There are several things you need to be familiar with before selling your house FSBO (For Sale By Owner). Most agents are weary of working with sellers who represent themselves because there is so much that needs to be done from the sellers side to make the transaction go smoothly, and most FSBO listings are managed by property sellers with very little real estate experience, and they are trying to learn on the fly.
Below are a few areas of the entire transaction process that you need to get familiar with before trying to sell your home.
1. Be familiar with the process for pricing your house correctly because that’s the most important step. A price too high could mean your house is on the market for months, and you’re just left lowering the price of your home, which can signal to savvy buyers that you need to move your home quick, resulting in low offers. Or you can price it too low and leave a lot of money on the table.
2. Know the process for listing and marketing your home, including the MLS. Getting on the MLS is one key to marketing a home, but there are several more. Social marketing, email blasts, open houses, broker previews. Missing out on some or all of these could mean that your home doesn’t get maximum exposure.
3. Make sure you are comfortable with negotiation strategies. Should you counter, should you accept? Understanding what the market looks like in your area is something you need to have a pulse on. Most people don’t like to negotiate, and if you don’t, its best to have an agent represent you.
4. Understand the various contracts that are involved in selling in your area which could change from home to home. There are sales contracts, sellers disclosures, and amendments galore. Not knowing which you need to submit could cause you to delay closing, or WORSE you could let a buyer hold up your home for weeks, and then walk away with no penalty.
5. Consider Home Staging and all the important details of prepping and staging your home to be seen by potential buyers.
6. Make sure you understand the closing process and expectations of the title company, the mortgage company, and the buyer’s agent. This is often times overlooked, but the title and mortgage companies are typically working on several deals at the same time and can take days to respond if you have questions about next steps. This could delay closing even further.
We’re not trying to scare you, or preach that licensed and professional real estate agents are the only way, but best practice is to be very familiar with the entire process, which licensed agents typically are.
Having said that, as a FSBO, your main goal is to save money, not to become a real estate professional. In today’s technology driven world, LystHouse is rendering both the FSBO and the traditional real estate agent model a thing of the past because we provide a full service agent at a fraction of what traditional agents are charging. Do your research and reach out to us directly if you have specific questions. We are happy to help – best of luck selling your home!... more