Deciding to move may prove exciting. The next chapter in your life includes purchasing a brand-new home, and you want to sell your home without an experienced agent to save money.
In Pennsylvania, unlike other states, real estate agents are not required for the transaction sale of a home. Unless you hold your real estate license or understand the requirements of the legal documents needed for a smooth transaction, it may prove wise to hire an attorney to analyze all necessary elements. Doing so, you can ensure that no loose ends exist, and you may confidently move on to your next real estate adventure.
For sale by owner (FSBO) benefits
If you choose to sell your home by owner, you recognize multiple benefits that arise from controlling your own sale.
1. All sold money is yours. Choosing to sell your own home without an agent demonstrates a massive cost benefit. Realtors usually demand 4-6 percent of the final sale price of the home, and if your home sells for $400,000, real estate fees may exceed $20,000. Though some realtors have access to qualified, interested buyers, you choose to sell your home hoping the right buyer comes along without a hefty realtor fee.
2. Make your own decisions. Many realtors, though experienced, work to sell a home as quickly as possible by guiding a seller to lower the offer price significantly. After your home is appraised and your offer matches the appraised value, you want to stick with your asking price. You know that selling your home includes only your decisions and opinion about price and marketing.
The need for an attorney
Many home sellers do not engage in real estate transactions frequently. Attorneys provide the peace of mind during the selling of your home. Some benefits of hiring an attorney to aid in your home transaction include:
- Knowledge of needed documents: Experienced real estate attorneys understand the needed documents for real estate transactions. Hiring an attorney avoids oversights that may cost you a sale.
- Understanding of all terms: Real estate attorneys aid home sellers in reviewing all elements of required documents. Since real estate law and transactions prove complex, hiring an attorney to go through and explain all contractual aspects of your sale may help you avoid conflicts, lost money or an unhappy buyer.
- Review of title and title insurance: Protecting yourself and the sale proves to be a crucial element in a real estate transaction. An attorney can help you review the title of your home and explain zoning requirements to a potential buyer. He or she may also aid in the explanation of your title insurance to protect your rights should your home prove defective.
- Preparation and explanation of closing: Having an attorney prepare closing documents proves essential. Closing costs may be expensive, and attorneys can aid in explaining the cost distribution to the buyer and seller. The process of preparing the deed and title transfer of your home proves smooth with an experienced attorney.
Selling your home by yourself may be both rewarding and cost-saving. Yet confusing documents and a lost transaction outweigh the benefits of selling without an expert. It may be wise to hire an experienced attorney to avoid all stressful elements that may arise when selling your home.