subject: Want to know Why More Seller's Bar Sell Their Homes Themselves? [print this page] Want to know Why More Seller's Bar Sell Their Homes Themselves?
Seller's who attempt to sell their own homes are named FSBO sellers: FSBO is an acronymn of For Sale by Owner. On normal, homeowners who try to sell their own homes only try for about 8 weeks on average. Homeowners try to sell their own homes to save a realtor's bonus of 6%, but they seldom realize what is needed to get their property sold.
Selling a property as a FSBO requires arrangement for the property and a marketing plan. Most homeowners only put out a For Sale sign in their yard and advertise in the local newspaper. If the homeowner gets traffic to his property he soon learns that he has more things to juggle than just saying "yes" to an offer. He must become acquainted in contracting to sell the property, buyer financing and even check over the details of the closing. He also has to show his property to mostly nosey busybodies who are not really able buyers - just "Looky Lous" as they are called in the industry.
One advantage to handling the details of selling his home is to hire an authorized real estate agent to forego the unknown aspects that he may need to know. However, selling his property himself and saving tens of thousands of dollars by not using a realtor may be more important to him. Another advantage for the homeowner to get professionals to help him that are not paid a commission if he sells his home.
These professional include a real estate counselor who will do the contracting and the closing of the sale for no additional cost other than usual and customary closing costs. Secondly, a licensed mortgage intermediary who is referred to the seller is very important if the seller will accepts a buyer who needs a bank loan - or he can try to sell to a cash buyer. The seller also has the opportunity to do a lease option, or contract for deed, or if he is not in a huge hurry to sell and doesn't need his money (equity) out of the property at closing, he can do owner financing.
The two biggest reasons homeowners back out their FSBO efforts are because they are afraid of the sales process and they don't know how to consecutively market their property. As options to quitting, sellers can get professional help using an attorney for the legal aspects of the process, a mortgage broker to qualify perspective buyer s(before a contract is signed) and get hints on how to "power market" their property by reading diverse texts on selling by FSBO.
A seller can market his property without having to use a realtor to list his property on the Multiple Listing Service (MLS). A seller can actually list his property on the MLS with a flat-fee listing agent which costs about $250 - $500. However, this listing will usually only sell the property if he gives a buyer's listing agent half of the regular commission (2.5% - 3%). Even paying half a commission could result in thousands of dollars that would not have otherwise gone to the seller.
