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FSBO Home’s F.A.Q.’s and Hints in Atlanta, GAReturn to Home Page : Atlanta's Official Real Estate Search Site |
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FSBO Home’s F.A.Q.’s and Hints What you need to know about selling your home yourself Q: What does FSBO stand for? A:
Answer, FSBO (pronounced in the real estate industry like Fizzbo) stands for: For Sale By Owner
Q: What are the pro’s and con’s of selling your home yourself? A:
There are good things and bad things about selling your home yourself lets take a look:
Pro’s
1. You don’t have to pay an real estate agent commission (you can save a lot of money!)
Con’s
1. FSBO‘s cannot be listed in the MLS
(Multiple Listing Service).
Most real estate agents consider the MLS to be one of their most valuable selling tools. The MLS is a complete
database of all
2. Agents tend to not
want to show FSBO homes
. Agent’s make their living working on commission. In a typical sale the listing real estate agent and the buyer real estate agent both get paid
based on the terms of the listing contract (see our Listing F.A.Q.’s for more detail). If there is no listing contract (because there is not a Listing Agent) the selling real estate agent has
no contract guaranteeing they will get paid if their buyers purchase your home. Agents are also hesitant to work with FSBO homes because often times sellers are
inexperienced and a FSBO home can quickly turn into a paperwork nightmare for the real estate agent AND the seller.
3. FSBO homes tend to be overpriced.
Most homeowners take great pride in their homes. It’s really hard for anyone to be objective when it comes to putting a price on
their own home. Without the tools and experience of an real estate agent most homeowners tend to price their home higher than it should be.
4. Buyers tend to feel intimidated.
Put yourself in the buyers’ shoes for a moment. Imagine walking into a strangers home and having to tell them you think their home is
overpriced or that you would like to purchase their home but only if they take down the ghastly wallpaper they have chosen to put throughout their home. Working with an
real estate agent on both sides takes the buyer out of the hot seat and will make them more comfortable – people tend to not buy homes when they feel uncomfortable.
5.
FSBO’s tend to stumble into LEGAL TROUBLE.
Agents spend a great deal of time studying real estate law. If you miss deadlines, if you fail to disclose
something, if you forget to file a form, you can be held legally liable meaning you the seller could be sued. Laws are constantly changing in real estate; REALTORS are
required to take continuing education classes to keep up with the changes. It’s difficult enough for real estate agents to keep up with new laws let alone regular people who don’t sell
homes everyday.
Q: What are the statistics on FSBO homes? A:
Here are a few facts and figures for you from the National Association of REALTORS: 1. About 30% of homes on the market are FSBO – about two-thirds of those homes are successful in being sold by the homeowner. 2. 1/3 of all FSBO homes are sold to an acquaintance of the seller. 3. Approximately 80% of all FSBO sellers give up and hire an real estate agent after about 6-8 weeks. 4. A survey done by the National Association of REALTORS stated that “getting the paperwork right” was the toughest part about selling a home. Helpful Links National Association of REALTORS© – www.realtor.org © COPYWRIGHT PROTECTED 2001-2006 AtlantaHomeView.com, Inc. [ ..More About Atlanta FSBO Home’s F.A.Q.’s and Hints ] |