FSBO: Not For Everyone!

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Selling your home yourself, commonly called for Sale By Owner or FSBO, is a method employed by a growing number of homeowners chiefly to offset high real estate contracts. With real estate contracts as high as 6%, property that is valued at more than $ 300,000 can easily mean a real estate commission of $ 20,000 or more. These monies are almost impossible to recover in the form of a higher selling price, therefore some sellers have opted to list their homes for sale apart from the services of a licensed realtor and keep the commission. Let's take a closer look at the FSBO trend and see if a sale of your home apart from a realtor is right for you.

Before going the FSBO route, there are some questions you must ask yourself:

How long do I plan on listing the home by myself? In other words, if the home does not sell, will I keep trying to sell it on my own or is their a specific timeframe when I will quit and turn over the work to a realtor?

Do I actually have the time to sell the home myself? Remember: all of the legwork accomplished by your realtor will have to be done by you when doing a FSBO.
Should you decide to go ahead and sell your home on your own, please consider the following points:

Any person can claim to have the funds available to purchase your home when in reality they do not. Make certain that prospective buyers carry a pre-approval letter from a certified mortgage company before proceeding.

Will you have the time to make appointments for interested parties to stop by your home?
Will you be able to correctly assess the proper market value for your home apart from the input of a realtor?

Do you have the correct legal documentation to proceed with a sale? Importantly, at this point in the game retaining the services of a real estate attorney is essential.
Who will pick the title company and who will pay their fees?
Will you offer a home warranty with the sale of your home? What does that warranty cover and will it protect you in the event something major happens?
What legal protection do you have in the event the buyer chooses to sue you 6 or 12 months later?

Going ahead with the FSBO requires that you be fully aware of your responsibilities in helping to bring the transaction to a successful conclusion. While a FSBO deal can result in financial savings for the seller, the time expired in arranging the sale of the home is typically greater than most sellers anticipated.

Clearly, FSBO is not for everyone and studies have shown that as many as 80% of FSBO voters ever choose the services of a licensed realtor to move their homes. So, before embarking on a FSBO listing, weigh all of the factors and the legal requirements of your state before proceeding.

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Source by Steve Arnold