7 Common Misconceptions About FSBO

The words For Sale By Owner on a home or house for sale sign put out by the homeowner who is also the seller

The number of Americans who are choosing to sell their homes by owner (FSBO) is rising. There are quite a few misconceptions about FSBO, and having a good understanding of what the selling process entails can alleviate stress and make it seem much less daunting.

1. You Need a Realtor to Accurately Price Your Home

It is easier than ever to determine how much to ask for your home. Many real estate websites list property values online–check out a few different sites to find out prices of comparable homes in your area; then come up with a reasonable number that’s not too high or too low.

2. A Realtor Has Special Skills and Resources to Market Your Home

Again, online resources can empower you to sell on your own. Most home buyers begin house hunting online, so posting your home on FSBO sites, Craigslist and other websites can give you all the exposure you need. Make sure to include plenty of good photographs of the inside and outside of your home, and include all pertinent information about your home, schools and the neighborhood.

3. Only a Realtor Can List a Home on the MLS

This is simply not true. For a flat, one-time fee, discount brokers and websites will put a FSBO home on the local MLS, which gives agents, brokers and buyers an easy way to find it.

4. FSBO Takes Longer to Sell

Regardless of whether you use an agent or broker, selling a home takes time and effort. As long as you get your home properly prepared for sale, respond to inquiries and schedule showings promptly, it shouldn’t take any longer to sell your home FSBO than it would if you used an agent.

5. It’s Easier to Schedule Showings and Open Houses With a Real Estate Agent

Scheduling showings and open houses according to your schedule instead of a realtor’s actually makes it easier. Meeting and talking with prospective buyers and their agents can also add a personal touch that may lead to a quick sale.

6. Negotiating is Difficult Without an Agent

While it’s true that most real estate agents are skilled at negotiating a sales price, a seasoned real estate attorneycan also negotiate on your behalf, and will always have your best interests in mind.

7. You Need an Agent or Broker to Draft Documents and Arrange a Closing

Many real estate agents use attorneys to draft and review real estate purchase agreements and other transaction-related documents. Hiring a skilled real estate lawyer to review contracts and draft other important documents can cost a lot less than paying a realtor a 3-6 percent commission fee while still ensuring that the entire transaction is completed accurately and all legal bases are covered.

An experienced for sale by owner lawyer can help you develop a successful strategy for selling your home and ensure that your rights are protected from listing to closing. If you are interested in selling or buying a home, our experienced West Chester real estate lawyers at Carosella & Associates can guide you through the process and ensure that your rights are protected from start to finish.