Wednesday, January 23, 2013

25 Reasons Why Sellers NEED an Agent

I talk to sellers all of the time who share nightmares about their past experiences or what their friends, neighbors, and co-workers have gone through when selling their home. The majority are from FSBOs (For Sale By Owners) who tried to sell their home themselves and after much frustration hired an agent to get the job done.

Nine times out of ten, people think they can sell their home themselves (normally to save money... or so they think). Soon after they realize the time and effort it takes to market (they can't advertise in MLS), filter possible buyers (keeping safety in mind), review and negotiate contracts, plus a ton of other tasks. Below are 25 Types of Turbulence that can come up with a buyer and a QUALIFIED agent (like myself :-) is experienced to do their best to anticipate and/or try to resolve them when they do arise. While some may seem far-fetched to you, agents deal with these issues often. A "smooth" / issue-free transaction is actually rare.

1.        Does not tell the truth on loan application.
2.        Has a recent late payment on credit report.
3.        Finds out about additional debt after loan application.
4.        Borrower or  Co-borrower loses job.
5.        Income verification lower than what was stated on loan application.
6.        Overtime income not allowed by underwriter for qualifying.
7.        Applicant makes large purchase on credit before closing.
8.        Illness, injury, divorce or other financial setback during escrow.
9.        Lacks motivation.
10.    Cannot locate divorce decree.
11.    Cannot locate petition or discharge of bankruptcy.
12.    Cannot locate tax returns.
13.    Cannot locate bank statements.
14.    Interest rate increases and borrower no longer qualifies.
15.    Loan program changes with higher rates, points and fees.
16.    Bankruptcy within the last two years.
17.    Mortgage payment is double the previous housing payment.
18.    Borrower/co-borrower does not have steady two-year employment history.
19.    Borrower brings in handwritten pay stubs.
20.    Borrower switches to job with a probation period.
21.    Borrower switches from job with salary to 100% commission income.
22.    Buyer is too picky about property in price range.
23.    Buyer feels the house is misrepresented.
24.    Buyer comes up short of money at closing. 
25.    Buyer does not properly "paper trail" additional money that comes from gifts. Loans, etc. 


 FSBO Facts
  • 80% of 'For Sale by Owners' eventually list with an agent.Of the remaining 20%, only 2% actually make it to closing and you can see from the list above why this happens...
  • FSBO homes are usually overpriced. 
  • Buyers are more likely to feel intimidated and less likely to submit an offer. If they do, they low-ball to account for the commission not being paid.
  • FSBOs are more likely to stumble into legal trouble.

I'm sure you can add a few more. What nightmares or issues have you dealt with when trying to sell your home? Be sure to comment and let other sellers know other things to look out for. 

Stayed tuned for another 50+ reasons Sellers MUST HAVE  a knowledgeable agent on their side.

In the meantime, if you or anyone you know is looking to sell or buy a Georgia home in Loganville, Snellville, Grayson, Lawrenceville or surrounding areas, contact me today (404) 857-2508!  

Outside these areas or out of state? No problem! I can still assist you through Coldwell Banker's 'Friends & Family' program. I'll tell you how...
Natasha Liburd Bazile is a Realtor with Coldwell Banker Atlanta and the Lead Home Stager with Heart of Decor in Georgia (virtual services available). She prides herself in being a guide to her clients and finds fulfillment in helping them achieve their goals.

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