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DO IT YOURSELF REAL ESTATE
From FSBO to Real Estate Consultants
Visit Our Real Estate Info Directory
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Editor’s Note: Buying or Selling a Home is complicated. Regulations are involved, people skills required, and experience is a must. In recent years, a number of alternatives have been developed for those who want to take on the process without expert help.
ven more recently, real estate consultants have created another niche for buyers
looking for some help and representation, but not a full-service brokerage firm.
Before making your move to the Carolinas, we suggest you look at all the services
available, analyze your own strengths and experiences, and make the decision that
works for you. Here are a few thoughts to help you get started.
The motivation to buy a home directly from the owner is almost always money motivated. The buyer can go to any one of dozens of websites before heading to the Carolinas, searching through desirable zip codes, or neighborhoods, or price levels to find the perfect new home.
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t has worked for thousands of people, and indeed is one of the fastest growing ways to buy and sell.
When Dan and Susan Spencer decided to sell their New York state farm themselves, it was strictly a financial decision. “I didn’t want to give 10% to a real estate agent,” he explained, noting that since then, there are lots more regulations about buying and selling property. According to Mrs. Spencer, it’s sometimes difficult to handle the criticism. “When you show your home yourself, there is no buffer between you and them and it’s easy to take the criticism personally.” She also suggested the use of a blind box ad, to avoid drop-ins at inconvenient times.
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She reminisced about a few of the things they did to enhance first impressions, such as having the aromas of
freshly-baked bread in the house when prospects were visiting. The couple both agreed that if they were to sell
their home in South Carolina, they would sell it themselves.
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According to
homesbyowner.com, buying directly from the homeowner in a “For Sale By Owner” transaction can save a hefty commission, as well as save time by putting buyer and seller together quickly.
There are testimonials galore on the internet of successful transactions, grateful sellers, happy new homeowners. But, it’s not for the faint of heart. Real estate experts warn that potential buyers must be aggressive, and willing to take the time to make sure they are getting the facts they need to protect themselves.
Will you discover a potential problem in the foundation, for example, or learn that a new zoning request will alter the landscape around your property?
Will you be willing to do the research to eliminate those properties that seem great at face value, but aren’t quite right when it comes to the details?
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And, do you feel comfortable in the negotiation process, the aspect of buying and
selling that is typically least appealing to those considering going it on their own?
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Julie Garton-Good, a renowned expert in advising people on choosing selected services from real estate consultants and founder of the National Association of Real Estate Consultants, advises buyers and sellers to think carefully about what’s involved before making the decision of what path to follow in buying or selling.
(A word of advice, here. You may be searching to buy a new home in the Carolinas, but it’s advantageous to look at what kind of information is out there for those who are seeking to sell their homes to you. Looking at the process from their perspective gives you all kinds in insights in liability issues, as well as potential questions you should ask.)
That said, some people consider the time involved, have bought and sold homes before and understand the drill, and are willing to take on the major responsibility of uncovering any potential problems themselves. For those folks who accept the Buyer Beware philosophy, FSBO is less daunting. Others prefer the newer concept of using real estate consultants for some, but not all of the traditional tasks taken on by full-service brokerage houses.
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Of course, even a full-service broker isn’t a guarantee that there will be no problems down the road,
but someone who knows where to look can be a great help. For example, a consultant will help you
begin at the beginning, so to speak – something you may have considered doing only after you find a home to buy.
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“Most mortgage companies are now trying to get the buyer to contact them first for pre-approval on the mortgage before starting the house hunting process,” says Frank Borghetti, Consumer-Certified Real Estate Consultant. “We highly recommend that as the first step in the buying process.”
Mr. Borghetti helps educate consumers on what’s involved in buying and selling property. From a seller’s perspective, he explains such items as understanding market conditions, pricing, preparing the home for sale, negotiation and contracts, and closing. Those are also valuable concepts for the potential buyer.
For long-distance home seekers, a buyer’s agent may be the way to go, and real estate consultants are experts in representing the buyer’s best interests in the search.
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There is no doubt that the real estate market is changing, and even the biggest full service brokers
often have alternatives available.
One reason is the Internet, where anyone can seek information
from Multiple Listing Services – a domain once reserved for only real estate agents.
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Realtors are meeting that challenge by continuing to develop services of their own and there is no doubt that for many home buyers, their way is still the most carefree way to go.
