Real estate has its ups and downs, and current trends. Every few years it becomes popular for sellers to list their property themselves versus through a licensed agent. This type of property is called For Sale By Owner, FSBO (fizzbo).
Why FSBO? Selling a property yourself may seem economical. By selling the property yourself, you avoid commissions on the sale of the property. However, there is so much more to selling a property than just putting up a "for sale" sign. If you are thinking of FSBO consider many of the duties an agent typically handles for you:
- evaluating the local market and comparable home values
- suggesting an appropriate listing price
- advising you on how best to present your home, including providing referrals to painters, repair persons, and more
- helping coordinate preparation of disclosure and other needed forms and documents
- creating advertising materials and arranging for photographs (interior and exterior, hopefully done by a professional) and possibly an exterior drawing of your home
- placing ads on the Multiple Listing Service (MLS) and in other media, and sending out postcards to potentially interested buyers on the agent's mailing list
- arranging for individual visits to the property — if you"re no longer living there, most likely by providing a lockbox for use by other realtors, and meeting with individuals who don't yet have their own agent
- answering questions and providing documents such as disclosure packets to potentially interested buyers and their agents
- holding one or more open houses, possibly including weekday open houses for other real estate brokers to visit and weekend open houses for the public (which itself involves many tasks, such as arranging for and putting out signs in advance, and providing food for the broker's open houses, as is traditional in some areas)
- receiving offers to buy your house, whether via email/mail or in person if other agents wish to formally present their offers
- helping you evaluate the strength of each offer and strategize on issues like whether to accept or reject an offer outright or make a counteroffer, and whether to also look for or arrange a backup offer.
- negotiate with the buyer's agent until the purchase contract is complete (although this task may fall more to an attorney in states where legal help is required)
- coordinate with the buyer's agent throughout the escrow period, helping to make the house available for inspections and appraisals and make sure you're doing your part to close the deal
- help you strategize over requests made while in escrow, such as for a reduction in purchase price due to repair issues revealed in the inspection, and negotiating such issues with the buyer's agent (unless any attorneys are still involved), and
- attend the closing
Sound like a lot to handle? Its because it is. Selling a home is a complicated process- best left to a professional, like me. I have been in the real estate business for over 16 years, and I'd like to think I've seen it all. Experience is what ensures your sale will be handled properly and for a price that makes you happy. Ready to put your house on the market? Contact me today and we'll get started. You'll sleep easy knowing your house is in the hands of a professional.
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