Do you believe your savings on commission will be your reward after you attend a seminar or two on selling your own home? A home sale is a complex series of transactions with multiple parties. Not only is it time consuming, consultation and coordination with professionals at every level is necessary. Attendance at a seminar or two does not make you an expert on home selling.

The average person will buy two to three homes in one lifetime, unless they are a property investor. A top producing REALTOR will average 5-10 transactions per month. A REALTOR with knowledge and experience in profession will be able to enhance your bottom line on a home sale. Here are some common questions I am frequently asked by For Sale by Owner sellers.

Q: I recently attended a seminar on selling my own home. Won’t this enable me to do it on my own? A: The seminar was probably sponsored by a lawyer, closing attorney, titling company, or lender. The facts you can obtain in three hours or less are not enough to teach you how to get more money for your largest investment: your home.

Q: How do REALTORS sell homes quickly? A: A staggering 80% of home sales are done through a Multiple Listing Service. REALTORS have access to this. With a listing on MLS sellers have entire membership of MLS working for them. Sellers may have as much as several thousand members depending on area or residence. An MLS listing is most effective way to bring in qualified potential buyers.

Q: What information is most critical when selling a home? A: A seller needs to know what state requires as well as what lender requires when it comes to home sales transactions. He or she also needs to know timeframe for all transactions. If time frame is not adhered to contract can become null and void.

For Sale by Owner When a potential buyer sees a For Sale by Owner property he or she should contact their realtor before contacting For Sale by Owner. And when buyer makes an offer on For Sale by Owner Property he or she needs representation on sale. The buyer always needs representation for many reasons.

Home Inspections Most buyers do not know to ask for home inspections, what they cost, or who to call to do one. If there is work to be done on an inspection report, a buyer should negotiate, and a REALTOR has skill and experience at this.

New Home Sites New home site buyers need to hire a REALTOR to look out for their interests, too. Remember, site agent is there to protect builder’s interest and therefore everything will be geared towards what benefits builder, not buyer. When registering at a new home site, be sure to include your agent’s phone number, name, and company.

Dual Agency: The Listing Agency When a REALTOR chooses to represent seller AND buyer, this is considered dual agency. A buyer’s rights are not emphasized in these circumstances. Bringing a REALTOR onto buyer’s side equalizes sale, and gives buyer much needed experience and professional advice. Earnest Money Deposit When buyer makes an offer on a For Sale by Owner – who makes Earnest Money deposit? How does a buyer obtain deposit back if contract falls through? A REALTOR will place money in an escrow account.

Buyer’s Broker Agreement A buyer’s broker protects buyer’s interest in transaction. In Virginia, seller pays commission, so by law listing agent and selling agent have to protect seller’s interest. So, if you select a buyer’s broker to work with you on home purchase, you will be represented in sale.

Cost Analysis In order to prevent overpaying for a home, a REALTOR will do a cost analysis for a buyer, to determine if home is priced correctly. This is same kind of analysis an appraiser would do, using comparable sales which have closed in last three months in area.