For Sale By Owner
Why go FSBO (For Sale By Owner)?
Well, you're in control. You can deal directly with your potential buyer and educate them yourself on the assets of your property. You can market the property to exactly the audience you reckon will buy it. And you save all that commission.
What really happens and is it worth the savings?
From my own personal experience, it's not pretty. Once in a while a FSBO goes smoothly. There's an offer made that's acceptable and the contingencies are few. Most of the time that's not the case. Studies show that FSBOs get about 25% less than comparable realtor-sold properties in the neighborhood. That's a lot more than the commission difference.
What can go wrong?
Again, in my personal experience, pretty much everything. The sales/purchase process is a fraught one anyway, and having the buyer and seller interact in such an emotional transaction can be high risk. If nothing else the realtor can be a buffer. If there are issues with the house, each side may have a different opinion of how serious the issues are, and that can lead to disputes about how to resolve the issues. For example, what's the condition of the roof, the floor, the furnace, the plumbing? Are there any issues that would make a lender blanche? A Realtor will get experts in to evaluate all your options, and work with both sides to come to an agreement. In the case of a FSBO, this is where the agreement often disintegrates.
What's the solution?
Of course I'm biased, but the cost of a realtor is well worth it. A realtor from a firm like Realty Associates walks in the door not only with their own expertise (and can call on much, much more from within the office), but with a marketing machine that really works to expose the property to the largest amount of buyers. Having a realtor shows that you are serious about selling your property, have priced it accordingly, and are willing to make the transaction work.
Please, give me a call. You could end up selling your house while keeping your sanity.
