I have in fact helped many FSBO's (for sale by owner's)in the sale of their homes, some I have just found a buyer for them and negotiated a commission, other's I have listed and sold, and on the odd occasion I have just advised the seller on the best way to write up an offer. In all events I made some friends and had very satisfied clients. Not all FSBO's end in the way they imagine, some end in disaster, some end in a sale (even though it may not be the best price) some just end (giving up).
Selling Your Home Yourself Calls for Careful Thought
Should I sell my home myself?
It's a question thousands of homeowners ask themselves each year. If you are to be one of them, you'll face some tough decisions. Indeed, selling your home can be a complex as well as time- and energy-consuming process. So consider all the implications — both positive and negative — before choosing the do-it-yourself approach.
I know that there are some sellers that would choose to sell without representation due solely to saving commission, and I fully understand and would not discourage anyone from trying, and of course some have had success. It is however a fact that most sellers will undersell their home and end up with less in their pocket than they would have with representation. I also understand there are sellers that begrudge a REALTOR® making a living and these people are quite happy to sell for less. If you are one of those then you should not read on if not, then please do read on.
It's a question thousands of homeowners ask themselves each year. If you are to be one of them, you'll face some tough decisions. Indeed, selling your home can be a complex as well as time- and energy-consuming process. So consider all the implications — both positive and negative — before choosing the do-it-yourself approach.
I know that there are some sellers that would choose to sell without representation due solely to saving commission, and I fully understand and would not discourage anyone from trying, and of course some have had success. It is however a fact that most sellers will undersell their home and end up with less in their pocket than they would have with representation. I also understand there are sellers that begrudge a REALTOR® making a living and these people are quite happy to sell for less. If you are one of those then you should not read on if not, then please do read on.
To help make the decision that's right for you, here's a list of some of the key tasks and responsibilities you must assume as an independent home seller, plus some cautionary tips to keep in mind.
• Your first responsibility as an independent home seller is assigning your home a market value, meaning the price that accurately reflects what a ready, willing and able buyer will pay. As part of this decision, you'll need to consider the condition of your home, inside and outside, comparable properties in your area, current market conditions, as well as the cost of financing and its availability. also bear in mind that the market price would typically include the cost of selling (commision)
• If your listing price is not in line with comparable properties and market trends, your home could linger on the market or sell for a lower price than you might otherwise receive.
• "For Sale by Owner" homes typically attract bargain hunters who may expect you to lower your asking price further since, they, too, are looking to save money on real estate commissions. also FSBO's typically attract unqualified purchasers, those wannabe buyer’s looking for rent to own, no money down, and all other options of getting into a home without their own resources. Typically these buyers are not working with a REALTOR®(even though their service is FREE) because no one would take them on.
Independent home sellers must market their properties. This means:
• Putting up signage that is consistent with local ordinances;
• Developing and paying for display ads in local newspapers;
• Working to ensure your home gets good word-of-mouth exposure among friends, neighbors and community organizations.
• As an independent home seller, you will be responsible for all showings of your home. To make the process more manageable, encourage prospects to make an appointment and discourage drop-ins.
• Work to screen the "buyers" from the "lookers," as curiosity-seekers are common at "For Sale by Owner" homes.
• Try to resolve any doubts your potential buyers might have, work to keep their interest high and make a final agreement as quickly and efficiently as possible.
• Once an offer is made, agree on the final price and terms, respond to objections and try to be responsive and flexible about legitimate concerns.
• Every independent home seller should have an attorney or other qualified professional preside over all agreements — including drawing up the sale contract and managing the sale proceedings and closing. He or she might also help set the closing date and time.
• Be sure to draw up a list of items you want written into the contract — including any personal property that is to remain with the house (like the refrigerator, microwave oven, dishwasher, etc.) or items excluded in the sale.
• Be mindful that as the seller, you are obligated by law to disclose any material defects in your property to the purchaser.
• You should provide potential buyers with a written disclosure statement, S.P.I.S. Sellers property information statement that gives information about roof age, water leakage, rental items, improvements, permits obtained ETC
Is Using a Residential Real Estate Professional a Better Choice?Selling your own home takes a lot of hard work and skill. You must spend
considerable time to study the process, understand your obligations and do some of the complicated work that a real estate agent does routinely. A qualified real estate specialist can help you sell your home faster, for the best price and with the least "hassle," by:
• Walking you through the process of selling your home from beginning to end;
• Pricing your home accurately by doing a Comparative Market Analysis, one that will help support the price with comparable facts and statistics;
• Advertising your home in the most visible outlets in your area;
• Holding open houses;
• Suggesting easy ways to make your home more attractive to potential buyers;
• Exploring alternative financing methods that can help relieve a potential buyer's financing concerns;
• Using the Multiple Listing Service a special nationwide network of resources;
• Acting as a third-party negotiator between you and the buyer, acting as your advocate to negotiate the best price and terms for you; and
• Screening prospects so you don't have to expose your family to any stranger who knocks on your door.
Other information
REALTOR.com: Why Use a REALTOR®?
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