Why should you opt for FSBO instead of employing a Real Estate Agent?
As per the real estate jargon, FSBO is the acronym of ‘For Sale by Owner’. The term ‘For Sale by Owner’ refers to all those properties which are put in the market for sale directly by their owners without involving a real estate agent in the process.
Thousands of FSBO properties are bought and sold through out the US every year. In the recent years, with the recession hitting every sphere of American economy, more and more people are buying and selling FSBO properties because these enable them to buy or sell real estate without paying sky rocketing fees to real estate agents.
Real estate agents in United States usually charge quite exorbitant amounts of commission, which can range up to 5-7% of the entire property value. So, when you make a deal with a FSBO property worth $100,000, you can save about $ 6,000 in commission fee. Selling a property on your own might seem quite an uphill task initially for you, especially if you are a first time home seller. However, with some careful research, hard work and diligence you can surely pull off your FSBO deal.
Internet has truly revolutionized our lives. With the emergence of real estate search tools and multiple listing services (MLS) websites you no longer need to be tied to a real estate agent in order to sell your own property. There are real estate listing websites galore in the internet and all you need to do is to enlist your FSBO property with them. For enlisting into these websites you need not shell out huge sums of money. You can register the piece of real estate you want to sell with these websites by spending quite less amount. These websites are frequently visited by real estate agents who are looking for good properties for their clients. Thus with just a click of your mouse you can give your property a huge exposure thorough these MLS websites.
However, before putting up an advertisement for your FSBO property in the multiple listing service websites you need to ascertain the true worth of your home. Employing an appraiser will surely help you in this regard. Infact, a licensed appraiser can give you a better idea about the current value of your property than any real estate agent. Getting your property appraised would increase your chances of selling your FSBO property at the right price. This way you can ensure that you don’t scare away prospective buyers with an astounding asking price nor you undersell your property at a throw away price.
Last but not the least, you should also take the help of an experienced real estate lawyer while if you are planning to sell an FSBO property. The real estate lawyer would ensure that your legal documents pertaining to your property are in good order. He can also check the credentials of your prospective buyers. Thus, an FSBO deal is perhaps the most economical way of saving thousands of dollars in commission fee for real estate agents. With some careful coordination between homes appraisers, real estate lawyers and with optimum use from MLS websites you can surely go for a FSBO deal.