Filed Under Buying · Tagged: Closing, Closing Documents, FSBO, Inspections, Listing, Pre-Approval, Pricing, Real Estate Law · Print This Article
Attention: For Sale By Owners! Why People Are Afraid To Buy From You!
Many homeowners believe to maximize their home sale they should sell it themselves. At first glance, they feel selling a home is simple. Why should they pay a broker fee for something they could do themselves? In fact, 12% of all the homes sold last year were sold For Sale By Owner (FSBO).
However, close to half of the FSBO’s said that they would hire a professional next time they sold. Thirty percent said they were unhappy with the results they achieved by choosing FSBO. Why?
Many FSBO’s told us the time, paperwork and everyday responsibilities involved were not worth the amount of money they saved in commissions. For others, the financial savings were even more disappointing. By the time they figured the fees paid to consultants, inspectors, appraisers, title lawyers, escrow and loan officers, marketing, advertising, they would have been better off to have paid the broker’s fee that would have included many of these charges.
Selling a home requires an intimate understanding of the real estate market. If the property is priced too high, it will sit and develop a reputation for being a problem property. If the property is priced too low, you will cost yourself serious money. Some FSBO’s discovered that they lost money as a result of poor marketing decisions. In the final outcome, this far outweighed the commission they would have paid.
Before you decide to sell FSBO, consider these questions and weigh the consequences of assuming the responsibility versus employing a professional. A little time spent investigating now could pay off tenfold in the end.
Questions To Consider
Do I have the time, energy, know how, and ability to devote a full forced effort to sell my home?
One of the keys to selling your home effectively and profitably is complete accessibility. Many homes sit on the market much longer than necessary because the owner isn’t available to show the property or return phone calls within 3 hours. Realize that a certain amount of time each day is necessary to sell your home.
Am I prepared to deal with an onslaught of buyers who perceive FSBO’s as targets for “low balling
There are plenty of people that are DIY and empowered by the internet. sites like http://www.zillow.com and http://www.choicea.com are helping people more and more all the time. to suggest that people don’t have the ability to be a DIY is wrong. though a lot of people still prefer an agent vs fsbo.
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