The number one way home sellers can cut the cost of selling their homes? Offering houses for sale by owner, or FSBO. If you're thinking about selling as a FSBO (pronounced "fiz-bo"), then take the time to consider whether you have the time and resources necessary for selling your own home FSBO.
Here are the top benefits to selling FSBO homes or other real estate for sale by owner:
1. Selling your own home FSBO through FSBO listings means savings the thousands of dollars (usually a percentage of the selling price) you would have paid in a real estate agent's commission.
2. Find a lawyer who specializes in real estate for sale by owner transactions for legal advice concerning FSBO homes, contracts and FSBO tips.
3. Check out the online real estate for sale by owner resources, including house for sale by owner websites (FSBO websites) and FSBO listings.
Utilize the top for sale by owner websites for helpSelling your own home yourself is much easier with the help of for sale by owner websites and other online FSBO listing resources. Find FSBO websites with a good reputation before you submit your FSBO listings.
Advertise your FSBO home through for sale by owner websitesThere are countless online resources where you can submit houses for sale by owner listings. Some are more costly than others, requiring you to advertise for a specific amount of time, while others allow flexible FSBO listings and options, so consider your options before placing FSBO listings.
Make smart spending decisions when selling your real estate for sale by ownerRemember that offering houses for sale by owner doesn't mean you'll spend nothing. Budget for these essential costs: advertising and FSBO listings, lawyer's fees, the closing or escrow agent's fees and inspection or other expenses you're required to pay when you have a for sale by owner house.
Use FSBO websites to list houses for sale by ownerFind for sale by owner websites that give you more than boring text-only houses for sale by owner ads. Instead, go for the website where you can upload home video tours, numerous photos and get FSBO tips and selling advice.
- Always, always get legal advice you can trust for all aspects of selling your own home as a FSBO.
- It's important that those offering houses for sale by owner learn the state laws regarding which inspections and closing costs are the seller's responsibility in a real estate for sale by owner transaction.
- Deciding to list your house as a FSBO isn't an irreversible decision. At any point before you sell the home, you might change your mind and decide to bring an agent on board.
- Real estate agent commissions vary widely, but usually range from three to eight percent of the purchase price (not the listing price) of the home; if you want to weigh the convenience versus cost factor in deciding whether you'll be selling your own home FSBO, or using an agent, these percentages will help you consider the options.