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  • For Sale by Owner vs. Hiring a Real Estate Agent

For Sale by Owner vs. Hiring a Real Estate Agent

Home-selling can be a stressful and complex process. As a seller, you must find the right balance between getting the best possible price for your property and closing the deal with as little hassle and as few roadblocks as possible.

You can choose the traditional path and work with a real estate agent to get the job done. But more and more homeowners today are marketing their property on their own, choosing the For Sale by Owner (FSBO) option.

If you’re struggling with the for sale by owner vs. real estate agent choice, you are not alone. There are advantages and disadvantages to each option. Here is a breakdown of those pros and cons so that you can make the most informed decision when you sell your home.

For Sale by Owner – Pros 

Avoid Paying Costly Commissions

One of the main advantages of selling your home on your own is that you don’t have to pay a commission to a real estate agent – sort of. The commission is the fee you pay to a real estate agent, and it is generally paid by the seller.

If both the buyer and seller have their own real estate agents, there will be a commission split of up to 6% of the home’s purchase price. If you sell your home on your own, you might not pay any commissions, or you might only pay a smaller commission to the buyer’s agent.

Full Control of the Listing Price

When you list as FSBO, you choose your listing price. This requires that you conduct thorough research into your area to ensure you get it right. In the alternative, you can hire a home appraiser to give you an accurate estimate of your home’s current value.

You Call the Shots

When you hire an agent, you are probably not making all the decisions. But as an FSBO, you have complete control over everything that happens with your home sale, including how you market the listing.

Manage Your Showings and Schedule

You get to manage your showing calendar so that it is most convenient for you instead of your real estate agent. This gives you more time to properly stage the home, and it avoids unpleasant surprises.

For Sale by Owner – Cons 

You Might Price Your Home Incorrectly

There is always the possibility that you have priced your home too low or too high. If it’s priced too low, it will sell quickly, but you won’t get full value for it. If you priced it too high, it could take much longer to sell than you had planned.

Emotions Can Enter the Picture

When you’re selling something of value – like your home – it’s tough to keep emotions out of the equation. You probably have memories attached to the home and want to make sure you get the best value in a sale.

You Risk Making Costly Errors

Pricing your home wrong is just one example. There is also a lot of paperwork you need to do when you handle your own home sale. One wrong move could be costly. Fortunately, a qualified title company can help with many of these items.

The Process Can Be Exhausting

When you choose FSBO, you are responsible for all the logistics of your home sale – marketing, showings, contracts, etc. You also have to deal with tire kickers and must learn how to weed out unqualified buyers. If you have a full-time job or don’t want to invest this much time and effort into the process, FSBO may not be the best choice.

Hiring a Real Estate Agent – Pros 

Access to Large Networks

One of the great advantages of working with a real estate agent is visibility for your listing. In other words, your agent will make sure that your listing gets in front of a large audience through the Multiple Listing Service (MLS) and their various contacts in the local market.

Pricing and Marketing Expertise

When you work with a real estate agent, you have an experienced partner who knows how to effectively price and market a home. They can research comparable properties and help you understand how various market trends will impact your experience.

Contract and Process Knowledge

Your real estate agent will handle the burden of completing legal sales contracts and addendums. They will also guide the entire process on your behalf so that you don’t miss any important deadlines.

Offer Objective Advice

Real estate deals don’t always go smoothly. If there are any hiccups, your agent can give you sound advice to navigate conflicts and get your deal to completion.

Hiring a Real Estate Agent – Cons 

You Have to Pay Them

The average real estate commission for a full-service agent is as high as 6% of your home’s purchase price. This can be a significant expense. You can save some money by hiring a discount broker or selling your home on your own.

You’re Not Their Only Client

Most real estate agents have quite a few clients. Even though they value your business, few will be 100% focused on your property. So, you need to make sure you hire someone who is dedicated to client service.

Your Contract is Legally-Binding

If you regret your choice or hire a real estate agent who isn’t meeting your expectations, you may not have much recourse. Once you sign a contract with an agent, you’ll need to jump through some hoops to get out of it.

