Advice for FSBOs
Selling your own home without the help of an agent is possible, but should you do it? People have been selling their own real estate for many years, but there are some significant risks you should consider before ever taking on such a project. Dean Graziosi knows the ins and outs of real estate and offers such advice on this topic below.
Selling your own home is scary. Unless you have worked in real estate and know how to negotiate properly, you could wind up making some very big mistakes. If you are a buyer considering buying a home that is for sale by owner, (FSBO), your risks could be even greater. Not having an agent there to help you through the process can mean loss of money for you and quite possibly the acquisition of a problematic property. So how can this be avoided?
If you are going to sell your own home or buy one that is an FSBO, begin by thinking like a salesman. An article posted on frontdoor.com advises you to think of the property as just that, a dwelling that is for sale. Don’t think about all the memories you’ve made there as the home owner. Being too emotionally involved will most certainly thwart the sale of your home.
As a buyer, it’s okay to think emotionally, but don’t let that detract from all the other little details. You are an active part of this sale and will be responsible for your own negotiations.
Do your homework. Find out what similar homes are selling for in the particular neighborhood and market in general. This is a very important part of selling and buying a new home. As a seller, you don’t want to undersell your property. As a buyer, you don’t want to pay too much.
Talk to a title company or real estate attorney about helping you with the closing. Unless you are an attorney who is familiar with real estate law, this is definitely one aspect you won’t want to attempt to handle yourself.
Be willing to bargain. As a seller, you will have the opportunity to offer your home at a slightly lower price than what the similar one down the street just sold for, and you may wind up getting a quicker sale. As a buyer, you could buy your new home at a lower price than what your new neighbors paid, and you wouldn’t have been required to pay real estate commissions.
If you have never bought or sold a home before, consider hiring a real estate agent. FSBOs can save both buyers and sellers a lot of money, but they can also wind up costing more if you aren’t sure how it all should work. Before taking on this one, be sure to conduct all the necessary research and be aware of all the implications. You can read more about real estate by visiting Dean Graziosi’s website.