For Sale by Owner Information

Selling your home yourself is a question many potential sellers ponder, believing they can save money by not paying a real estate commission or earn more by handling the process themselves. Some FSBO (For Sale By Owner) sellers are successful. However, many would reassess their choice after the fact had they first considered the advantages to using a professional realtor.

The general public usually has little idea of the complexity of a real estate transaction from determining the right price,developing marketing strategies, and different kinds of financing that can impact the seller. Too, few have the legal knowledge, negotiation skills, and understand-ing of the escrow process that a professional realtor can afford the seller. Therefore, before you make a decision to be a FSBO, consider the following points to help you determine your qualifi-cations, your available time, and tolerance for the process.

  • Is it a buyer’s or seller’s market? How do you determine the current market value of your home?
  • Are you comfortable with talking about negotiating for more money?
  • Are you concerned about your security with potential strangers walking through your home unaccompanied?
  • Do you understand home financing? Can you determine if a buyer can qualify for a loan? Do you understand that different types of financing have advantages & disadvantages for you as a seller?
  • How will you advertise your home for sale? How much will it cost? Do you realize that only homes listed by a realtor are listed in MLS?
  • Are you prepared to write a legally binding contract and live with the consequences?
  • Do you know a title company, home inspection, or wood infestation business to assist you with closing needs?
  • Are you familiar with current pool regulations and environmental disclosures like lead based paint or polybutylene piping?

For most people, selling a home is a major legal undertaking involving a large amount of paperwork and money. It can also be an emotionally charged transaction requiring strong negotiation skills, specialized knowledge, and dedicated time.