problem in selling house under FSBO

Guest

I am planning to sale my home myself and asked for suggestions from some of my friends who had sold their houses under FSBO.

But I don't know they are discouraging me to go for a sale myself and instead they suggest picking up a professional fro the purpose.

What is the problem if I sale it myself? Rolling Eyes

Guest

In a hot market you can always go for a sale of your property on your own and save some money. But you need to understand all the paper work associated with it and also should know the related state laws.

Guest

Through FSBO, you may save 5% to 7% commission costs of a Realtor that may be charged for listing and selling your property. So, if you have knowledge about the rules, then why not? Smile

Samantha · Posted: Tue Mar 07, 2006 1:30 pm Post subject:

Hi Renedave,

Welcome to MortgageFit Forums.

Many homeowners like you think of selling their home on their own and save the money that has to be paid in commission and fees had they sold it through a professional.

But nearly fifty percent of the owners who sold it once on their own prefer a professional when they do it for the second time. Many of them are not found satisfied with the results through FSBO.

The main problem in FSBO is that you have to involve yourself in all the paperwork and everyday responsibilities and you feel it is much more costly than the commission that you had to pay as normal work may get hampered.

Since you are not a regular in the market, you may find it difficult to keep your costs lower for the inspectors, consultants, appraisers, title lawyers, escrow officers, marketing and advertising.

Another important thing is that you should have a distinct idea of the real estate market. You should have an idea of the prevailing prices for similar homes in the market in your area and you can't charge higher for your house.

You need to understand the Disclosures, Contracts, Financing, Inspection, Title and Closing aspects. All these things are difficult to manage for a person who is not associated with the real estate market. This is the reason why people prefer to sell their homes through a broker.

If you can manage these well then you can go for FSBO, otherwise it's better to give to a real estate professional.

God bless you.

For MortgageFit,
Samantha

Guest

I didn't think of so many probs. Shocked

Well, I need to rethink.

Thanks

jameshogg · Posted: Tue Mar 07, 2006 1:38 pm Post subject:

Hi Renedave,

If you are not a professional, then the face to face negotiations with a buyer can also be quite stressful.

Normally it is seen that listed properties sell at a higher price than FSBO properties.

James

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