Complications When Selling Your Home Indirectly

When you sell your home using traditional methods, you usually aren’t working directly with the buyer. In some cases, you might not even know who the buyer is. While selling this way can protect the privacy of both the buyer and seller, there are also several complications that arise when selling your home indirectly.

Whenever you are not communicating directly with someone, there is bound to be some miscommunication. This is because when you are communicating through third parties, those third parties may misconstrue your message when delivering it to the intended recipient. According to a survey by the National Association of Realtors, 32% of home sellers reported experiencing issues due to miscommunication during the selling process. Miscommunications when selling your home can be about everything from offer prices to conditions of the home when selling. As you can imagine, these types of miscommunications could cause serious problems and slow down the selling process significantly.

"Clear communication is crucial in real estate transactions, as even minor misunderstandings can lead to significant delays," notes Alice Mcmillan, a senior real estate analyst at Real Estate Insights.

When buyers are working through real estate agents, they are more easily swayed by the different properties and deals they are being presented with. This causes a lot of indecision when it comes to picking a home they want to buy and making a serious offer. A study by Zillow found that 45% of potential buyers took longer to decide when working with agents who presented them with numerous options, compared to those who dealt directly with sellers. Buyers who would otherwise be willing to immediately close on a deal may be convinced by their realtors to first look at competing properties in the area. On the other hand, when you sell directly to buyers, these types of buyers are typically much more decisive. They know whether they want your property and will put down a serious offer.

Because selling your home indirectly means that you are working through third-party groups, you must pay these parties. The way that you pay these third-party groups is through commission fees, which can take a large chunk out of your profit. A report by Redfin highlights that the average commission fee for real estate agents is about 5-6% of the home's sale price. Instead of getting all of the money you were originally offered, you will only get what is left after you pay the commission and other fees. Even more frustratingly, you might not know how much you need to pay in commission and other fees until after the fact.

"Understanding the true cost of selling your home through traditional methods is essential. Many sellers are surprised by the final amount they net after all deductions," explains a financial advisor specializing in real estate.

In traditional methods of home-selling, there are many different parties involved in addition to just the buyer and seller. These extra parties complicate communication, payment, and intent. To make the selling process easier and more straightforward, you should consider selling directly to a buyer.

To sell your home directly to a home buying company for cash, reach out to Midwest Homebuyers here today.