Selling Your Home as a For Sale By Owner Transaction

 Posted on May 07, 2020 in Real Estate

If you are ready to sell your home, you may have several questions and concerns including whether or not you should employ the assistance of a real estate agent. Selling a home is a major undertaking that is full of potential complications, but it is possible to sell your home without the help of an agent. There are both advantages and disadvantages associated with selling a home “for sale by owner” or FSBO. While you avoid paying a listing agent’s commission, you also incur major responsibilities. According to one study, only about ten percent of people selling their homes complete the sale without assistance from a real estate agent. If you want to learn more about your options when selling your home, an experienced real estate lawyer can be a tremendous resource.

What Are the Pros and Cons of an FSBO Sale?

When you sell your home without input and guidance from a real estate agent, you gain total control over the sale. This means that you get to determine the listing price, the selling strategy, and the details on the listing. You will also be in charge of organizing open houses or tours of your home. For many, this level of control is appealing. Individuals who sell their homes on their own also avoid paying the listing agent’s three percent commission fee.  

On the other hand, selling your home without help from an agent can be complicated and time-consuming. Many sellers who attempt an FSBO sale eventually realize that they do not have the marketing expertise or negotiation skills necessary to maximize profits from the sale of their home. It can also be very challenging to ensure that your listing is actually viewed by potential buyers.

Preparing Your Home to Be Put up For Sale

Whether you decide to sell your home on your own or use a real estate agent, there are several critical issues you must address. You want your home to be as appealing as possible to potential buyers. This means that you will need to ensure that the home is thoroughly cleaned and does not contain unsightly problems. You may even want to consider having the home cleaned by a professional cleaning company. Declutter your home as much as possible by removing personal items and storing them elsewhere. If your home is overflowing with your family’s personal belongings, it can make the rooms look smaller and less inviting. Most importantly, you will need to conduct any necessary repairs before showing your home to potential buyers. This includes major problems that would show up during a home inspection as well as small, cosmetic repairs.

Contact a Libertyville Real Estate Lawyer

Buying or selling a home is a significant legal responsibility. If you are ready to sell your home, an experienced Lake County real estate law attorney can help ensure that your rights are protected throughout the process. To learn more, contact a Newland & Newland, LLP. Call our office at 847-549-0000 today and schedule a free consultation.

Sources:

https://www.zillow.com/report/2018/sellers/for-sale-by-owner/

https://www.forbes.com/sites/advisor/2019/09/26/for-sale-by-owner-when-it-makes-sense-and-how-to-do-it/