13 | FOR SALE BY OWNER
DOING IT ALONE
FOR SALE BY OWNER
For Sale By Owner, or FSBO, is the process of selling
real estate without representation by a real estate
agent. The primary reason owners choose to sell on
their own is to avoid paying the real estate commission
in an attempt to save money. However, there are many
factors to weigh when considering selling FSBO v.
hiring an agent. Will I price it right? Who will prepare
the documents? Do I really have the time and patience
for this? Will I get in legal hot water?
“You need to know everything
that must be done to close the
sale properly and legally.”
PRICING IT WRONG
There’s the risk of selling your home for a lot less than
it’s worth. Statistics have shown that the average FSBO
home sells for about 25% less than homes sold through a
Realtor.
MARKETING
Your home will have less visibility. Only Realtors can list
homes on the Multiple Listing Service, which is one of
the biggest online tools real estate agents use. There’s
a lot more to marketing a house than putting a sign in
the yard, an ad in the paper and waiting. You need to
develop a clear marketing plan that will attract the largest
number of buyers.
LEGAL ISSUES
Preparing all of the legal forms, disclosures etc. is your
responsibility, and if you’re unfamiliar you take the risk of
financial and legal liability.
Tyler Minges, HUFF Realty | SELLER’S GUIDE TO REAL ESTATE