In a sellers market, don't houses sell themselves?

In a sellers market, don't houses sell themselves?

My latest listing went under contract in just 80 HOURS! This begs the question: “In a sellers market, don’t houses sell themselves??Why would you pay a Realtor?” Before you even consider taking the route of For Sale By Owner, I have a story for you.

Suzy had upgraded from her starter home years ago, but she kept her first purchase as a rental property. She learned what the neighbors were selling their homes for and she saw an opportunity to make some quick money. As DIY-er for many things related to the house, Suzy thought she could handle selling on her own just pocket the difference it would cost to hire Realtor. She didn’t bother with paint or any other polishing,?it will go quickly in this market as-is, right??She took some cell phone photos and listed the home online for the Zestimate value. What could go wrong??

Suzy was quickly overwhelmed with?phone calls from unknown numbers. Suzy learned that Zestimates can be off by as much as 20% and received a lot of feedback that the home was overpriced. Suzy’s tenants were constantly anxious about people knocking on the door and coming through–is it safe to let anyone in? They asked Suzy–Are all the buyers with agents who have passed a background check??

Because the home was overpriced, most interested buyers passed on the opportunity figuring they could not compete. Suzy thought she had some time, so she just kept the house up on the market figuring the right buyer would come along eventually. Unfortunately, interest petered out. The calls that she received were people asking: What was wrong with the home that was still on the market? As much as Suzy loved the house, she could see that?people don't want what they?think?other people don’t want.?

Suzy decided to reduce the price and she asked her church to share the opportunity in their newsletter. With those two changes, Suzy started to receive offers. Each offer was 20 pages of legalese and deadlines, plus?several heartfelt love letters.?After reading the letters and feeling overwhelmed by the complex decision, Suzy decided to sell the property to a fellow church member. She was excited about the story they told in their letter about what Christmas morning would look like with their kids as they came running down the stairs. She just felt comfortable selling to a young family that reminded her of her own from years ago.?

As they progressed through the transaction, Suzy was confronted by a number of problems she was not aware of in the house. Who actually knows what their roof looks like? The deck seems fine, why are the buyers calling it a safety hazard? Suzy's feelings were hurt that the buyers did not appreciate the upgrades that were done.?She just redid the kitchen 10 years ago–and they are calling it dated?!

When the appraisal came in low, Suzy figured the buyer's offer would cover the difference. She learned that without an appraisal gap,?she had to lower the price–AGAIN!?What the heck is an appraisal gap anyway??

With all the hiccups and delays, it took Suzy 6 months to sell the property. Since she had a renter in place, she didn’t think the delays were costing her money. On closing day, Suzy learned that she?missed the window to avoid capital gains tax–by two months! She was hoping to use the proceeds to bolster her retirement accounts, but her net proceeds were 30% less than she anticipated.?

Ultimately, Suzy closed on the sale, and breathed a sigh of relief that the ordeal was all over.?Or was it?

Two weeks later, Suzy was served with papers for a?lawsuit claiming housing discrimination. One of the offers that submitted an offer was from a Jewish couple without children. In their letter, they mentioned that they loved to entertain and were especially looking forward to gathering friends together for Passover. They were devastated to lose the home after they went "all-in" with a very aggressive offer, full appraisal gap coverage, and limitation on inspection.?With an offer that good, how did they lose??The couple had an acquaintance that sent them the church newsletter listing and told them they heard she sold to a fellow congregant.?When they saw the surprisingly low sale price on Zillow, they called their lawyer.

Suzy’s proceeds are now being siphoned like an open drain to legal fees. Regardless of her good intentions she can still be found at fault for discrimination, she could have to pay this couple damages. They are demanding she pay their ongoing rent, their lost equity gains, and more!

Suzy thought this “seller’s market” meant an easy sale. She is kicking herself for inviting this expensive nightmare by not hiring a Realtor from the start.?

Don’t let this be you! If you are still not convinced, and want to sell your house on your own, here is my last question for you:?What is your opinion of people that represent themselves in court?

Hire an expert to handle your biggest investment before it becomes your biggest liability!

Call or text me anytime with your real estate questions! 2o2.731.7131

*Name and identifying details have been changed to protect the innocent. Story has been embellished to provide education and humor.*