It is not unusual for homeowners to yield to the
temptation to try to sell their own home. It seems easy enough--just place an ad
in the weekend paper and wait for buyers to show up. Although it may seem easy,
real estate sales are extremely complicated transactions.
The first pitfall can come with pricing your property realistically.
Homeowners often price their property too high initially, then, in a panic,
drastically slash the price. Even if a buyer agrees to the initial asking price,
there could be trouble if the buyers begin to feel that they have agreed to pay
too much or if the lender's appraisal values the property at far less than the
agreed-upon price. Some of our clients hired us to market their home
professionally after weeks or months of trying to sell their home, or after
their transaction fell through.