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Planning to sell your property without an agent? It's definitely possible, and many have done so successfully. However, delving into an area you are not too sure about exposes you to several risks.
With the help of Marcus Chu, an ERA real estate agent with over 20 years of experience, we point out potential pitfalls DIY sellers/buyers need to be aware of. Knowing these risks will either convince you to get a real estate agent, or make you a better and more conscientious buyer/seller!
Sellers have an emotional attachment to their properties
Yup, this is a risk! It may cause you to expect a higher selling price without really understanding the market conditions and transactions, which will usually lead to an unsuccessful transaction. Understand your property objectively!
DIY sellers may have less access to qualified buyers
Let's face it, agents have a vast network and marketing expertise to reach out to qualified and interested buyers that you might not have. Beware: Engaging a non-qualified buyer causes a loss of time and unnecessary cost.
DIY sellers may lose patience
On average, the selling process of a property will take more than three months - and lots of paperwork and appointments! If you are unfamiliar with the procedures or process, you might 1) lose patience, become desperate, and sell your homes at a lower price and/or 2) incur cost and create inconvenience for changing appointments, if you mess up the timing arrangements for things like submission, first appointment and completion.
DIY sellers and buyers need to hire their own lawyers
For legal redress, that is. If a buyer is to default on the deal - for example, he withdraws on the first appointment - HDB will treat the case as cancelled. There is no support for legal redress from HDB.
The seller would need to hire his own lawyer to seek compensation from the buyer. If the seller has bought a property and needs the money from the sale to facilitate his purchase, he will need to convince the ex-buyer to close the deal or search for a new buyer within a limited timeframe.