When should you FSBO? - Home Finance Help

FSBO, for sale by owner, fisbo, sometimes pronounced ?fizz-bo?

Synopsis: Stick a sign in your yard and sell your house.

Upside: Avoid commissions, zero risk/commitment, showings done on your schedule, no one tells you what to do.

Downside: Market exposure can be costly or time consuming (and agents with ready buyers may not call you, or if they do, they will ask you to pay ~3% commission). FSBO folks must do some homework to get through the complexity with forms, laws, and contracting. If you sell your own house by yourself, you?ll be negotiating on your own behalf, and you could be the fool who has himself for a client. Why? Because you care so much about the outcome. Compare to the agent who has sold 100 houses and knows when to step on the gas and when to pull back and has probably learned what can and should be kept and what conceded.

Best usage: If you?re really not sure you want to sell or not in any rush, in a hot market (specific neighborhood, or general area), if you know your way around a real estate transaction already or have a local friend in real estate ready and willing to help, if you have more time than money, and wish to test the market, then FSBO may be a good place to start. Also, it?s good if you?re automatically a person who turns to the real estate pages in your paper religiously?because you care and stay informed about what?s going on around you in terms of objective real estate transaction information. If you can say what your house is worth without researching, that?s a good start (that can be overcome, but you?re starting in the hole).

Think twice: If your main reason to do this is to show those darn so-called professional agents that they are not worth their full commissions, you may learn why being a real estate agent has persisted as a viable profession for so long. If you do not have the ability to look at your house objectively as something that people buy and sell everyday and compare like two apples in a supermarket, you need to either step back and become objective or consider getting someone else involved.

The bottom line: Buying or selling real estate with no Realtor (R) involved on either side is no walk in the park. Not only is it pretty highly regulated requiring you to have disclosures ready, but it is rarely a transaction which either side enters into lightly or easily (and in today?s litigious society this can be problematic when it comes time to formalize offers and counteroffers and get from there through inspections to closing with no professionals around).

Source: http://www.thehumblemumble.com/when-should-you-fsbo/

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