So I’m a homeowner and I’ve finally decided to list my house FSBO on the real estate market, CONGRATULATIONS! With the proper guidance, I will execute this rather arduous business deal without it becoming a total nightmare.
Thanks to the Internet, now selling my house is much easier than ever before. Well, at least that is what most Internet-based real estate brokers made have me believe. I may just think of putting a for sale by owner sign in front of the house. List it online, as there are plenty of web pages that do take for sale by owner listings. They just relax and wait for a buyer to approach them.
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3 Expected Things When Selling FSBO
To be clear, there is no law in Illinois that needs a homeowner to hire a real estate broker. However, with 85% of FSBO’s eventually opting to use the services of a qualified broker, I should consider these points:
1 – I Won’t Save Money By Not Paying Broker Commissions
A famous misconception among FSBO sellers is that they’ll save several dollars if they don’t book a broker. But, as reflected in this NAR statistics guide, brokers on average sell houses at a 30% greater price than homeowners on their own. So on a general $200,000 house, I would save $12,000 (6% commission) by not hiring a broker. But potentially lose $60,000 (30% greater sale price) by foregoing the professionalism of a Realtor.
2 – How Much I’m Aware Of Real Estate Laws, Rules & Regulations
Unless I’m an attorney or a similarly informed expert, this is where most friends find that they’re in over their heads. Not completing specific documentation properly, or providing the required disclosures, may make me vulnerable to added expenses. Or even worse, I’ll leave myself exposed to a possible lawsuit.
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3 – Can I Handle All Tasks Necessary To Show and Sell Out My House
Here’s a list of a few of the things I do to secure a buyer for my house quickly:
- Evaluate the local market and comparable home values.
- Recommend an appropriate listing price.
- Suggest on how best to present my house,including providing referrals to painters, repair persons, and more.
- Assist coordinate preparation of disclosure and other needed forms and documents.
- Create marketing materials and arranging for photographs ( hopefully done by a expert) and possibly an exterior drawing of my house.
- Post ads on the Multiple Listing Service (MLS) and in other platforms, and sending out postcards to prospective interested buyers on the agent’s mailing list.
- Arrange for individual visits to the property: if I’m no longer living there, most likely by giving a lockbox for use by other realtors, and meeting with individuals who don’t yet have their own broker.
- Answer questions and provide documents such as disclosure packets to prospective interested buyers and their brokers.
- Get offers to buy my house, whether via email/mail or in person if other agents wish to formally present their offers.
- Attend the closing.
FSBO – Is it for me?
Not many people opt to sell out their house by owner. In fact, less try to sell by owners today than years ago. Once I experience what life is like as a Realtor is, I will better understand more about the job complications. There are so many moving parts and things I have to watch out for that I won’t see coming if it’s my first time selling out a house.