People often refer to this relatively simple acronym as “fizzbo.” What it actually means is “for sale by owner.” If you choose not to be represented by a real estate agent or broker, you’re considered to be selling your home FSBO.
Homeowners can make use of a variety of different methods to sell their home on their own. They can pay a company that specializes in marketing or online listing, for one. They can also market their own property and make use of a lawyer’s services and advice to aid them throughout the process of the sale.
The process of selling your home FSBO can be appealing to many homeowners. Perhaps the most popular reason many choose to go this route is to save money on what is known as a commission. When you sell your home through a real estate agent or broker, their main means of earning money themselves is by charging the homeowner a percentage of the price their home actually sold for. Some real estate agents and brokers can charge as much as six percent of the total sale of the house.
There are complications to selling your home FSBO, though. Not much background knowledge in either real estate or law is possessed by many homeowners. This is where problems can occur. A prime example is disclosures. Remember your leaky faucet, or perhaps water damage in the ceiling of one of your home’s bedrooms? A potential buyer needs to have those issues disclosed to them. You are opening yourself up to serious liability issues if a buyer purchases your home without knowledge of anything you personally were trying to conceal. Peace of mind that nothing will jeopardize the sale of your house is exactly why you’re paying your real estate agent or broker a commission, since they presumably know the ropes better than you do.
The FSBO process can be a rewarding one, if done correctly. As a home seller, you could save quite a bit of money not having to pay a real estate broker’s or agent’s commission. If you’re up for the challenge, this could be a good option for you. If you’re less certain of your real estate and legal savvy skills, however, the commission may be a small price to pay for your own peace of mind.
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Tags: business, general, Home, home family, Real Estate, real estate - FBSO, real estate buying, real estate selling