Once you’ve decided to sell your home, your next decision will probably be whether or not to hire a real estate agent. This choice is not one to be taken lightly. If you’re considering listing your house for sale by owner (also referred to as FSBO), you should be aware of the additional responsibilities you’ll have to manage as a result of that choice.
Usually, the only reason a buyer wants to sell his own home is to save the cost of the realtor’s commission. This amount is typically about six-percent of the purchase price. While this savings may appear prudent on the surface, the buyer must consider factors such as his own time, knowledge and expense.
Time is Money
If you attempt to sell your home FSBO, consider how much time you will need to spend preparing for and attending open houses and by-appointment showings of your property. Additionally, unqualified buyers or non-serious buyers could waste a significant amount of your time. Finally, how extensive is your general knowledge about the details in a home sale transaction? You will likely wind up hiring an attorney to assist with the contract of sale and to ensure the deal is legal, binding and meets the satisfaction of both parties.
Don’t forget about the marketing expense, which is usually assumed by a real estate agent. Take the time to consider whether it really makes sense to sell your home FSBO. If you need assistance with market assessment and determining the value of your home, we invite you to review our HomeSmart Report and HomeSmart Value Report. You need essential information when selling by owner and we have it for you.