When it comes to real estate transactions, sellers and buyers are on opposite sides of the fence. What one is attempting to do is often opposed to what the other wants to see occur; for example, the first typically intend to steal the property, while the second seeks to get the most money possible. Despite this, they both have the same end objective. They’re looking to make a profit. Feng shui master prepared this guide for you to get the most important information and tips if you finally decide to get your house sold.
Both parties may reap substantial benefits from retaining the services of a real estate agent, but their motivations for doing so may vary.
It’s always about the money in this world.
Study this if you’re thinking of selling your house “FSBO” (for sale by owner) rather than via a realtor. Understandably, you want to obtain the most money possible for their property, and you may believe that means avoiding paying more fees. However, according to a 2017 research, for-sale-by-owner (FSBO) homes sold for about 30% less than comparable agent-listed properties.
In addition, if an agent manages your buyer, you will very certainly be required to pay compensation to the agency. The fee paid to the buyer’s agent is usually included in the home’s price—although you will still save money on the fee you would have paid to your agency otherwise.
Pay Close Attention to the Details
You may feel completely out of your comfort zone when it comes to reading and comprehending the many necessary papers in a real estate transaction. Still, you should have full knowledge of what you’ve been getting yourself into the matter of whether you buy and sell. Purchase agreements alone may run into the tens of pages in 2019, not to add the requirements for federal, state, and municipal documents.
Fortunately, your realtor will be far more acquainted with all of the paperwork than you would be. If you’re already thinking about cutting costs, consider the following: Certain errors or mistakes in these papers may result in you having to pay as much as the commission you were attempting to avoid—or perhaps more.
Protection of Personal Information, Confidentiality, and Fiduciary Duty
If you’re a seller or a buyer, your realtor has your best interests at heart. When it comes to their customers, agents use what is regarded as a “fiduciary” duty. They were required by law to put their customers’ best interests first at all times.
This obligation imposes a very high level of secrecy on all parties involved. When it comes to purchasing a home from an FSBO seller, do you still really want to hand over your most private financial information to someone who is not legally obligated to protect the details confidential? In the same way, you should not provide any information to the selling agent, who seems to have no fiduciary duty to you and solely to the seller. Your agent would be aware of any information that the other agent is seeking from you and would be able to determine whether or not the request is appropriate.
Agents are well-versed in what to look for.
Buyers generally have a very clear notion of what they want in a home, from the number of bedrooms to the presence or absence of an attached garage to almost any variety of other should and must-not-have characteristics. With that list securely tucked away in the back of your mind, you’ll probably feel quite at ease while you’re out looking at houses.
Agents are very skilled negotiators.
If you are not an attorney, mediation, union representative, or real estate agent, you may find yourself lacking in the negotiating department. Keep in mind that your agent owes you a duty of fiduciary responsibility. It is the agent’s responsibility to get the greatest possible price for your house or to ensure that you receive the best possible bargain on the property you want to purchase, whichever is the case.