Real Estate: Should I sell my home myself or should I list it with a real estate agent?

By Richie Vraux

I know, the first question will be, If I sell my home myself- I can save myself thousands of dollars and I wouldn’t have to pay a Realtor. But, will I run the risk of doing something wrong that could cost me way more than I would have saved by not listing with a Real Estate Agent.  Make sure you know the drawbacks of selling it yourself. 

A Real Estate agent has to take several hours of classroom studying  through an accredited Real Estate school to learn how to sell, what to know to keep out of Real Estate jail. Then there is a state section you also have to pass on. He/ she then has to take continuing educational classes consisting of at least 21 hours to maintain their license. These classes keep us up to date with the latest trends and newest rules and regulations set forth by the Realtor “Code of Ethics” and the “Real Estate Commission.”

Questions you should ask yourself are, what are you going to price your home out at? Will you know what is required to have to sell your home by the state of Maine. Do you know there is a transfer tax that both the buyer and seller have to pay on every transaction? Do you know there is a 2.5 percent withholding tax if you live as an out of state resident? Do you know that, in the event you, the seller, do not pay this, then the buyers are on the hook to pay it. That will make for unhappy buyers. If you have an experienced agent working for you, he will know that if you bought your home years ago, most likely you have made improvements. You might be eligible waive the withholding tax. An experienced Real Estate Agent will guide you how to file a REW5 with the state of Maine. Would you know how to handle these things yourself, probably not. Your real estate agent will guide you properly.

When setting the price to sell your home, will you know how to price out your property to get the highest and best price. An experienced agent will know your neighborhood and know where to place your home to yield the highest price. When an agent writes up the disclosures on your home, he lists all your systems, the condition of every system and lists any improvements and any deficiencies you will need to expose. He/ she knows what should be mentioned to keep you out of court. Do you know if your garage or shed is actually on your property or is it encroaching on your neighbor’s property?

If you thought that you might have saved yourself a boat load of money by selling it yourself, if the buyers take you to court because you didn’t share all the deficiencies that you knew were wrong but didn’t disclose it, you just might be paying out way more than you made by selling it yourself.

Another risk is knowing who you allow into your home. A realtor will have already met up with them. Because of the news you hear of today, with questionable people coming into your home, you might want to have an agent there.

A Real Estate Agent will only work in your best interest when selling your home. There are lots of reasons to have an agent sell your home, but the biggest reason is your piece of mind and knowing your agent best represented you and your interests. <

Richie Vraux is a real estate broker with Maine’s Premier Team at Better Homes and Gardens- The Masiello Group. Call Richie If you at 207 317 1297 for Real Estate advice.