crenshaws.org - Memphis real estate and homes listings in Memphis Tenn.
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Crenshaws Team Home:901.756.4561 |
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Buying from a For Sale By Owner FSBO To answer the question on buying a FSBO house, how that would affect the Crenshaws team role with me and what fees I would have to pay." As you probably already know, the commission to the Realtor (both the seller’s realtor and the Buyer’s Realtor) is paid for by the home seller as part of the cost of selling the home. This is still true of a “For Sale By Owner” or FSBO. Most FSBOs will co-opt with a realtor to improve their chances of selling their home and when they do, they pay for the Buyers Realtor’s commission. There are a couple of things you need to know when purchasing a FSBO home.
Why using a Realtor is to your best advantage Realtors abide by a code of ethics (or they can no longer be Realtors) which gives you advantages over using a agent that is not a member of the National Association of Realtors. We (Kent & Bettye Crenshaw) are both members of the National Association of Realtors. Realtors must face a review board when they engage in unethical practices. Stiff fines and removal from the association usually follow those who engage in practices that would give all Realtors a bad name. Why being careful with a FSBO is important According to the latest statistics, 90% of the people who try to sell their own home (FSBOs) end up using a Realtor. There are several reasons for this that are important to the buyer. Among those are;
Pricing the House When a person decides to take on the difficult task of selling their own home it is usually for one reason only. That reason is to pocket the money that they would normally give to the Realtor. The only problem with this is the fact that the buyer expects to do the same thing (pocket the money that they would normally go to the Realtor). If the commission is $15,000 on the sale, then this leaves the parties $30,000 apart in the worst case and at least $15,000 apart in the best case. This difference is difficult to resolve between two parties neither of which has an agent who is used to negotiating these differences. Negotiating a deal Also, the two parties are coming face to face, something that usually is not allowed by two competent Realtors because of the probability of one of the two parties saying something to mess up the deal. Doctors and Lawyers recognize the problem of being their own client because of emotional attachment and usually choose to get another professional to represent them when it really is important like life or death. Buying a home is certainly not a life or death situation but for most people it is the largest financial transaction they make with lots of money on the table and hundreds of things that can go wrong. It only takes one of these things being overlooked to make what should be a very happy experience to become a nightmare. Marketing the house Part of the savings that a FSBO tries to gain is in the cost of marketing. This is a critical mistake. Realtors spent a large part of their commission making sure that buyers can find the house and find out about the house. This is done in various ways but for a buyer it means that they don’t have to drive down every street in the area looking for a FSBO sign. Some FSBOs do some marketing but then this expense must be tacked-on to the selling price. Showing the house Realtors take on the responsibility of setting up appointments to view homes in a convenient and time savings way. FSBOs do not have such mechanisms. Just getting into one FSBO can sometimes be a real challenge. Lining up several as part of a afternoon of looking at homes is almost impossible. If they are at work, or the house isn’t clean, you are up-a-tree. Realtors use appointment centers and Key boxes to make the process efficient. Safety is another important factor that Realtors deal with daily. It is important for you to inform any home seller, be it a FSBO or another Realtor representing the seller, when you first encounter them, that you are being represented by a Realtor, give them our name (Kent and Bettye Crenshaw, Crye-Leike Realtors). The reason this is important is that it puts them at notice that you are not alone with little experience but that you have competent representation and must be treated as such. Remember, representation cost the buyer none of the commission. |
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Contact: Kent & Bettye Crenshaw about Real estate Memphis Tenn and Memphis homes listings / homes in Memphis Tenn. Call 901-756-4561
crenshaws.org - Crenshaws team realtors represent buyers and sellers of homes in the Memphis Real Estate market. We specialize in properties in the best parts of town for out-of town buyers. We have the best website for out-of town buyers to find homes in upscale areas of Memphis and the surrounding towns with average home prices and pictures of homes and shopping for each area. You can search all homes in the multi listing service from our website. We can set you up (or you can do it yourself using virtual agent) to receive all new or changed listings by Email the minute they come on the MLS. We have lived and worked our entire lives in the Memphis real estate area and know it well. We will work with you to find the best solution to your housing needs and get you the best deal possible. crenshaws.org covers Memphis, East Memphis, Germantown, Collierville, Harbor Town, Bartlett, Cordova, Shelby County, Tennessee USA. We show you the very best homes and listings in Memphis Tenn
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