Your Guide to Selling a Home For Sale By Owner

Realtors can be really helpful in the buying and selling of real estate. They have a lot of knowledge and connections within the industry - and can help ensure that each step is taken care of properly.

Of course, this isn’t something they do for free. Once the property sells, the realtor will be paid a commission which is a percentage of the sale price.

If you are someone who has been through a real estate transaction or you have done your research, you may feel that handling the sale of your property is something you can do on your own - especially if it means you avoid giving up a percentage of your proceeds.

This is known as for sale by owner (FSBO). Let’s take a look at how it works.

Determining Your Sale Price

One of the most notable steps in selling your home as FSBO is to determine your sale price. You need to objectively come up with the price that is going to grab the attention of buyers - without cheating yourself.

Don’t get nostalgic when determining the asking price for your property. Instead, do your research. Look at other comparable sales in your neighborhood, noting what they were listed at and what price they sold at.

If you get stuck, know that you can reach out for help. Real estate attorneys are always an option. Though, keep in mind that their fees may be quite high - especially since they will have more work with an FSBO. Title companies, on the other hand, offer a more affordable and effective service to DIY-ers like yourself.

Since you are choosing to sell the property on your own to avoid paying extra fees, the latter may be your best choice.

Marketing your Property

Finding a good selling price is only the first step. You will then have to market the property by showing its value is worth the asking price - and get it in front of potential buyers.

Staging the home - either adding furniture or removing clutter - is so important. This gives you a chance to present it in its best form. Then, follow with taking high-quality photos, writing a catchy description, and so forth. All of these things are part of a listing agent’s skill set, but as a FSBO, this will become your responsibility. Doing some research online is a great place to start.

Most real estate agents list their properties in an MLS database. How does a FSBO market its property? There are a few ways, including word of mouth, paying advertising fees in your local newspapers or real estate papers, placing yard signs, etc. You can also use MLS just as a real estate agent would, but you can’t get your property listed and visible without being represented by an agent. Due to the catch, most FSBOs choose other marketing methods.

Finding the Right Buyer

Once you open your house up for others to see and make offers on, everything is up to you. You will have to be available for showings, answer any questions from potential buyers, and vet those showing serious interest.

Remember, you are looking for qualified buyers - those who are pre-qualified or ready to sign a contract. You can even ask for references, such as calling employers, to do your vetting.

A lot can go wrong in a real estate transaction so doing your due diligence is crucial for a successful sale.

The Closing

Once you find the right buyer, it is time to go through the motions to get it sold. Working with a title company will give you confidence that the papers are drawn up properly and that the transaction is completed legally.

Your chosen title company will facilitate the closing so that the entire experience goes smoothly and hassle-free.

Fizzbow - Your FSBO Experts

If you are interested in selling your property on your own, then you need the right title team. Your transaction will require specific attention - and Fizzbow knows exactly how to handle it.

To learn more about our white-glove service, contact us today at (571) 407-5479.