Selling a house can be challenging and costly. With the savings of not having to pay a real estate commission, many people wonder why more home sellers decide not to do a “For Sale By Owner”(FSBO) and if this is right choice for them.
Fact is many home owners realize the level of knowledge, experience and commitment that is required to do an effective job and most home buyers are going to want the savings to their advantage – not the sellers.
Below are some of the advantages and disadvantages of selling real estate as a FSBO.
Advantages
- No Commissions
- Control of the situation
- Meet all buyers at showings and answer any questions.
Disadvantages
- Depend on your intuition – safety can be a concern.
- All marketing and advertising costs are paid by seller – even if the house doesn’t sell.
- Not have access to MLS – Multiple Listing Services.
- Find your own buyer.
- Pricing the home – is it overpriced or under priced?
- Lack of negotiation skills – sellers can leave money on the table.
- Be familiar with all of the paperwork, (legal forms, disclosures, financial issues etc).
- Not disclosing necessary information or not using the correct form could leave you open to legal action from a buyer.
- Showing time will be limited by availability.
- Buyers know that you are not paying a commission, and believe they should get a better deal.
- Be aware of equal housing laws and familiarize yourself with offers and contracts.
If you decide you want to try doing a FSBO, Contact a Listing Agent – we would be happy to give you copy of the current legal forms.
Quick Links and Tips
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