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Buying or Selling Unrepresented – Fact & Fiction
According
to the National Association of Realtors over ninety percent of homes sold in
the United States are sold using the services of a professional Realtor. The
other ten percent are sold by unrepresented owners.
If
you are considering selling by owner or buying from an unrepresented owner,
there are risks involved for both the buyers and sellers. Sellers risk selling
their property below market value. Buyers risk paying more than a property is
worth. unrepresented owners generally price their homes based on sales
information received ‘over the fence’ from neighbors or based on the selling
prices of Realtor listings in the area. The unrepresented owner’s objective is
to save the commission.
Buyers
also believe they can save the commission by buying direct from unrepresented
owners. Buyers shop by comparison whether they want to buy a widget or a home.
The problem is there is only one commission and both parties can’t save. Would
be unrepresented sellers and buyers should consider the following before going
it alone.
Unrepresented
owners are not governed by the same disclosure laws as Realtors. If you plan to
buy from an unrepresented owner make sure you have the property thoroughly
inspected by qualified professionals. Buyers should pay for all inspections. DO
NOT accept seller inspection statements, take nothing for granted and verify
everything.
Ask
yourself, do I have the expertise to draft a purchase contract that protects ME
and accurately states the terms of MY agreement with the seller. Serious
consideration should be given to hiring a knowledgeable real estate attorney if
there is no real estate agent involved.
Many
buyers in the Kansas City marketplace are transferred to the area and have
little or no knowledge about the dynamics of a real estate transaction and are
therefore urged by the transferring companies to use the professional services
of a Realtor. ‘Out of town’ buyers have limited time to find and purchase a
home and must manage the time spent completing all the necessary steps involved
in a home purchase.
Buying
or selling by owner presents many potential problems. If you are serious about
buying and or selling, I strongly suggest you either hire an attorney or seek
the counsel of a professional Realtor.
Whether
you’re thinking about buying or selling or seeking information, rely on RE/MAX
Best Associates 800-391-BEST(2378) or 913-345-BEST(2378) to provide accurate up
to date information about the marketplace.