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Sell Your Own Home?

(A continuation of How to Sell a House)

By - 2006

So you want to sell your own home. Your home will be a be FSBO property. That's pronounced "fizz-bo," by the way, and is short for "for sale by owner. It refers either to a home sold that way, or the person selling it. This is your lesson for the day on real estate lingo.

What is the number one reason that you might sell your own home without the help of a good real estate agent? To save the commission, of course. There are some who may just not like real estate agents, but generally FSBO sellers are thinking they'll get more money in the end.

My Number one FSBO Tip? Don't sell it yourself! It is possible that your home will sell fast, and for as much as it would have if listed with a real estate agent. This happens sometimes - but not normally. Consider the following:

Buyers Work With Agents

Most buyers for single family homes look through MLS (Multiple Listing Service) listings. If you sell it yourself, they won't see or hear about your home. They may never even look in the newspaper classified section, and if they do, will your ad be there that day? How do you find that "right" buyer or get top dollar when you're invisible to most of the market?

FSBOs Get Lower Offers

Naturally, the buyer thinks you'll take less when you sell on your own. After all, you are saving the commission! Buyers regularly look to FSBO as an opportunity to "get a deal." Now, if you save a $10,000 commission, but get $10,000 less for the house - where's the advantage in that?

Advertising Is Expensive

The advertising costs the real estate office normally pays are yours if you sell it yourself. How much could you spend on ads if it takes a a year to sell? And will the first $500 you spend actually buy as much exposure as the first two week in the MLS listings - where most buyers are looking. By the way, do you know how to write a great ad?

You Lack The Resources

Real estate agents have information on sold properties to look at, for example, to determine the best price for your home. They have the "offer to purchase" forms at hand, and other necessary paperwork. You can dig through county records for sold prices, and you can find the forms you need and learn how to use them, but you do have to value your time too, right?

You May Not Know The Market

What's the target market for your house? Young couples without children, families, retirees? What features do they expect in a house? You should know these things before you write your ads. An experienced real estate salesperson will know.

But that's not the end of the reasons to reconsider a decision to sell your own home without help. Read on...

The book continues here: Selling a Home Yourself - More reasons to reconsider going it alone.


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