It is inevitable some homeowners will consider trying to sell their homes for sale by owner. This is known in the industry as a For Sale by Owner (FSBO). When someone puts up their house for sale by owner, there can be some gotchas to watch out for. I provide some pros and cons to those homeowners in another post, and I highly recommend homeowners consult a real estate agent.
Deciding to sell a home is exciting, and it’s a big decision, no matter if you use an agent or not. To all FSBO, please do not hesitate to contact HeidiMoves for any questions or concerns you may have by calling or texting Heidi at 214-998-1595 or contact her today using the form below!
First, you must be prepared to negotiate if you decide to sell your house for sale by the owner. Some of the people you will need to negotiate with are the buyer; the buyer wants the best deal possible, and they will nitpick the small stuff. The buyer’s agent represents the best interest of the buyer exclusively. Home inspection companies paid for by the buyer will almost always find problems with the house. The bank appraiser, especially if there is a low appraisal or value of the home, comes in question. In the case of a short sale, you may need to negotiate with a bank or, in some cases, even a buyer’s attorney.
For Sale by Owner – Online Strategy
Real Estate agents have access to numerous sources of exposure to sell your home. Meaning they can list your home on several popular websites such as Zillow or Realtor.com. Studies have shown that 42% of buyers search first online for a home, while 87% of buyers searched online for more pictures and information about a home. “The typical buyer who did not use the Internet during their home search spent only five weeks searching and visited five homes, compared to those who did use the Internet and searched for 10 weeks and visited 10 homes.”¹ Most real estate agents have an internet strategy to promote the sale of your home. Do you?
Selling your house for sale by owner has become increasingly difficult, so putting up a sign or putting an ad in the paper is less likely to work when generations of home buyers are looking to online resources first. As a For Sale by Owner, it is critical to have a strong internet strategy!
Paperwork for selling and buying a home has increased dramatically as industry disclosures and regulations have become mandatory. FSBOs accounted for 8% of home sales in 2014.²
For Sale by Owner -You Net More
Sellers seem to think that they will save money selling on their own by not paying the real estate commission; this is not the case.
The fact is unless they used to be an agent or are currently an agent and have access to market statistics and home valuation reports, they will likely sell their home much cheaper than an agent-assisted sale. The typical FSBO home sold for $210,000 compared to $249,000 for agent-assisted home sales.²
As for Buyers, they too seem to think that buying a For Sale by Owner home will also save them from paying a real estate commission; this, too, is not the case.
Sell Your Home for Cash
For some homeowners facing divorce, probate, bankruptcy, pre-foreclosure, rentals, etc., selling your home for fast cash may be an alternative.
Regardless of the state or condition of your home, HeidiMoves can pay you cash for your home. Homeowners save money from the cost of upgrading their own homes and listing their homes.
Selling your home “as is” for cash is easy. It eliminates the headache of selling your home on your own. It maximizes your return, reduces your costs, and makes the entire process fast and easy. If you’d like to learn more, contact us below today!
If you take on the challenges of selling your house on your own, do it with a reputable consultant that will allow you to get the most exposure online. I highly recommend contacting HeidiMoves.
Bottom line, if you have any concerns over a For Sale by Owner situation, schedule some time with me, a real estate professional, and at least see what I can offer.
¹ Source: Highlights From the 2015 Profile of Home Buyers and Sellers
² Source: Field Guide to Quick Real Estate Statistics
Additional Sources: 2015 Home Buyer and Seller Generational Trends report