Selling Your Property? Think Twice Before Using FSBO

Author: Maria

Author: Maria

Many homeowners these days are enforced to sell their home due to pressing economic hardships. The reasons of selling vary from being confronted with foreclosure to the mere need of financial recovery. And so as to lessen expenses, some owners choose the For Sale By Owner process wherein they serve as the estate agent as well. Then again, it is important to note that such mechanism does not necessarily mean an immediate profitable sale. According to recent real estate market surveys, there are only 6 to 7 percent of properties sold through this process. Such information then serves as forewarning for homeowners to thoroughly deliberate whether this system would prove to be entirely beneficial. Reflecting upon the advantages and disadvantages of FSBO is then crucial before jumping into this type of transaction. Perhaps the most enticing aspects of this sale method are the monetary savings and independence of the seller. The homeowner is bailed out from shelling out cash for professional agent fees. There is no need to allocate for commission. The savings can then be allocated for other expenses. Directly supervising the whole transaction is another perk for the homeowner. He has the unrestrained control over all the details of the transaction. He has the ultimate authority to enlist, advertise and price the property, examine buyers, take the offer he personally prefers and immediately close the deal. But it is crucial to still seek advice from a lawyer, broker or appraiser when the seller encounters transaction ambiguities. This is to ensure that although he is being his own agent, the deal still has proper guidance. However, such appealing plus side can be countered with the other details of FSBO. One has to be very knowledgeable in this field as revealed by the multitude of responsibilities. Proper timing, sound judgment and balanced financing are profound tasks when unaccomplished can lead to impediment of the sale. Another way this mechanism can slow down or totally hinder the sale is the possible occurrence of unethical selling conduct. If the seller is not a bona fide real estate agent, he may unintentionally neglect some legal paperwork, mishandle property promotion and pricing, and other details only state licensed agents have access to or awareness of. Note that this assumption is not to undermine the capacity of the seller to take full charge of the sale process. The main idea here is to highlight the importance of being well-versed and experienced in selling a property so as financial disasters can be avoided. Lastly, while the FSBO process clearly diminishes the need to pay for professional fees, the profit from the sale may not be as much when a realtor is involved in the transaction. Properties represented by agents sell 16 percent more than average market price. And the seller only has to pay 6 percent realtor fees. The profit is then definitely more significant than the cost of hiring professional assistance. In addition, one can save time and effort by employing an agent who could be doing necessary legwork, devising property advertisements and other concerns. Both the positive and negative points of FSBO are persuasive. Thus, it is imperative to give full thought for this mechanism so successful and favorable results can be brought about.About the Author:

Real Estate for Sale in Scottsdale, Bella Vista Scottsdale Realty and DC Ranch Scottsdale Real Estate can offer you a whole deal of information about the real estate market. Whether you want to sell your house, buy a property or rent one, getting all the information that you need will give you a great advantage.

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