FSBO is a relatively simple acronym, often pronounced ?fizzbo.? ?For sale by owner? is what it stands for. A home is sold FSBO if anyone who goes through the process without representation by a real estate agent or broker.
Homeowners can make use of a variety of different methods to sell their home on their own. They can pay a company that specializes in marketing or online listing, for one. They can also market their own property and make use of a lawyer?s services and advice to aid them throughout the process of the sale.
The process of selling your home FSBO can be appealing to many homeowners. Perhaps the most popular reason many choose to go this route is to save money on what is known as a commission. When you sell your home through a real estate agent or broker, their main means of earning money themselves is by charging the homeowner a percentage of the price their home actually sold for. Some real estate agents and brokers can charge as much as six percent of the total sale of the house.
You may run into complications trying to sell your home FSBO, however. As a homeowner, you might not have the requisite understanding of real estate or law. Problems can occur at this point. You will see that disclosures are just one example of this. Does your home have a leaky faucet, or even water damage to its inside structure? You need to disclose such issues to any potential buyers. If you purposefully try to conceal issues like those, a buyer might choose to sue you for damages or an equitable remedy. Since they presumably know the ropes in this field better than you do, peace of mind that nothing will adversely affect the sale of your home is exactly why you?re paying your real estate agent or broker a commission.
If done correctly, the FSBO process can be a rewarding one. You could save quite a bit of money not having to pay a real estate broker?s or agent?s commission as a home seller. This could e a good option for you, if you?re up for the challenge. The commission may be a small price to pay for your own peace of mind, however, if you?re less certain of your real estate and legal savvy skills.
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Posted by Adam Ciboch on May 30th, 2011 and filed under Real Estate. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.Source: http://www.chillicious.com/real-estate/fsbo-strange-to-say-important-to-understand/
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