For Sale by Owner FSBO Pros & Cons
All homes are for sale by the owner. It is the owner who holds the title. Homes listed for sale by owner (FSBO) come from two groups: unrepresented sellers who handle the process themselves, and sellers who choose to work with an agent for guidance while still marketing their home directly.
Pros
- (NO Commission Fees) A 6% Commission on the average selling price of $256,000 is about $15,000!!!!)
- (YOU’RE In CONTROL) When Listing your property as FSBO, you will have the luxury of picking your own price. You can schedule appointment times that are convenient to your schedule and negotiate “when and how” with potential buyers. Real estate agents may request walk-throughs with potential buyers at any time of the day.
- (Knowledge Is POWER) You know your home better than any agent. So, you can point out all of its amenities. A realtor® is going to try to remember all the features of your home along with other houses they are selling. There are lots of networks and venues for you to list your home. You can put a sign on your lawn with attractive flyers. You can put up an ad on Craig’s List. List it in local papers and on websites like beycome.com, ForSaleByOwner.com®, HomesByOwner.com®, Zillow.com® and Owners.com®.
Cons
- (Less Visibility) Your home will have less visibility. There are lots of venues for you to promote your home. However, only realtors can list homes on the Multiple Listing Service®, a major tool real estate agents use. ***Get Listed TODAY With beycome’s Flat Fee MLS® Option. A 1 time Fee Of $99 will Have Your Home Listed On The MLS® until Property Is under CONTRACT!!!***
- (Preparing All Legal Documents) Preparing all of the legal forms and disclosures is your responsibility. If you’re unfamiliar with the guidelines, you risk financial and legal liability. You’ll need to spend a lot of time educating yourself on the selling process, the current market, advertising methods, and working with potential buyers.
- (Scams) Imagine that a nicely dressed, well-spoken woman comes to see your home. She loves your decor and pays you compliments. She asks to take some digital photos so her husband, who is away on business, can see the pictures. You have no objections. In fact, the prospective buyer has just taken pictures of your most valuable possessions. She has documented the location of the rooms. If you have a home security system, she may have taken a picture of the motion detectors and the security keypad.