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Posted on August 1, 2018 - 11:04 AM
by James and Denise Orrico
The “For Sale by Owner” or FSBO sounds like an easy and money saving way to sell your own home. One may start by purchasing a for sale by owner sign at their local hardware store and possibly putting the home on Craig’s List and wait for prospective buyer to call. Can it really be this easy?
The home sales process is way more complicated than this and we’ll go through why real estate professionals discourage this practice along with why you need “Seller Representation”.
Who is looking out for you as the “Seller”?
A potential buyer may have their own real estate agent. This agent will have the best interest of their buyer in mind and not you if you have no listing agent representing you. In addition, you’ll have to coordinate the buyer’s appraisal, home inspection and their attorney to name a few. Without professional guidance of a listing agent, you can find yourself in some serious problems.
By listing your property yourself, you have no way of screening potential buyers. You open yourself to harm by letting folks into your home that you don’t know. By allowing the general public to walk through your home unscreened you’re subject to theft, assault, etc.
Lack of Internet Exposure:
Nowadays potential homebuyers begin their home search online. Buyer’s like to tour prospective homes through photos, videos and detailed floor plans. Most FSBO listings lack this type of exposure thus making their homes less visible to a potential buyer.
FSBO’s are Complex:
After the housing crash of 2008, a ton of regulations and new requirements emerged. FSBO sales currently are 8% of total homes sales in 2016 down from 19%.
A simple mistake can cost you thousands of dollars in legal fees. A possible example would be advertising your home as having 2 full baths when in reality you have 1 and a half baths.
Less money for the “YOU” the “SELLER”:
According to the National Association of Realtors, FSBO median home sales were around $210,000 vs. $249,000 for agent assisted home sale transactions. If you have a possible buyer in mind, the average price just reduced to $151,000. In addition, FSBO’s spend 88 days on the market vs. 68 days if listed by an agent.
Before you decide to list your home as a “FSBO”, I strongly suggest you consider all the benefits of hiring a real estate professional.
Not only will you increase your sales price but you’ll save time and potential headaches of not being represented.
Let Professional Residential Brokerage, LLC help you sell your home. Start by calling us at (630) 279-6732 for a free sales consultation. We’ll walk you through the sales process step by step with no obligation. We’re here to help you achieve your goals with care and understanding. We promise to Move You In The Right Direction!