With the goldmine of great home and communities available throughout the Carolinas, those seeking to relocate or retire
here will have an overwhelming array of choices starting with geography and size of community desired.
We say this: do your homework. Look at all of the alternatives. Investigate the options online first. Really think about your experience and time availability. Talk with others about their experiences. Then make your move.
The Carolinas are a wonderful lifestyle change for so many people choosing to move here. As Frank Borghetti reminds us, “Potential buyers want to buy a house to make into their home. They want to save money, but they don’t want to get taken because of mis-information or ignorance.”
A reputable consultant wants that buyer and seller experience to be win/win and that’s why it’s important to take the time to find a new home that fits your lifestyle and pocketbook. Whether you do that entirely on your own, with help from a consultant or buyer’s agent, or through a full-service brokerage house is dependent on questions only you can answer. Good hunting!
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- Want to buy directly from the home owner? Many people are choosing to do that,
but remember, you’ll be responsible for a myriad of details that are usually handled by
your real estate professional. Still think you’re up to the task? Here are some tips to
get you started.
- Sit down and talk about what every person involved in the move wants in a new home. Be realistic, but take advantage of the chance to start over in a new community. You have options, so decide which are most important to you. Many people simply start looking and are swayed by the first attractive home they see.
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Evaluate your finances. While the cost of living is very attractive in the Carolinas, you’ll have unavoidable moving expenses, and may well have repairs, new furniture, and other costs that will add up. You will need to check your credit report, and assemble your financial data very early in the process.
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Get pre-approved for your loan. By doing so, you’ll know ahead of time how much you can spend. You will have gone through the credit process, and worked with a mortgage lender.
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Recognize the time factor. We all have too little time to spare and buying a home yourself is a time-consuming process. Estimates vary, but rest-assured that you will spend about 50 hours or more doing what it takes to buy a home.
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Start with the Internet. It allows potential buyers to familiarize themselves with the community. More information is available than ever before, but that does require you to sift through an enormous amount of data.
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Begin to research neighborhoods, prices, and availability. You can begin to prepare a comparative market analysis. You may have to talk with neighbors to make sure a giant new freeway isn’t coming through the neighborhood, or there’s a problem with a nearby chemical plant leaking into the groundwater. You also may want to check recent crime statistics, as well as the nearby schools. Even if you have no school-aged children, recognize that the reputation of these schools will certainly favorably or unfavorably impact resale down the road.
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Be aware that you will be dealing with strangers. There are no guarantees about integrity, or safety. Use caution in your home tours. Watch your children if they accompany you.
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Know that inspections will be largely up to you. Contrary to what one might hope, sellers are not necessarily required by law to reveal possible problems, even if they are aware of them. States have different laws on this, so check the web-sites listed at the end of this article.
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Do the research to find a reliable home inspector. Dozens of Home Inspectors are found in the Home Inspection Service section of the phone book. Check references and levels of experience. Ask about foundations, termites, rot, plumbing or electrical problems, roofing leaks, sagging doors, water leakage or seepage, heating and/or air conditioning, septic system, appliances, drainage, and other built-in systems such as pools, hot tubs, irrigation systems, etc.
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Other items to consider are environmental hazards, nuisances such as noises, odors, etc., previous fire damage, easements, lawsuits, flood hazards, etc.
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Doublecheck for owners’ association fees or assessments for common areas as well as covenants or restrictions to property use.
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Understand that you must do the negotiating. If any part of the haggling process bothers you, you probably won’t be a good candidate for the inevitable give and take surrounding FSBO.
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Do the research to know what happens in the sales-closing process. Do not rely on the seller – after all, it’s in his/her best interest to close the sale, not protect you.
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And finally, when you’ve made your decision, make the commitment to investigate the surrounding area. You’ll find a lot to appreciate anywhere you move in the Carolinas!
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If you’ve gone through these tips, and decided you may be tackling more than you thought, there are halfway services, buyer’s agents, real estate consultants, and even programs from Realtors that will save some money, and take a portion of the burden off of you. Ask around. The Internet is making real estate look at the way it does business and buyers who want greater control over their home-buying destinies can get them. Your planning now may help you decide what you’re willing to pay for!
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Katherine O. Pettit has worked as a writer, magazine editor, printer and
public relations consultant. The Columbia resident has published
more than 250 articles in magazines and newspapers. Her writing
explores a variety of subjects including travel, lifestyles, business
and management.
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