Conventional real estate marketing and sales techniques have been used successfully for years. Time-tested and proven effective. But with that comes a few drawbacks in the process. Whether a property owner calls on the services of a real estate agent or decides to market it themselves, the process remains the same. The property is offered to the public for sale and the waiting game begins... Waiting for that one ready, willing and able buyer to come along may mean months, even years. Especially today. In a market with low demand working against high supply, even fairly priced properties can get lost in the shuffle. Today's seller will probably experience few showings and even fewer offers. Those fortunate enough to receive an acceptable offer may be inundated by multiple buyer contingencies, seemingly endless demands and/or concessions and then find themselves in an escrow that may never close. A common occurrence in today's market: Seller and agent review the market analysis for the property, they both recognize where the property will most likely sell at, and then they list at a higher price. Why? First, human nature dictates that their property is special and worth more than the comparables. Secondly, sellers realize that they need "room for negotiations" and build that into the asking price. Six months and three price reductions later, the property is still available for sale. During those six months, buyers compared their property against others in the same price range. While this seller was chasing the market with renewed hopes and price reductions, those buyers were closing escrow with sellers who understood that time is money and recognized fair market value as a reasonable expectation. Most realize that a decrease in value will decrease net proceeds. But the hidden costs of NOT selling, over time, can be just as significant. You cannot control the market but you can this. Assume you've owned your home for a couple of years, have a $200,000 mortgage and have it listed for $300,000. A buyer offers $275,000 which you decline. Six frustrating months later the same buyer offers $275,000 and you accept. Aside from the obvious six months, what did you really lose? By accepting now you have $275,000                   $275,000 By accepting in 6 months you have $275,000  - $5,850    mortgage interest you paid* - $1,296    property taxes you still have to pay** $267,854 *Approximate, based on payment of $1,199/mo for a $200,000 30yr loan fixed at 6%. By the twenty-fifth payment, $974.68 still goes to interest each month. **Approximate, based on 1.3% tax rate on $200,000. Monthly tax liability is $216.66 On the surface, that $7,000 difference may not seem like a big deal with a $300,000 listing. But seven thousand dollars is a big deal when it comes to balancing the family checkbook or moving on to the next home. Here are a few other potential problems today's seller may be forced to deal with: Concessions and Contingencies.  Purchase agreements today are often littered with multiple contingencies, demands to pay seller costs and other clauses that can kill an otherwise solid deal. Buyer Investigations. The "due diligence" period, usually 17 days, allows the buyer time to review reports and disclosures prior to making their final decision to purchase. The property is no longer being offered for sale yet the buyer can be in the market for a better price or better property and can cancel the deal at any time without consequence or reason. Sale of buyer's property contingency. They would like to purchase your property but cannot do so without selling their own property first. This puts you in the position of waiting for something to happen you have no control over. Loan contingency. This allows the buyer to continue the escrow process while the lender approves and/or funds their loan. Buyers with questionable credit, insufficient finances or false loan information can simply walk away without consequence if the are unable to obtain financing. Closing costs. The hard work of escrow and title offices, loan officers, notaries, processors and even couriers is paid for at the close of escrow, generally by the party receiving the professional service. Today's seller is often asked to pay part or all of the buyer's closing costs. So on top of low offer, their own closing costs and real estate brokerage fees, sellers net far less than desired or expected. In-escrow negotiations. Even after buyer and seller have agreed to terms, contingency clauses and market conditions allow the buyer to ask the seller to change those terms. This may be as simple as extending the escrow period but can also lead to multiple petty repair requests that cost the seller money.