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 FSBO INFORMATION
If you are considering selling your home yourself, it can be done. But it is a complex process and can be emotional and frustrating with problems popping up every time you turn around. If you’re considering selling it yourself, answer these questions:
1. Do I have the time to do this?
2. Do I have the knowledge?
3. Can I be objective?
4. Will I know a good buyer when I see one?
5. What is my time frame and what is the plan if it doesn’t sell?
6. Do I want unqualified buyers walking through my home?
7. What about the safety of my wife & children?
If you are satisfied with the answers to these questions, you are ready to proceed! Are some FSBO’s successful? Of course they are. Do most of them run into surprises and roadblocks? You can count on it. It’s no secret that many FSBO’s do end up working with a real estate agent eventually. The right real estate agent actually creates natural competition for your home by exposing it to hundreds more qualified buyers than are typically available to the FSBO. Many FSBO’s may choose to list their home after trying on their own, or they may agree to pay a commission to an agent who brings them a buyer. The goal is to SELL your house in the SHORTEST amount of TIME for the BEST PRICE. And there are a lot of ways to do it.
The biggest challenges, and what I recommend you watch out for:
1. Pricing the home. Where do you come up with the price?
Looking through online listings, ads in the newspaper asking neighbors will provide a ballpark figure, not actual SALE prices.
Your estimate can be off by thousands of dollars, Too high or too low. Too high and the property won’t sell. Too low and you are out of money. The most common mistake: Pricing too high. The amount of interest the home generates will be directly related to the asking price.
2. Managing the transaction. As the FSBO, you are responsible for verifying and following your buyer’s financing, negotiating the deal, preparing the proper documents (contracts – which are binding on you and the buyer), etc. These details of the transaction can be overwhelming to say the least. Especially when financing difficulty, inspection problems, or negotiation roadblocks pop up.
3. Providing the buyer with what they need. There are things that the buyer will need from you to close the transaction. And there are things you must legally provide to the buyer of your home. (disclosure forms, lead-based paint forms, etc.) Various and other instruments you may owe the buyer, such as title policies, home warranties, purchase agreements and addenda, can be daunting if you don’t have the experience to understand how they affect your transaction.
The most common Mistake: Lack of information. Don’t wait until the closing date to realize you forgot to give the buyer something.
Marketing your and selling your own home certainly can be done under the right circumstances. But you owe it to yourself to do your homework, manage the deal objectively, and call in help when you need to.
If you have questions, need an expert opinion, or would just like to talk about your marketing options, I hope you will give us a call. We would be happy to talk with you to help insure that when you put your FSBO on the market that you will be way ahead of the game and all your bases will be covered. If you need us just to handle the transaction once you have a buyer, call us and we will be glad to do so for a small fee. We are here to help you!
For assistance on placing your listing or for further information on any home you have an interest in, please Contact the website sponsors |
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