Hold onto your hats, because I have a real-life scenario of when selling a house FSBO vs hiring a real estate agent doesn’t exactly work out.
Picture my wife and I, cruising through a familiar neighborhood, when bam! Right before us, a For Sale By Owner (FSBO) sign beckons. Quick as lightning, we set up a meeting with the owner, eager to lay eyes on this intriguing property.
Our mission wasn’t just a casual stroll through the halls; oh no, we had bigger plans. We were on a mission to persuade the owner to list with our brokerage.
Now, when that owner spilled the beans on the asking price, I kid you not, our jaws practically hit the floor. It was crystal clear, this place was priced a cool $80k – $100k below its true market value. It was a jaw-dropper, an absolute steal in the making.
Fast forward to our office pow-wow, and the revelation hit us like a ton of bricks. We didn’t need the listing; we needed one of our investors to buy it. So, what did we do? We immediately sent it to our clients explaining the true value and one of them jumped on the deal!
Now, here’s the kicker. When the appraisal came in, it was a whopping $87k higher than the contract price. The sales price was so far off, we had to go through three appraisers because nobody wanted to touch it! And here’s the gut-wrenching truth: that owner’s decision not to hire a real estate agent was a colossal financial blunder. Sure, they saved a tidy sum in commissions, a cool $10k – $12k to be exact. But what did they lose in the grand scheme? A jaw-dropping $87k in purchase price. Now, that’s what you call a ‘bargain’, right?
This serves as a stark reminder of the immense value a seasoned real estate agent brings to the table. Don’t find yourself in the same boat as that seller, leaving a substantial sum on the table. Hiring a skilled agent is the strategic move that ensures you get every dollar your property is truly worth.
