Basics of For Sale by Owner Homes – Part 1

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A for sale by owner home is known as a FSBO home in the short terminology. This is a term that generally means someone is deciding to sell their home on their own without assistance from a real estate agent. They are responsible from everything from listing the home to talking to prospective buyers and even making sure everything goes smoothly.

Reasons to FSBO

There are a variety of reasons that you should consider selling your home on your own. The first one of these is a less stressful experience overall. This mainly relates to the schedule that you are keeping in regards to setting up showings. You decide when this is going to happen and can make sure that your home is in the right condition to show prospective buyers. You also decide when to and not to accept offers without needing anyone to relay information between the two of you. The process will generally go more quickly.

You are the ultimate person in charge of the process. You can make all the decisions regarding the sale without having to get approval from an agent. This saves a lot of time from disagreements. The advertising models are determined by you, appointments get made when you want them to, and if for some reason you decide that selling isn’t right for you at the time it isn’t a huge hassle to take it off of the market and give yourself some time before re-listing it if you decide to do it at all.

You aren’t paying any commissions to real estate agents when you sell your own home. This will save you thousands of dollars when it comes down to it. The percentage can vary but a good estimate is about 5-6% of the value of your home. The agent gets this amount when your home is sold. If you think that you can sell your own home and not need help, then save yourself the thousands of dollars and complete the process on your own.

Many people say that time is money and this is true here as well. Your time is valuable to you and time is most likely just as important to your potential buyers so if you both are saving time then it makes sense to carry out the process this way. One strategy that many people take when they decide to sell their homes using an agent is to ask a higher listing price in order to cover the costs of commissions that the agent will be charging. This can mean that it will take a lot longer to sell the home if it even sells at the price at all so you will waste valuable time waiting for it to get taken off the market. You can ask for a lower price and get more interest in the home if you price it lower and sell it yourself. No one wants to take a loss when they’re trying to make money.

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Source by Jake Conte

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