If you are thinking about selling your home without an agent, you are not alone. More than twenty percent of properties for sale are FSBO and this is becoming more popular each day. This is beneficial to both buyer and seller. Sellers benefit by keeping all of the profit and buyers are often attracted to FSBO homes as they are generally priced less than those who will be giving big commission checks to agents.
For example, if you were to sell your home for a final negotiated price of 300K, and the agent was to receive 10 percent, your profit would be 270K. If you go it alone, your final negotiated price could be 285K, thus giving you an extra 15K and saving the buyers 15K. In the end, both sides end up happy and receiving a great deal.
Let’s talk about how to handle some of the important steps of the FSBO process. Unless you own two properties, you will want arrangements in place for the home that you are to move into when your current home sells. Whether your home sells in three days or three months, you will feel secure if you have already been pre-approved for a mortgage if needed and if you have done a fair amount of house hunting yourself so that you are very familiar with where you will want to move to and the type of home that you will be able to afford. Be sure to check out neighborhoods and other elements that are important to you, so that should your home sell very quickly, you will not be caught off guard. You can, however, have a clause in your agreement that you will be allowed a certain number of days to move out, or even that they sale will not finalize until you have purchased your next home.
Next, we will talk about pricing. While an agent can quickly summon up an asking price for your home, there is no reason why you cannot come to a fair price that works in your favor, all you need to do is a little bit of research. If you still owe on a mortgage, be sure to figure out what you need, as opposed to what you want. If you cannot come out of the sale with your head above the debt, it is not time to sell. You will want to pay attention to your home’s tax appraisal value and also compare your home to others in the same area that are of the same approximate age and square footage.
One of the elements that most people associate with real estate agents is the ability to get the house for sale noticed. However, in today’s world of the Internet, the majority of home buyers browse on their computers before they look at any homes in person. In this aspect, you can easily market your own home. You will want to post your home for sale keeping in mind two important elements. First, you will want the photographs of your home to be very appealing. If it is summer time, do not post photos taken in the winter. Even before reading anything, a potential buyer will assume that you have not been able to sell your home for quite a while. Have recent photos, taken with a quality camera, and show off the house and rooms in a flattering light. The second element will be your wording. Look at homes that are being sold by agents. Follow the same formatting. Be your own agent, marketing the house as if it is the best house for the best price. When you are your own best supporter you will find that you do have the power to get others excited about your house as well.