For Sale by Owner (FSBO)
Yes! Sell my house myself. But how do I sell my house without a Realtor? What are the Sale by Owner procedures? What are the steps to sell your house privately? What documents do I need to sell my house? How do I get free fsbo listings? How do I find FSBO websites? Before you take the steps to sell your house by owner here are important facts to remember:
14 Important Facts to Remember When Selling Your Home without a Realtor
- Homeowners selling homes privately and using the sale by owner procedures are limiting their exposure to potential buyers. Statistically, they generate less 10 per of what a good real estate broker will generate. This, theoretically, means your ‘for sale by owners house’ will take ten to fifteen times longer to sell on the market.
- The longer a fsbo home is on the market, the lower the selling price. Why? Because most buyers believe that there is something wrong with a house for sale by owner that has not sold after a long period of time.
- The selling and buying process begins after the buyer leaves your home. Most sellers think that all it takes to sell their own home is for someone to see it, fall in love with the great décor and immediately present an offer. Remember, the buying process begins after potential buyers leave your home. If a real estate professional does not represent the buyers (meaning the buyers are looking on their own), they usually leave the home and start to talk themselves out of the buying process. If the buyers are represented by a professional Realtor who is trained on how to overcome objections – a very common occurrence – the Realtor can eliminate the potential buyer’s reservations. This process begins after the client and real estate professional have left the home.
- Because of the limited exposure, you will very likely end up with a lower selling price. Remember, you need maximum exposure in order to generate the highest possible price for your home. Selling means exposure.
- Most buyers find it extremely awkward to negotiate, or even to talk directly, with sellers or vendors, and therefore avoid FSBO properties.
- Lack of negotiating experience and lack of pertinent information often will result in a lower selling price. Or worse yet, lack of negotiating experience can result in a bungled contract and possible lawsuits.
- The majority of qualified buyers are working with experienced real estate professionals.
- Many serious buyers will pass by a FSBO home merely because they are wary because the house in not in the real estate mainstream.
- You will probably be negotiating against an experienced professional since most local buyers hire experienced real estate people to represent them.
- Expected savings in broker’s fees will also be greatly reduced if you offer a selling commission to entice real estate agents to bring potential buyers.
- If you are planning to use a lawyer to help you negotiate an offer, then your lawyer’s fees will be considerably higher.
- Real estate agents have access to up-to-date market information. News reports cannot approach the timeliness of real estate professionals or access the details available to agents. Further, real estate agents are involved in home sales much more frequently than the average homeowner. This familiarity leads to a degree of expertise that provides an edge in negotiating and successful selling.
- You only pay the commission to the real estate broker if they successfully sell your home at the price you are happy with.
- Accepting an offer is one thing. Ensuring a safe and successful closing is quite another. Real estate transactions can sometimes have problems on closing. Sometimes expecting the buyers and sellers or vendors, and their lawyers, to fight it out or resolve problems can mean the deal is lost. This is the time when your experienced real estate professional really shows his or her skills. Your Realtor can act as a great mediator. Lawyers must act only on their client’s instructions and are not paid to negotiate.
I know that you are trying to sell on your own; however, my business is helping people find and sell homes. I promise not to waste your time if you allow me the opportunity to view your home and discuss my potential buyers with you. Please phone or email if you are interested; If not right now, then perhaps in the near future.
Please take a look at my complimentary real estate reports on my website. These reports are free to you.
Looking forward to hearing from you.
Fergus Sharpe
P.S. There is no obligation to you whatsoever
Fergus Sharpe, Sales Representative
RE/MAX Realtron Realty Inc. Brokerage
Bus: 416-289-3333
Fax: 416-289-4535
E: fergus@fergussharpe.com
W: www.fergussharpe.com