Selling your home on your own. For Sale By Owner
I often get question from my clients, “Why don’t I sell my property myself?” This is also known as for sale by owner or FSBO in real estate language. Well, you can sell your property by yourself but what I have found that a lot of people who do for sale by owner do one of two things:
- They overprice their homes and they don’t sell it
- They under-price their home and leave money on the table
We typically don’t recommend FSBO. Realtors know what your home is going to bring in today’s competitive market. If you are doing for sale by owner, you will have to price the property, stage the property, and take care of paperwork. You will have to make sure it’s done legally. There are a lot of legal requirements and just because you are not selling it through a realtor doesn’t mean those are waived.
If you are going to for sale by owner, you should have an attorney or legal counsel, to make sure that you are doing it right. People doing for sale by owner will think that they are going to save the commission. But in most cases, the person who is going to bring the buyer to you will be a realtor, and they are going to be expecting to be paid. If you are not going to pay the realtors involved, you are going to seriously limit the number of people to your home because realtors have the vast majority of buyers.
Now, if you decide that you don’t want to go ahead and use the realtor, please be careful that the paperwork is done properly. Make sure you price your home properly. You may want to get an appraisal to make sure that you are actually pricing it well. Make sure that you are following all the requirements in your state so that nothing can haunt you down the road. Talk to the realtor and see what he can do for you and make the judgment to see if it’s worth it to hire someone to help you.