FSBO (pronounced FIZZ – BOW) which stands for “For Sale By Owner” is exactly what the abbreviation means. It is when a homeowner decides to sell his or her property without the use of a Broker. It is possible, but very tough, to negotiate the various aspects of selling real estate. It can be a very
Why should I sell my own home?If it is so difficult, then why do so many people try to sell their property on their own? Surely people have their reasons as to why they decide to sell their property, on their own, without any help from a real estate expert. The main reason is that real estate agent charges a percentage of the sale, usually 2.5%-3%, for the work that they have put into it. Since this is their full time job, they can put a full time effort into selling your property. You may want to note that the National Association of Realtors states that in 2018 a typical home sold by the homeowner was $200,000 and that of an agent-assisted sale was $265,500.1 That is an increase much greater than 2.5-3%, essentially showing that a real estate agent pays for his or herself.
What do I need to know in order to sell on my own?There are lots of details that might be missed or unknown to a seller. There are classes and online resources to help someone interested in selling their home on their own. The best advice to give is that google can be ones best friend for a difficult task like selling a home. If someone is interested in selling their home then it is important to know ahead of time and plan for the amount of money that you will be putting into this project. You will have to host open houses, schedule showings, work with real estate attorneys to get title insurance, read through contracts, and a host of other important things. This is why it can be so difficult to sell a home on your own.