FOR SALE BY OWNER INFORMATION

Doing a For Sale By Owner (also known as FSBO), without representation, is not terribly difficult if the market is moving fast and inventory is snapped up as soon as it becomes available for sale. However, for most FSBOs, finding buyers is typically a challenge.

The National Association of Realtors reports that the majority of for sale by owners end up listing with a Realtor. Part of the reason is because most buyers are represented by an agent. Other reasons are because owners who sell by themselves lack the expertise to price a home to sell and fall short on marketing knowledge.

CAN YOU SELL YOUR HOME BY YOURSELF?

The great incentive of course, is to save the commission. Commissions usually range between 5% to 7%. That’s $5,000 to $7,000 per $100,000 of sale price! Now that;s incentive. But are you really qualified to do it? Should you hire a real estate agent or should you attempt to sell your home on your own? Here are some questions to consider when making your decision. The better the market conditions and the more “YES” answers you check will determine the success you will have selling your home on your own.

1. What is the current real estate market condition in your area?

HOT     WARM     COOL     COLD

2. Do you have the knowledge to sell your home?

YES    NO

3. Do you understand proper real estate law disclosure required and all the documents?

YES    NO

4. Are you prepared to deal with the masses of people who will be coming by constantly to view your home?

YES    NO

5. Do you have a problem letting all those people you don’t know into your house?

YES    NO

6. Are you ready to give up evenings and weekends in order to meet the potential buyers?

YES    NO

7. Do you know how to fill out all the paperwork or have someone who will help you with the details?

YES    NO

8. Do you have a plan for dealing with the contracts and forms associated with the offers/counter-offers both before, during and after the offer is made?

YES    NO

9. Have you worked out the financing details and do you understanding seller carry-backs etc.?

YES    NO

10. Have you lined up the lender, title company, escrow, appraisal, termite service and home warranty as well as a real estate attorney or agent to help you fill out the necessary paperwork?

YES    NO

11. Do you know the current real estate values and have you set a realistic, competitive price for your home?

YES    NO

12. Are you ready to handle the stress of selling your own home?

YES    NO

13. Can you handle the negotiation process with potential buyers?

YES    NO

14. Are you ready to put out the “FSBO” sign in the yard and place the necessary advertising?

YES    NO

The better the market conditions and the more YES answers you have given will determine the success you will have selling your home on your own. Before you make the final decision, remember that Realtors DO work for their money and DO perform a necessary service for a lot of sellers.

 
NANCY MARANAN SPECIALIZES IN SELLING FOR SALE BY OWNER AND EXPIRED LISTING.  SHE SELLS HOMES QUICKLY FOR THE HIGHEST POSSIBLE DOLLARS.  CONTACT HER NOW!

©2016 Berkshire Hathaway HomeServices California Properties (BHHSCP) is a member of the franchise system of BHH Affiliates LLC. BHH Affiliates LLC and BHHSCP do not guarantee accuracy of all data including measurements, conditions, and features of property. Information is obtained from various sources and will not be verified by broker or MLS. CalBRE# 01317331