Why Is ‘For Sale by Owner’ Such a Bad Idea?
The paperwork is daunting: Buyer offers. Real estate contracts. Lender forms. Inspection reports. Closing documents. Not every homeowner is prepared for the piles of paperwork involved in a real estate transaction. Details and deadlines can easily be missed. Bad deals can be made. A real estate agent is familiar with all the documentation involved, will walk the seller through the process, and will handle much of the paperwork required.
The process is challenging: Buyers want to see your home when it’s convenient for them. Without an agent to show your home, it’s up to you to make all arrangements for showings. This includes getting your home ready for the market. What work should be done? What’s worth the investment of time and money? An agent could answer these questions for you. If you don’t have one, you’re on your own to prep your home, show it to buyers, negotiate offers, and get the deal to closing.
The cost is more than you think: A common reason for choosing FSBO is to try to save money. FSBO isn’t as cheap as you might think. You’ll have to cover all marketing costs, and you’ll have to devote your personal time to these efforts. And it might take longer to sell due to the limited exposure you can get without an agent marketing the home. To top it off, FSBO homes typically sell for less than homes listed by real estate agents. The net result: zero savings.
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