You Have to Find the Right One

If you’ve decided to hire a real estate agent, not just anyone will do. You need to find one who is compatible with you, or you’ll quickly regret your choice. Take your time to search for and interview agents so that you find one who shares your vision.

Need For Sale By Owner (FSBO) Assistance in Maryland?

Whether you choose the FSBO route to sell your home or decide to work with a real estate agent, you need a local title company you can trust. United Title has been providing high-quality title and escrow services to clients in Maryland for nearly three decades. When we work with FSBO clients, our experienced attorneys and staff helps guide your transaction from contract through closing. Contact us today at (410) 544-5441 to learn more about our services.

United Title

572 Ritchie Highway, Suite E
Severna Park, MD 21146

Phone: (410) 544-5441

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If you are looking for a title company to handle your next settlement with dependable service, courteous staff and timely closings, then look no further than your local title company. United Title has been providing reliable settlement services since 1983.

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A voluntary lien is a claim over the property that A voluntary lien is a claim over the property that a homeowner agrees to give to a creditor as security for the payment of a debt.

A mortgage lien is the most common type of voluntary real estate lien, also called a deed of trust lien in some states. Anyone who has financed their home with a mortgage loan would automatically have this type of lien applied to their property. 

An involuntary lien can be placed on a property regardless of whether the owner wants it on their property. In other words, an owner’s property can be claimed against their will if payments aren’t made in a specified time period. These types of liens are more dangerous because borrowers can be unaware that the liens have been placed against them. 

Any party that homeowners are obligated to abide by for payment can file an involuntary lien against the property. These include but are not limited to: Contractors, Property Tax Collectors, Utility Departments (i.e., code, permit, sewer, and water).
 
Working with a title company to perform a title search and obtaining title insurance is the best way to protect yourself from potentially losing your home if another person or entity has a claim over your property. (410)544-5441 #unitedtitlemd #titlesearch #liens #titleinsurance #themoreyouknow
An escalation clause is designed to edge out compe An escalation clause is designed to edge out competing bids by automatically raising an offer when a competing bid comes in, almost like setting your maximum bid on eBay. An escalation clause is usually only recommended in situations where there will likely be multiple competing offers. 

The clause is triggered by a competing offer from another potential buyer. When that competing bid is made, the escalation clause automatically increases its own offer by a preset amount. It is important to  set an upper limit on how much you're willing to pay. Otherwise, your bid will keep getting incrementally higher and you could wind up being on the hook for a final price that's way over your budget. With the housing market being as competitive as it is right now, tactics such as this one can help you get a leg up on winning a bidding war.  We're here to make the home buying process as positive as possible for you. (410)544-5441 #unitedtitleescrow #unitedtitlemd 
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You may think you are the first owner when buildin You may think you are the first owner when building a home on a purchased lot. However, there were likely many prior owners of the unimproved land. A title search will uncover most liens or defects, and an owner's title insurance policy will insure you against those liens or defects not uncovered in the search and pay for any legal fees involved in defending a claim. (410)626-6009
 #unitedtitlemd #titleinsurance #titlesearch
#marylandrealestate #realestateattorneys #titletips
In very simple terms, a #lien is a legal notice th In very simple terms, a #lien is a legal notice that is attached to the property title because of an unpaid debt. It provides the unpaid party a legal claim to a portion of your property when it's sold, and you typically can't sell your property until the lien is cleared. The most common liens are:

Mechanics Liens: Results when the homeowner hires a contractor to perform home improvements, and fails to pay them for their services.

 Tax Liens: Filed due to unpaid taxes and can include local property taxes, and missed federal tax payments (Lien filed by IRS).

 Judgment Liens: Result from court cases in which it was ruled that you owe money to another party. Examples include unpaid credit card debt, medical bills and child support.

 Liens are just one example of issues that are  uncovered during a title search and why having an experienced title company on your side is important. 
#liens #unitedtitle #themoreyouknow #titlesearch
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The information provided in these pages is not legal advice, and should not be relied on as such. The content on these pages is for informational purposes only, and is meant as a starting point on your search for answers to your legal questions.

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