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Mistakes By For Sale By Owners FSBO
Dated: November 6 2016
Whether you’re looking to save money or simply feel that selling a home is not much of an undertaking, for sale by owners or FSBO often time find themselves between a rock and a hard place. Many unforseen circumstances may occur which could end in a bothed deal or worse court. To give a better understanding of the types of pitfalls a FSBO may encounter we put together a list of Mistakes For Sale By Owners (FSBO) Make.
Not Pricing the Home in the Market
As a FSBO seller it may prove difficult to price your house in the market. Meaning not overpricing or under pricing but selling the home for what it’s worth. This will get it sold quicker and with less hassle. However, as a FSBO seller you may not have access to all of the tools and data to price your home. Obtaining the right comps and latest real estate transactions in your neighborhood could prove to be time consuming and laborious.
Not Knowing or Understanding Legal Terms
Selling a home entails a lot more than simply walking someone through a property and pointing out all of the bells and whistles. Are you familiar with water, oil or rights? Do you know what an escrow is and how it works? What about financing options? If these terms are foreign to you, then chances are deals will be dead in the water. Many time buyers are quick to move on especially if they feel that a deal could potentially fall about due to lack of due diligence on the seller’s behalf. Unless you’re well versed on the process of selling and buying, it may be best to put it in the hands of a professional.
Showing the Home
Image via Realtor.com
Your presence during showings may actually be hurting more than it is helping. Yes as the owner no one knows the ins and outs of the home quite like you. However, a potential buyers do not want an owner hovering over them as they inspect the home. Many times this involves candid conversation and criticism that they may not be comfortable saying due to a seller’s presence. FSBOs should be absent during showings. Let the seller’s agent assist with the tours.
Lack of Communication
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Photo credit: Nico Kaiser via Foter.com
Chances are during the day you’re busy with your own work. In and out of meetings, handing household chores such as grocery shopping, taking the kids to school or attending to personal matters. A Realtor’s job is to be available to attend to any and inquiries of a home. Not responding to inquiries in a prompt manner can be a turn-off for buyers. The vast number of buyers are represented by agents. Therefore if an agent feels that a FSBO deal has any red flags they would be more willing to advise their clients not to pursue. Therefore, FSBOs should have some sort of answer ing service to field calls when busy or hire a Realtor to be readily available.
Not Accounting for Closing Costs
Sure you as a FSBO you will avoid paying out a 3% or so commission to an agent. However, there are a slew of costs that are associated when selling a home including paying the commission to buyer’s agent, municipal certification, settlement fee and notary fee. For those still looking to sell on their own, it is highly suggested that you hire a real estate attorney.
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