For Sale by Owner
Some sellers try to sell their home on their own and this is referred to as “For Sale By Owner”, or FSBO for short. Some sellers have success with this and others have very little.
From A Sellers Standpoint
Marketing is just one of the benefits of using a Realtor®. Using a Realtor® gives your property more exposure than you could ever get on your own. We utilize the internet through our own personal websites as well as MLS. This website is one of the most frequently hit websites in the world. Most agents also use other forms of marketing, take advantage of the opportunity to hold open houses, and do in house marketing with other agents.
The other great advantage when you are selling your home is having a professional be able to guide you in the pricing of your home. The general public knows what a home is listed for, but it is harder to know what a house actually sells for. You may be leaving money on the table by not using a professional. Sure you save in not having to pay commissions, but the hassle and the possibility of not getting the most you can for your home in the current market should balance out and make using a Real Estate Agent the smart choice.
Realtors have the advantage of weekly meetings and can preview new listings during these meeting so that each agent in attendance of the meeting can preview your home. This is an advantage to get your home instant exposure and is a great way to have your home showcased to other agents in our company.
Branding is also a key component and using a realtor gets you attention.
From A Buyers Standpoint
As a buyer, if you see a property that has a sign in the window, online or in the newspaper that is being sold by its owner do not hesitate to ask us about the house. We have the ability to do additional research on the house for you as well contact the seller on your behalf and negotiate the terms for you.
With a market as busy as ours there are a lot of “For Sale By Owner” homes on the market. As a buyer you need to be aware of potential risks with buying privately. From a buyer/seller perspective you as the buyer are the one taking all of the risk in the deal. By working with a Realtor® you are protected as all of our forms are legal and we make all sellers fill out and sign a Property Condition Disclosure Statement which gives you ALL the information they are aware of, and if they lie, you are protected under the contract and your lawyer has the ability to fight on your behalf. If a vendor refuses to sign this form there may be a reasonable explanation (revenue property therefore they don’t know as much about it). We, as agents, will do research on the property as research is essential. You are also protected through our coverage with Errors and Omissions insurance.
So beware of FSBO’s. As buyers and as sellers you are not professionals, so why not use our experience and resources to do the job for you as it IS the largest investment of your lives.
We can help you with financing options, help you locate potential properties, provide you with objective information about the property and the area in which it is located, negotiate on your behalf with things such as price, financing, inclusion/exclusion of repairs, furnishing, fixtures, etc and all of the final closing procedures such as communicating with the lenders, lawyers, vendors, and so on.