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Articles Tagged "Closing"

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August
29

Are you thinking about selling your home on your own?   Below are 5 good reasons from the KCM Blog NOT to sell on your own.  We know it comes down to value & protection.  A Lawyers Realty agent will guide you through the complicated process and use all the tools available today to find most qualified buyers in the shortest amount of time in order to get the best market price for your home!

Here are five of our reasons:

1. There Are Too Many People to Negotiate With

Here is a list of some of the people with whom you must be prepared to negotiate if you decide to FSBO.

  • The buyer who wants the best deal possible
  • The buyer's agent who solely represents the best interest of the buyer
  • The buyer's attorney (in some parts of the country)
  • The home inspection companies which work for the buyer and will almost always find some problems with the house
  • The appraiser if there is a question of value
  • Your bank in the case of a short sale

2. Exposure to Prospective Purchasers

Recent studies have shown that 92% of buyers search online for a home. That is in comparison to only 28% looking at print newspaper ads. Most real estate agents have an extensive internet strategy to promote the sale of your home. Do you?

3.  Actual Results also come from the Internet

Where do buyers find the home they actually purchased?

  • 43% on the internet
  • 9% from a yard sign
  • 1% from newspapers

The days of selling your house by just putting up a sign and putting it in the paper are long gone. Having a strong internet strategy is crucial.

4. FSBOing has Become More and More Difficult

The paperwork involved in selling and buying a home has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons that the percentage of people FSBOing has dropped from 19% to 9% over the last 20+ years.

5. You Net More Money when Using an Agent

Many homeowners believe that they will save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real commission. The seller and buyer can't both save the same commission.

Studies have shown that the typical house sold by the homeowner sells for $184,000 while the typical house sold by an agent sells for $230,000.   This doesn't mean that an agent can get $46,000 more for your home as studies have shown that people are more likely to FSBO in markets with lower price points. However, it does show that selling on your own might not make sense.

Bottom Line

Before you decide to take on the challenges of selling your house on your own, sit with a real estate professional in your marketplace and see what they have to offer.

Contact a Lawyers Realty Agent today!

May
2

Mark Duffie

Navigating the "Minefield" of Real Estate, an Interview with Mark Duffie.  Mark, Broker and Lawyer for Lawyers Realty, took a few moments to talk about his experience as a real estate attorney and the complicated challenges that can arise in buying or selling real estate.

What is it that appeals to you about the law, especially as it pertains to real estate?

With respect to the practice of law in general, the sense of problem solving and assisting others with legal matters is what drives me.

What do you enjoy the most about your job?

The sense of accomplishment is rewarding especially when it is done on someone's behalf.  In the real estate field, you become a facilitator of transactions.  The structuring of the deal and the documentation often make or break the deal.

What do you like the most about working with the law and real estate?

Real estate really provides an opportunity for attorneys to become very creative to meet the demands of the client.  The challenges involved with every transaction are unique as are the solutions.   The closing on a complicated well-structured deal is what we real estate attorneys work for.  That is what makes real estate law so rewarding.

What are some of the legal "pickles" buyers and sellers get into by not having a lawyer involved in the real estate transaction?

Legal pickles.  That is an open can of worms.  Most real estate agents and clients are not educated on fundamental contractual principles including breach and remedies.

Buyers and sellers enter into agreements often times not knowing the implications given the circumstances.   When the transaction warrants, standard agreements need to be amended.  That is often times when the "pickles" occur. 

When a buyer acquires property, they do not just acquire bricks and sticks.  They acquire a bundle of legal rights of which they must become aware.  They need to be educated on restrictions, easements, clean and green as well as other acquired rights. 

The problems arise when these agreements are improperly drafted and these rights are not reviewed or improperly reviewed.   Specifically, I have seen sellers try to sell a property that was already subject to an option or buyers attempting to buy a property under a fictitious name.

If you had to describe the real estate transaction in one word or one phrase, what would that word or phrase be?

Minefield!

Mark DuffieMark C. Duffie is an attorney and Broker for Lawyers Realty, LLC.  Mark focuses the majority of his legal practice in both residential and commercial real estate transactions. He received his Bachelor of Arts in Economics from the University of Pennsylvania and his Juris Doctorate from the University of Akron.  He also currently serves on the Board of Directors of the West Shore Chamber of Commerce and the Mechanicsburg Area High School Alumni Association.  Mark lives in Lewisberry with his wife and two children.

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