Considering a FSBO?
The "do-it-yourself" movement finds its sponsors in just about every corner of our society; including law and real estate.
The Internet seems particularly fertile for Sale-By-Owner proponents. Several web sites provide listing services and other guides for sellers who want try to "go it alone." Ultimately, even do-it-yourselfers will likely need some legal guidance once a buyer comes forward and it is time to close the deal.
Here's why you might want to try it:
- You already know how to sell real estate Some FSBO sellers already have some measure of experience and training and do not need professional guidance.
- You just cant bring yourself to pay an agent's commission. Some people don't like paying plumbers or lawyers or cable TV bills either. Hey, Real Estate agents earn a commission of four to six percent on the sales price for properties in the area . That's a lot of money.
- You already know a potential buyer. Word of mouth might be all you need to find someone who wants to buy your home. If so, that's great, no need to incur the expense.
If you are an independent, self-motivated person who has the time and resources to market your own property, you might want to consider going it alone.
Here's what you give up:
Of course, all that independence comes at a price.
- No Multiple Listing Services Without a licensed real estate agent, you might have trouble listing your property on the National Association of Realtors Multiple Listing Service (or any of the several local real estate MLS for that matter). Since almost every buyer's agent looks to the MLS first, it will be that much harder to tell the world that you own the perfect parcel of real estate and that you are ready, willing and able to sell it to them.
- No "extra hands" for open houses If you have a job or a life, you might not have the time to devote to Sunday open houses or mid-week showings. A professional agent's time might be worth your money.
- Professional agents bring experience and specialized knowledge. It can takes months and years to develop marketing skills and connections, to learn how to set a proper asking and target sales prices, to learn how to negotiate effectively and to master the vagaries of market conditions. In a hot market, some properties might "sell themselves" but unless you are willing to rely on dumb luck or to start learning all of this from scratch, maybe a professional's counsel will be worth while.
|DRAFT SALES CONTRACT||$150.00|
|DRAFT CLOSING DOCUMENTS||$175.00|
|ORDER TITLE INSURANCE||$50.00 plus all standard title charges|
|ATTEND CLOSING FOR SELLER||$200.00|
|HOLD EARNEST MONEY PENDING CLOSING||$100.00|