“You may lose money if you don’t call a Pro!”
FSBO (pronounced fizz-bo), or For Sale By Owner, is a way of selling your home without the use of a professional real estate agent or broker. The idea behind FSBO is that by selling your home yourself, you save the approximate 6% that would be the agents’ commission.
12% may not sound like a lot, but it can add up, especially on more expensive homes. But before you run off and decide to sell your home FSBO, you must remember that to get a savings like that, there must be a cost. So what’s the catch? Selling FSBO is hard. A lot harder than you would think. But Why?
First, most people think it’s as easy as saying, “Sold As-is” will be your golden ticket. But when the buyer wants to look in the attic, under the house, or let’s say there’s some work that you didn’t think would be an issue…. well, that just may blow your deal and you won’t be able to sell it anyway.
In short, there are way to many reasons to list without writing a book. In short, you’ll get calls from a million investors that want to come beat down your home’s condition and waste your time, with a lower than lowball offer. It would be better to at the very least have a professional come and look at it. That way you are explained what issues may come up, and get a better idea of the current value.
With that being said, even when you do learn these things, selling FSBO often leads to improper paperwork and the possibility of being sued later.
Less than 10% of sellers that decide to do FSBO are successful at it. And not all of them end up saving themselves money. FSBO sellers often end up accepting a lower price for their home than they would with an agent.
There are of course other challenges that come with this territory. Can you afford to make selling your home your full-time job? Because for a lot of FSBO sellers, that’s exactly what it is. Do you have the time and capital to spend on the marketing, advertising, inspections, paperwork, phone calls, showings, and problems that come up when any home is sold?
Selling with a professional agent also has other advantages. An agent can get your home listed on the MLS (Multiple Listing Service) and other popular websites where not only homebuyers but also other agents can easily find it. Professional real estate agents also have an extensive network that allows them to more easily find a buyer.
So before you decide to sell your home yourself, thoughtfully consider just how much time and effort you can spare for selling your home, as well as how important it is that your home sell sooner rather than later.
Debra Teal, 20 Years of Real Estate Excellence
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Debra Teal | Seattle Real Estate Link 