Wednesday, January 7, 2015

Sellers Risk Losing Out When They Don’t Put Home on MLS

[Published Jan. 8, 2015, in the Jeffco editions of the Denver Post's YourHub section]

I see this happening every week or so.  A home goes under contract without being exposed to the universe of buyers who might want it.

If you’re a seller and some broker or unrepresented buyer brings you an offer at a great price, it is so tempting to accept the offer and spare yourself the annoyance of listing and showing your home, especially if there is little or no commission to pay.

But how will you know what you could get for your home if you don’t expose it to the wider market?

If this happens to you, at least ask an experienced broker to represent you in the transaction for a reduced commission of, say, 1%.  Getting under contract is only the first step in the process.  You’re going to have inspection and other issues arise and you’ll want to have someone with experience in such matters to negotiate on your behalf.

In this market, where a higher percentage of contracts are falling, it’s also good to have a back-up contract in place to strengthen your hand on inspection issues.  Twice recently I was able to tell the buyer’s agent that, “We have a back-up buyer waiting for you to terminate, so we’re not going to make any of the repairs you’re asking for.”  That ‘s a no-lose situation for my seller: either the buyer withdraws their inspection demands, or they terminate and we get a better price from another buyer.

Don’t make the mistake of selling your home without exposing it to the full universe of buyers.

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