Why a FSBO isn’t the Best Idea
Selling your home by yourself may save you fees and commissions, but it won’t save you headaches and the time you’ll spend away from your job or your business. If you are retired and think it will give you something to do, Sanders Property recommends that you rethink your plans.
What is a FSBO?
FSBO is a real estate term that means, “For Sale by Owner.” What may seem like an attractive way to sell your property could end up costing you thousands. Selling a property is more than putting up a sign in the yard.
If you undervalue your home and need to get out of the contract, you’ll be up for a hefty payment for your mistake.
You Carry All Liability in a FSBO
One of the biggest reasons to avoid a for sale by owner is that you carry all of the liability. Everyone makes mistakes. However, if a licensed real estate agent in East Tennessee makes an error there is error and omissions insurance. It’s unlikely that you have that type of insurance or even have access to it.
If your property was sold on your hardwood floors and they are actually veneers, you will be forced to cough up the cash for your mistake. With Sanders Property the agent would have caught the error or have it covered with E and O insurance.
A FSBO Doesn’t Eliminate Paperwork
One of the most difficult parts of a FSBO is the paperwork. Unless you are a real estate agent or someone who spends hours on the internet researching the legal forms needed for the sale, you’ll have a tough time understanding the paperwork needed to close the deal.
Of course, you can download contracts on the web, but do you know how to customize for your contract so that it is legal and binding?
Less Money with a FSBO
According to Sanders Property, for sale by owner properties sell for less. Because homeowners often sell to a friend or family member, he or she is expecting a deal. Because they are doing you a huge favor they expect something in return. Most property owners don’t understand real estate market reports and often settle for less.
Real Estate Agents Sell Quicker than a FSBO
Unless you know someone who wants to purchase your property, you’ll have to wait for a buyer. More than 20 percent of homeowners who chose to sell themselves did not close a deal within their time frame.
Because property owners don’t have access to important real estate selling tools it takes longer to sell the home with a FSBO. Sanders Property uses the best conventional and digital marketing strategies to get your home sold fast.
Don’t sell yourself. Call and schedule a consultation with Sanders Property. You’ll save time and money. Call today.