Selling your home on your own as a “For Sale by Owner” (FSBO) can be tempting. With real estate commissions amounting to as much as 7% of the sales price, many owners consider selling their homes on their own to save money. Selling as a FSBO is more complicated than it might seem, but if you can avoid the most common mistakes, you will have a better chance at a good outcome.
• Not Pricing the Home Properly – Doing market research on your own is tough. Too often a FSBO is not priced correctly.
• Not Advertising Properly – Marketing a home is more than an ad in the local newspaper. FSBO sellers can utilize online tools like Zillow and Trulia, just like the agents.
• Saying Too Much To Buyers – Homeowners are rightly proud of their homes, but telling buyers everything they know about the home, good or bad, can turn off a potential buyer.
• Not Disclosing Problems or Defects – Just because the home is being sold by the seller, it doesn’t mean they are not subject to the laws governing seller disclosures.
• Not Negotiating Terms – Not only the price, but the terms are negotiable.
Selling a home without an agent can be successful. Without doing the proper research ahead of time to know what to expect, it might end up costing more in the long run.