The Benefits of a for Sale by Owner – Fsbo – Home Sale
Weekly, more and more homeowners are choosing to sell their homes themselves and some buyers are seeking them out. What are the benefits of choosing to go the For Sale By Owner (FSBO) route?
Obviously, one of the most apparent FSBO benefits, at least to many home owners, is that the act of sticking that ‘For Sale By Owner’ sign in their front yard says that they might save some money and have some control over the selling of their home. However, what are some of the other benefits of an FSBO home sale, and how do you go about doing it.
While not a necessarily a ‘benefit’, one of the first things to remember when contemplating an FSBO home sale is that no matter where you are, it can seem somewhat daunting and complicated. Adding to the complications is the fact that not only are there all kinds of legal forms required (and if you have ever bought a home you know what I mean), but that requirements may vary state by state. A California ‘for sale by owner’ home sale might be be different from a Wisconsin FSBO transaction.
If taking the ‘for sale by owner’ route is so complicated and messy, why am I including this comment in an article for someone who is contemplating putting up their home in a ‘for sale by owner’ offering?
Let’s talk about those benefits.
1. The FSBO Kit – There are many companies which offer what can be called an FSBO kit of one kind or another. Depending on the company, this kit will provide the homeowner with the FSBO legal forms, and hopefully some guidance on preparation and filing of the ‘for sale by owner’ documents. These kits may range from simply the basic or most common forms needed with some instructions on how to fill them out and where to file them, to very complete FSBO kits which include ALL the legal forms needed, instructions on how to fill them out, where to file them, instructions on how to prepare your home for sale, how to advertise your home for sale effectively, and, in some cases, contact with a listing service which will put the home out in front of prospective buyers.
2. Growing Public Acceptance of the Process – Not too many years ago, most people would have been wary of a home with an FSBO sign in the front yard. However, since more and more people have opted in for this type of home sale, not only are many more people actually looking for those signs, but an entire support industry seems to have sprung up to assist the homeowner who has decided to try the ‘for sale by owner’ route. Newspapers offer advertising packages and guidance, for example, and even some realtors have jumped on the bandwagon by offering assistance and guidance to the homeowner – for a fee, of course.
3. Control Over The Home Sale Process – I hinted at this earlier in the opening paragraph. Many people just want to have some control over the process and not feel a pawn in the hands of the real estate agent. Additionally, some people want to be involved in showing the house, explaining its values and even such simple things as ‘how nice the next door neighbor is’ to prospective buyers. Some people feel that this more personal approach may do more to sell the house than a realtor’s remark about how the owner mentioned that it was a nice neighborhood to live in.
4. Savings – Actually, I do not necessarily consider savings to be the main reason that ALL people choose to go with an FSBO home sale. Many of us simply believe that we don’t mind paying if we know what we are paying for. When that realtor walks off with a large commission, we often wonder what he or she did to earn it. While ‘for sale by owner’ will certainly very often offer savings, ranging from small to large amounts, many of us are just happy to know where our money is going. While there is almost no concrete way to measure how much money is actually saved in an FSBO home sale, there will almost always be some savings, if the process is done correctly and efficiently.
For most homeowners, and buyers as far as that goes, the FSBO home sale can be a rewarding experience if done properly. If you are not an experienced home seller, probably the best way to be successful is to do your homework and get your hands on the best FSBO kit you can find.
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