When you’re trying to sell your home, it’s easy to guess that the only legitimate option is getting a real estate agent to list the house for you. However, selling the home on your own is also just as viable. Many people choose to be FSBO sellers because it’s an excellent way to save money that you would otherwise have to pay real estate agents. There are both pros and cons to going the sale by owner route.
In this article, you’ll learn more about selling FSBO, the benefits, the disadvantages, and how to get started. You’ll also get tips on how to sell your home fast through wholesale.
Why It’s A Good Idea To Sell A House By Owner
There are many reasons why selling your home on your own is a good idea. Some of the primary benefits of an FSBO sale include:
- You don’t have to pay as much commission. Because you don’t need to pay the fee for a listing agent, you could save money on the real estate transaction.
- You’ll have more control over your home listening. This means you can list the sales price and details and even choose how you go about marketing. You won’t have to deal with a broker or do things how they insist.
- You can choose your schedule. When you list on your own, it’s easy to decide when to give property tours to potential buyers. This freedom gives you more privacy and makes it simpler to work around your busy life.
If those three reasons sound especially important to you, selling FSBO could be the best decision for you.
Potential Downsides To Selling A House By Owner
On the other hand, there are some reasons why a sale by owner route could be wrong for you. These are some potential cons to the process:
- You might end up with a lower listing price. A real estate agent can often negotiate a higher fee and knows the market trends better than the average person.
- You may lose money on the advertising portion. When you have to do all the real estate marketing yourself, you’re the one that has to find potential buyers. Doing this on your own can take a lot of time and effort, so it might be easier to leave this to real estate agents.
- You may not have as much experience as a real estate agent. Because real estate agents have training and certification, they know much more about the legal issues and processes.
Keep in mind that you may have to pay the fee for the buyer’s agent anyway. Even if you don’t have a real estate agent, the person buying your home might have one.
Five Steps To Selling FSBO
Once you’ve decided if selling a house by owner is the right move for you, you’ll need to know the general steps to get you started. Here’s a breakdown of the five primary ones:
Pick A Good Price Point
This is actually one of the more intricate parts of the process for FSBO sellers. You won’t be able to rely on a comparative market analysis set up by a real estate agent, but you can try to do this on your own by comparing listings in your area or getting the home appraised.
List The Home The Right Way
After figuring out the listing price, it’s no time to get the property listed. Even for an FSBO sale, you want to put the listing up on the multiple listing service(MLS). Without this, your home likely won’t show up on searches and websites. You will have to pay a flat fee, but it’s usually worth a few hundred dollars. It’s also a good idea to hire a professional photographer to take good pictures of the house.
Get Ready To Work With Buyers
As you prepare to show the home to potential buyers, keep things clean and appealing. You want to try to show off the best parts of the property. While you shouldn’t lie, it’s okay to dress things up a bit.
Then, while you meet potential buyers, ensure that you are responsive and easy to work with.
Prepare To Negotiate
During a hot real estate market for sellers, you may be lucky and get many offers around your listing price or even above it. But, even still, it’s rare that buyers don’t want to negotiate. You should decide on the price you are willing to settle at, but you’ll get a better idea of if the home will sell at your price point as you go along. You may have to change the sales price if you aren’t getting any potential buyers or offers.
Consider Hiring A Real Estate Attorney
If you feel confident that you can figure out all that goes into a real estate transaction and do things correctly, you don’t need a real estate lawyer. But, if you are not so sure about real estate law, you’ll save a lot of stress by working with someone. They can help you with issues like the stacks of paperwork and title transfer. Depending on your state, you may even be legally required to work with a real estate attorney.
Get Help Selling Your Home The Fast Way
If you’re wondering how to sell a house by owner, one of the simplest ways for FSBO sellers to make money on the sale without much effort is to sell the home as-is. With Sell Your House Fast Las Vegas, we will get. You a fair price for your home, so you can finish the process quickly and easily. We offer services for people looking to relocate, wanting to move because of diversity, or needing to leave because of foreclosure. Call or message today to get started.
