets like commission and sale profits. Paying additional costs might decrease the value of your sale and would not produce any profits. In the worst-case scenario, you would end up spending a lot rather than saving. Also, an agent will take his or her time to make a fast-paced sale which will again cost you dollars.
For Sale By Owner
A ‘For Sale By Owner’ or FSBO listing is one thing that is accessible while trying to save money. The process can save you loads of money and can guarantee a profitable sale. There are many phases to such kind of a sale like; walkthroughs, attending prospects, marketing your property, etc. which will be solely done by yourself. Handling all these things at once might be challenging as it consumes a lot of your time. As a drawback, conducting showings and attending prospects personally will hamper your daily routine. You’ll have to perform repairs by yourself instead of a handyman, remember leave no space for any glitches.
Although, you can utilize the digital era to your advantage, taking pictures of your property (some exclusive drone shots) will help entice prospective buyers. You can list your property online for free on social media platforms that will serve you in gaining positive attention. By doing this you are cutting the costs of hiring a photographer and a broker which typifies an expenditure of more than a hundred dollars.
Sell House With Repair Discounts
Selling your house with repair discounts is the finest option to get away from a rugged property. If a part of your house is in bad condition or requires a little more than repair, you can list your property with a repair discount. A repair discount is when you sell your home by cutting a little chunk of the amount as a credit to the buyer to make further renovations. So instead of spending your equity, you can let the buyer make renovations according to his or her desired taste. Also, when you make repairs on your own the estimate will add construction costs, which is a mandated expense to your budget. You can sell your house in as-is condition to buy houses from cash companies it is one of the best options rather than doing repairs by yourself.
Consider DIY
As stated above doing things on your own will save you from bleeding dollars from your pocket. Your home is probably functioning great but what about aesthetics? You would require a painter, a handyman, and for minimal repairs probably a plumber. Hiring people for each job can be time, energy, and most importantly money consuming. Consider the ‘Do It Yourself technique, you can perform many things on your own like painting, cleaning, staging (if required), and repairing. This will work like magic on your estimates, as a result, you’ll save thousands of dollars, which helps in retaining your equity. Although DIYs are fun to do, you also have to keep in mind they will require all your efforts and time which you are surely running out of.
Sell Your House As-Is
Selling your house as-is is a better option than FSBO, how? FSBO listing will take up a lot of your time and energy whereas selling your home as-is will need none. This process doesn’t require a lot of time or any legal documentation as well. Selling your house as-is to cash buying companies will offer you a fair market value of your home by considering the condition of your house as well. They will also propose to you an all-cash, no-obligation offer which is a cherry on the cake.
If you want to sell your house fast for cash or have any queries regarding the real estate crisis we will be happy to help you. Get in touch with us today to learn more about ‘How can you save money while selling home’. Reach us at 718-977-5462 and we will provide quality solutions for all your problems.