If you need to sell your home and have to decide how to sell it, you’re likely considering a for-sale-by-owner (FSBO). An FSBO simply means that the owner takes responsibility for pricing the house, listing the home, and choosing a buyer. In addition, owners are responsible for ensuring the paperwork and title transfer are completed legally.
While a for-sale-by-owner sounds intimidating, it doesn’t have to be. There are a lot of resources available to make the process much easier. An estimated 7% of all home sales in 2020 were FSBOs.
Here are a few reasons you might opt to sell your property without the assistance of a real estate agent.
You Want To Skip Paying Agent Fees
If you want to save money on the sale of your home, a for-sale-by-owner can be a good option. A seller could spend up to 6% of the sales price on agent fees in a traditional home sale. For example, if your house sold for $350,000, real estate agents could take up to $21,000 in fees. Twenty-thousand dollars is a lot of money for any seller, but if you’re hoping to avoid foreclosure or need the money from the sale to buy a new home, it could be even more essential that you save money.
You Want More Control Over the Sales Process
Letting other people take the reigns when parting with your home is difficult for many sellers. Selling a house can feel invasive, time-consuming, and stressful. Sometimes having a little bit of control over who sees your home and when can bring some comfort and stability. While selling your home can take a lot of time and energy (you’ll need to take photos, list the property, and respond to interested agents and buyers), you get to make the major decisions.
Many sellers who choose for-sale-by-owner are worried about their time. You can set visits and open houses to meet your busy schedule when you control the sale.
You’re Okay to Negotiate with Buyers
Although selling your home feels very personal, it’s a business transaction. You’ll need to keep a cool head when negotiating with buyers, but seeing their offers and talking with them might make separating from the property more comfortable. A for-sale-by-owner could be a good fit if you’re at ease at the negotiation table and can handle making hard decisions.
You want to Avoid a Foreclosure
Foreclosure is stressful financially and emotionally. If you need to sell quickly, listing your home as an FSBO could be helpful. Selling a house fast may help homeowners avoid foreclosure.
Since you don’t have to wait for agents, you can move as soon as potential sellers are able. You can list your home when you’re ready and begin taking offers immediately. If you plan to sell on your own, hire a real estate attorney before you start taking offers to ensure paperwork is ready to go quickly.
You Can Short Sale with a For Sale By Owner
One way homeowners avoid foreclosure is through a short sale. A short sale means that the house sells for less than what the borrowers owe on their mortgage. Lenders must agree to accept less than the total owed. In some states, the borrower may still have to pay the difference between what they owe and the sales price, even if the lender agrees. If you need short sale help, we’re happy to answer any questions you have.
You Want to Sell your Home for Cash
Selling your home to a cash buyer offers a lot of benefits. In addition to avoiding financing delays, you may be able to avoid issues with inspections and appraisals as well. If you sell to a cash buyer without the help of a real estate agent, you can save a lot of money on the sale of your house. Working with a company like brick can be helpful because we have our own in-house team of professionals who can ensure that all paperwork and title documents are handled properly so that you have one less thing to worry about.
Ready for a cash offer? Reach out today.