For Sale By Owner or FSBO can be enticing, especially when you think about saving. You might think that you can keep that extra cost on hiring an agent and give them their commission by the end of the deal, saving everything for yourself. But this is a common misconception about FSBO. It could cost you a bit more than just money. Here’s a list of why you should think twice about doing FSBO when selling your house.
Unless you are an agent, selling your own house might be a disadvantage. Without the proper skills and experience in dealing with potential buyers and deciding a reasonable price for the property you are selling, you might be waiting for a very long time before finding a sure buyer. Real estate agents and brokers have years of experience dealing with different types of home buyers. Selling a house is one of the biggest decisions you’ll ever make. It’s best to leave it in the hands of the experts.
Selling a house needs a lot of connections to market it to the right people. You can list your property yourself on Craigslist, Zillow, and other listing services, but that doesn’t mean buyers are going to come rushing to check out your house. Most buyers prefer houses listed and handled by realty agencies since they are more likely to trust experts. This is to avoid any possible scams as well along the process.
Sellers who try to market their homes tend to sell slower and may sit on the market longer than their expected selling date since most buyers might not be able to spot them immediately. Without proper exposure and online presence, FSBO limits the market reach, which may cause additional expenses for repairs and refurbishing the longer it waits.
Trying to sell a house on your own without studying and examining market values of properties and market reports inclines to a misevaluation on the house’s price tag. It usually ends up being sold at a much lower price than that of having an agent. Real estate brokers have the right skills to evaluate a house properly, giving the house the value it deserves.
Home sales have a lot of paperwork than you expect. Contracts, house title, and other legal documents should be kept and organized to avoid any liabilities along the road. If the documents are neglected and not disclosed properly, sellers are liable for fraud and breach of contract, which will cause added charges to cover the legal damage. Legal issues like these can be easily resolved when an agent is handling the selling since they have the right tools for the document’s safekeeping and the right contact if ever the documents are compromised.
The major takeaway for sellers to choose FSBO than having an agent is to save money and possibly gain more. But little expenses like registration fees in listing your homes in MLS, house inspection and repairs, signages, flyers, attorneys, and other marketing-related things pile up slowly. Before you know it, the total expense ends up being larger than what it would cost to hire a professional. Not only did it waste your money, but it also cost you to waste your valuable time and effort.
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