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Why You Should Sell For Sale By Owner and Save Thousands of Dollars

Lawrence D. Elliott
August 30, 2006
The phone rings at 6:00 PM while you and the family are enjoying dinner. You hurry to the phone because you are selling your home For Sale By Owner (“FSBO” for short) and you don’t want miss a possible buyer.

"Hello, my name is JOHN S. AJERK with RUDE REALTY and I saw you were selling your home yourself. What are you, nuts? You’re not smart enough to sell your home without a real estate agent, so you might as well list with me and stop wasting your time because you're going fail anyway!”

Okay, well they don’t really say that, but it sure does come off like that, doesn’t it? Unfortunately, countless real estate agents sound like this, all without knowing anything about you or caring, for that matter. It’s as if they feel you need their permission to sell your own home.

Wrong!

Let’s face it, some people have the necessary patience, temperament, and ability to sell a home. If you can sell your home yourself, why wouldn’t you do so and save the thousands you would pay in real estate brokerage fees? And if you discover the job is not something you want to add to your already hectic daily life, you can always call in a professional real estate agent—one who hasn’t insulted you at dinnertime—to handle the job for you.

Just remember, selling a home FSBO is not the right decision for everyone. In fact, it can be frustrating if you don’t prepare yourself for the arduous task ahead. Statistically, over 95% of all real estate sales involve a real estate agent. Now, I’m not joining the chorus of all of those Joe Schmoes out there. But being prepared will increase your chances of being in the Fortunate 5%, as I’d like to call it.


For example, in the areas I service, here are just a few important issues you would need to be aware of:

What local, state, and federal laws and regulations are you required to follow?

Are you subject to a real estate withholding tax? For example: California may withhold 3 1/3% at the closing under certain circumstances. Your tax consultant is the only one qualified to advise you in this matter.

What other tax consequences are important to plan for in the sale of your property?

What contracts and other documents are required to best protect you and ensure you are in compliance with the law?

What disclosures are you required to provide, under what circumstances, and when?

What new real estate laws have been passed and how will they affect you?

How will you know if the buyer is really qualified to buy your property?

What’s the best way to market your home for the highest possible price?

How do you determine what costs you are required to pay and what costs are unnecessary?

These are just a few important issues you must be aware of. In truth, there could be at least 200 items you need to be knowledgeable about if you are going to be a member of that Fortunate 5%.

Selling your home yourself can obviously add significantly to your bottom line. But it can also be your biggest nightmare if you aren’t adequately prepared. Don’t take this job lightly, no matter what anyone tells you.
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Lawrence D. Elliott


Lawrence D. Elliott is a nationally published author who has been published in many popular national publications, including Chicken Soup for the Soul, the New York Times #1 Bestselling book series.

Lawrence wrote his first creative words in the sixth grade when a teacher gave him a writing assignment. He even create a rudimentary book, filled with illustrations. "Actually," says Lawrence, "they were the most pathetic looking stick figures you´d ever see. But I was proud of my little book."

Heading into the seventh grade, Lawrence was among the earliest group of kids bused from his San Diego inner city neighborhood to a predominantly white school. The racial tensions were high. Often, there were fights before, after, and even during class. To make matters worse, he was identified as having a severe reading problem and was placed in a reading development class. Lawrence remember fighting back the tears of shame as he entered the separated bungalow classroom that first day. Then, Lawrence met Ms. Davila, the remedial reading teacher. She not only worked with him to improve his reading, but she learned Lawrence had a hidden gift. He loved to write. She helped Lawrence cultivate his new-found skill and gently guided him to discover how powerful it could be.

And in those tumultuous times, the fact that she was white had a lasting effect on his life. In her, was the example that there are good people everywhere, you just have to find them.

Throughout high school and beyond, Lawrence spent evenings scribbling his stories and attempting to get them published. The rejection notices mounted. But he was stubborn. However, eventually he was forced to realize that perhaps his talents would possibly be of used in other ways.

Through life, his path lead him through military service, the aerospace industry, even cleaning toilets when it was the best job he could get. Eventually, he landed in real estate where he had a 20-year career. But Lawrence continued to write, if only for his own enjoyment. He was also able to collect a host of characters along the way.

Then, in 2005 Lawrence had a near-death experience with a pulmonary embolism. It was then that he decided to brush off that dream he had as a kid. He decided to give publishing one more try.

In 2006, Lawrence had his first story accepted. In fact, he had four stories accepted! Fittingly, one of those earliest stories was about a teacher who, working with a black kid from the inner city with a reading problem, showed him that he had a hidden gift to share with the world. Since then, his stories have appeared in many popular books and periodicals.

Lawrence believes his life has been a wild ride, replete with twists and turns. There were good times, and bad times. Sometimes, very bad times. But he says he wouldn't trade it for all the gold in the world. "I'm excited," says Lawrence. "I'm also proud, grateful, and somewhat surprised that something seemingly unattainable has become a reality."

Lawrence feels his life has prepared him for this moment and he refuses to squander it.

Currently, he is editing two novels and hopes to have them submitted by mid-year. In addition to writing, Lawrence is also the sole caretaker for his wife Lisa. Their dog Lacie helps, too.


Recently Released:

"Thank God for the Sandwiches" published in Letters to My Mother: Tributes to the Women Who Give Us Life--and Love.

"Well, I've Had A Plenty" published in My Dad Is My Hero: Tributes to the Men Who Gave Us Life, Love, and Driving Lessons.

"God, I'm Shvitzing!" published in Chicken Soup for the Soul in Menopause: Living and Laughing through Hot Flashes and Hormones.

"She Gently Opened Doors" published in Teacher Miracles: Inspirational True Stories from the Classroom.

"Learning to Share" published in Chicken Soup for the Soul Celebrating People Who Make a Difference: The Headlines You'll Never Read.

"Unexpected Guests" published in A Chicken Soup for the Soul Christmas.

"A Visit From Arthur" published in Chicken Soup for the Soul Healthy Living Series: Arthritis.

To get autographed copies of his books, click here.