FSBO Tips

For Sale By Owner Tips

The best tip I can give you is to use a Full-Time Professional Realtor like myself to help you through the process.  It’s what I do.

Unless you are in a “hot” market area, selling your home as a FSBO, will likely take a significant amount of time and money and the majority of phone calls from your sign or advertising will be from Realtors looking to list your home.

But if you really want to try it on your own, try these tips.

Tips

  • Ready your home for the sale before the sign goes up. Repair and paint where needed and stage your home.
  • Agree to Compensate Real Estate Buyer Agents who bring you an Offer from a Buyer. We understand that you want to save money by selling the home on your own, but  88% of Buyers are represented in their home purchase by a Realtor who makes sure that their buyer is Pre-Qualified for a home loan and can provide ministerial duties to you the seller throughout the process to help make your life easier.
  • Actively Market your property. Don’t rely on just sticking a sign in the ground.
  • Provide accurate Property Disclosures, Deeds, Lot Maps or Surveys, Association Rules or copies of Road Agreements and other necessary information for a Buyer or their Buyer Agent.
  • Make sure the buyer is Qualified. They should be able to provide a letter from their lender. Talk to the lender in person. Understand what type of loan the buyer is using and what limitations  or obstacles might arise with that loan type. In fact, talk with a lender to understand all of the various loan options before you list the home so you can make informed decisions.
  • Think about Pre-Inspecting your property for General Building, Water and Air Quality, Septic System and any other features so you know what needs repair and are prepared for when the Buyer finds these same defects.
  • Understand the Purchase and Sale Agreement and the various moving parts of an offer. Offer, Counter Offer, Negotiations, Inspections, Financing, Appraisal, Underwriting, Title, Settlement and Closing.
  • Call me when your ready to put me to work. I make sure all of the pieces of the puzzle fit together and I am there to advise and guide you through the entire process, from pre-planning, to listing and showing, to negotiating, inspections, re-negotiating and closing and settlement.

Statistics Show:

  • The share of home sellers who sold their home without the assistance of a real estate agent was nine percent. Forty-four percent knew the buyer prior to home purchase.
  • Among sellers who did not know the buyer of the home previously, 15 percent were contacted by a buyer they did not know to buy the home.
  • FSBOs typically have a lower median selling price: $208,700 compared to $235,000. Thus, the typical agent-assisted home sale typically has a 13 percent higher sales price than the typical FSBO sale.
  • Half of FSBO sellers took no action to market their home.

David Karl Roberts/Associate Broker
The Maine Real Estate Network

207-741-2006 or email me at david@maineinfo.net