The process of selling a home is the same, whether the owner chooses FSBO selling, or selling through a traditional real estate agency. The major difference in FSBO selling is that the owner does not pay a commission on the sale of his home, and pockets the majority of his equity.
The FSBO selling process starts when the home is listed. If you're just investigating the FSBO real estate market, look for a flat-fee FSBO service that concentrates on the seller's interests. Keep in mind that many "FSBO" Web sites are front-ends for traditional real estate companies that are looking to recruit sellers. If the FSBO site you're considering offers an automatic referral to a traditional realty company after so many days of listing, pass them by.
Creating an attractive listing is an important component for selling your home. Use pictures to show the outside and inside of the home. List the home size, lot size and highlight attractive features of the home. Also, look for an FSBO site that supports video tours so buyers can see how the home is laid out.
FSBO homes require the same documentation that homes listed with real estate agents do. An accurate sellers disclosure can be provided on the listing site, but you'll need to verify that your buyer has actually received it when it comes time to close the deal. The same is true for lead paint disclosures for homes that may contain it. The FSBO seller will also need to conduct a mortgage survey, a title search, any required inspections, and resolve any liens on the property prior to the closing date.
With a purchase agreement in hand, the FSBO seller will want to have a real estate attorney review the sales documentation, and may want to have the attorney present at the closing. The FSBO seller will want to verify that all of the appropriate documentation is collected prior to closing, and copies have been forwarded to (or prepared for) the buyer. The FSBO seller will also want to make sure the buyer knows when and where the closing has been scheduled, and the exact amount of the check needed to close the sale. As with traditional closings, the FSBO real estate sale can take place at a title company office. It can also take place anywhere else that is convenient.
FSBO selling is not cost-free, but it does eliminate real estate contracts, the largest closing expense for the seller. It also benefits the buyer, who has likely gotten a better deal on a home purchase than he or she would have bought a home that was listed traditionally.
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Source by Michael Ranger