As equity increase in today's housing prices, more and more owners are deciding to sell "fsbo" to save on the commission and also to have more control over the selling process.
If you have never sold "fsbo" before it can be challenging and also rewarding. Giving it a try for 4 weeks should be enough time to test your resolve. In that short period of time, you should be aware of whether or not, going it alone, is for you.
Let's review some of the benefits of selling fsbo:
1. Saving the Commission – In today's market most real estate companies charge around 6% with 3% going to the listing side and 3% going to the selling side. On the sale of a $ 300,000 house that results in an $ 18,000 commission coming out of your equity. If you can sell it on your own, you save that huge chunk of money.
2. Selling FSBO allows you to be in control of the selling process – when it is shown, advertising, buyer incentives, etc.
3. Selling and advertising "FSBO 'seems to be a magnet for some buyers. Just using the word FSBO in the header of your ad should drive the masses to your property. .
Some of the draw downs to selling on your own:
1. Paperwork, paperwork and more paperwork. Just a standard transaction for a residential purchase in my office has over 20 pages of paperwork. As a FSBO, you want to make sure you are covered with too much paperwork and that may just be a hassle for some sellers going it on their own.
2. Headaches with negotiating. Some buyers and sellers who can not come to terms just throw up their hands in disgust. An agent has experience with negotiating and is an excellent buffer between the buyer and seller. If negotiating is not your cup of tea, consider the help of a professional.
As you can see, there are many pros and cons to selling "by owner". Currently, only about 25% of all "fsbo's" that give it a try end up selling their own home. The rest either take their home off the market or end up listing with a professional.
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Source by Tom Jacobson