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Many FSBO’s told us that the
time, paperwork and everyday responsibilities involved were not
worth the amount of money they saved in commissions. For others,
the financial savings were even more disappointing. By the time
they figured the amount of fees paid to outside consultants, inspectors,
appraisers, title lawyers, escrow and loan officers, marketing,
advertising... they would have been better off having paid the broker’s
fee which would have included many of these charges up front.
Selling a home requires an intimate understanding of the real estate
market. If the property is priced too high, it will sit and develop
a reputation for being a problem property. If the property is priced
too low, you will cost yourself serious money. Some FSBO’s
discovered that the lost money as a result of poor decisions outweighed
the commission.
Before you decide to sell FSBO, consider these questions and weigh
the answers of assuming the responsibility versus employing a professional.
A little time spent investigating up front will pay off tenfold
in the end. Questions To Consider:
- Do I have the time, energy, know-how, and ability to
devote a full forced effort to sell my home?
- One of the keys to selling your home efficiently and profitably
is complete accessibility. Many homes have sat on the market much
longer than necessary because the owner was unwilling or unavailable
to show the property. Realize that a certain amount of hours each
day is necessary to sell your home.
Am I prepared to deal with an onslaught of buyers who perceive
FSBO’s as targets for low balling? - One of the challenges of selling a home is screening unqualified
prospects and dealing with lowballers. It often goes unnoticed...
how much time, effort and expertise it requires to spot these
people quickly. Settling for a lowball bid is usually worse than
paying broker commissions.
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Am I offering financing options to the buyer? Am I prepared
to answer questions about financing?
- One of the keys to selling, whether it’s a home, a car...
anything, is to have all the necessary information the prospective
buyer needs and to offer them options. Think about the last time
you purchased something of value, did you make a decision before
you had all your ducks in a row? By offering financing options
you give the home buyer the ability to work on their terms and
open up the possibilities of selling your home quickly and more
profitably. A professional real estate agent will have a complete
team, from lenders to title reps for you to utilize...they’ll
be at your disposal.
Do I fully understand the legal ramifications and necessary
steps required in selling a home? - Many home sales have been lost due to incomplete paperwork,
lack of inspections or not meeting your states disclosure laws.
Are you completely informed of all the steps necessary to sell
real estate? If not, a professional would be a wise choice.
Do I have the capability of handling the legal contracts,
agreements and any disputes with buyers before or after the offer
is presented? - Ask yourself if you are well versed in legalese and if you are
prepared to handle disputes with buyers. To avoid any disputes
it is wise to put all negotiations and agreements in writing.
Many home sales have been lost due to misinterpretation of what
was negotiated.
Have I contacted the necessary professionals....title,
inspector (home and pest), attorney, and escrow company? - Are you familiar with top inspectors and escrow companies?
Don’t randomly select inspectors, attorneys, and title reps.
Like any profession there are inadequate individuals who will
slow, delay and possibly even cost you the transaction.
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