Why You Should Never Sell Your Home For Sale By Owner (FSBO)

Why You Should Never Sell Your Home For Sale By Owner (FSBO)

There are a million reasons to not sell your home as a For Sale By Owner Owner (FSBO). FSBO sellers must think about security. Although using a real estate isn’t 100% guaranteed safety there is a much higher level of security with a real estate agent. Real estate agents also carry insurance that covers everything from contract errors to a potential buyer getting hurt looking at your property and theft of your personal belongings. That and real estate agents can negotiate the best deal for your property as well as inspection issues. Never sell your home “By Owner”.

For Sale By Owner (FSBO)
For Sale By Owner (FSBO)

What is a For Sale By Owner (FSBO)?

Basically, FSBO is not the way to go. If you do decide to sell by owner, check out the book “Virtual Vacation Houses” by Mike Bouldin. You can also find this book on Amazon. The one thing that he does recommend to have and keep in mind is a contract. Bouldin also goes over if you should actually have a realtor (which you should) and what do they do to earn their money. Also, be aware that the FSBO buyer has the burden of paying a listing fee. So, in other words, they may not have to pay for the same listing contract fee that they would pay to a realtor. Most FSBO sellers cannot afford this extra fee. I know this for a fact. I was able to negotiate a great deal for a client of mine, but I was not able to get the listing fee paid to me by the FSBO buyer.

Why You Should NEVER Sell Your Home For Sale By Owner (FSBO)

Don’t sell your home FSBO if you have a pet I know most sellers who have pets have been caught out this mistake in the past. There are no laws in Canada that ban you from selling a home with a pet. If your pet must stay with you, there are options to pay a pet sitter. These options can range from a few hundred dollars to many thousand dollars. Never sell your home FSBO if you have issues with your neighbor The risks are huge when it comes to selling your home FSBO. Not only do you open yourself up to the dangers of your neighbors and the possibility of misunderstandings but also problems with potential buyers. Issues with buyers and frustrations may lead to angering and rejecting your home. The FSBO salesperson may not be informed about buyer frustrations.

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What are the Risks of Selling Your Home By Owner?

In October of 2017, our team sold a small home in Virginia. The home owner’s loan was in escrow, the buyer paid their deposit and their contract was signed but during inspection of the home the agent discovered that the wiring in the home was not up to code, the fire alarm system was not functional, the wiring in the front entryway had not been repaired, and the furnace was too small. The agent immediately stopped the contract and started looking for a new buyer. The buyer was well aware of the issues in the home and they were obviously more concerned with the issues than the price. The buyer decided that they would not purchase the home because of the issues.

Why You Should Sell Your Home Through an Agent

Selling your home through a real estate agent is not a lot different than selling a home to a FSBO seller. Agent: You have access to all of the different real estate groups in your area, you can do several showings at once and you have an agent who can walk you through the process. FSBO Seller: FSBO sellers don’t have any agents to market their home. That means that they have to find their own real estate agents. That means that they have to pay for a real estate agent and it takes time for them to get their real estate license. Agent: If you sign with a real estate agent they can help you find your ideal home. They can introduce you to the Realtor you want to work with and can help you negotiate your home’s sale. FSBO Seller: FSBO sellers have to go it alone.

There Are Really No Benefits of Selling Your Home By Owner, The Risks are Way Too High.

There is no market in the United States that is better for sellers than the United States market. The US is the only market where sellers can get the best price for their home. There are no other markets like the US and every other market is saturated with people looking to buy a home. Here is a little known fact: most major US cities have their own MLS system. The MLS is a virtual market. It is a system where homes are sold online at the click of a mouse. The only requirement is for a home to have a well-written MLS listing. The MLS is usually free of charge and also has a feedback system so your listing can be easily improved. The only thing your house needs to sell is a buyer looking to buy. People coming from all over the world to buy a home.

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Conclusion

Even though selling your home can be confusing and overwhelming, getting help from a real estate agent is the smartest, safest and fastest way to sell your home. There is a much higher level of security to selling your home with a real estate agent. They can negotiate the best price, make sure everything is done right, and even provide insurance if needed.

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