When you’re about to put your house on the market, you might be thinking about doing a “for sale by owner” (FSBO).
If that’s the case, you should make sure you know what you’re getting yourself into. While the name might sound pretty self-explanatory, Investopedia defines it as “when the owner is selling the property without the help of a listing agent or broker.” This means that you’ll bypass having to pay out commissions to a realtor, but you’ll also have to take on all the work that a realtor would typically do for you. In this article, we’re going to highlight some of the pros and cons of selling your home without a realtor. Keep reading to learn more.
Why Would Someone Do a For Sale By Owner
- They Already Have a Buyer Lined Up – Maybe you have a friend or family member that’s interested in buying your home. If you’re in a position where you do not have to look for a buyer, going the FSBO route could be the best option to save you some money.
- They’d Rather Handle Negotiations Themselves – Some home sellers prefer to sell their home without the help of a real estate agent because they prefer to negotiate with the buyer themselves rather than a third party taking care of it. While this might be the way to go for someone that already works in sales and negotiations, real estate agents have the experience and training to do it for you.
- You Don’t Have to Pay Commissions – Likely, the number one reason someone would choose to do a for sale by owner is to keep the money they’ve made from selling their house. You might get to save more money; however, you might end up sacrificing a higher offer if you refuse to use a real estate agent.
Why People Avoid For Sale By Owner
- Real Estate Agents Get Paid for a Reason – When a real estate agent collects commission from the sale of your property, it’s because they’ve done a lot of research, negotiation, and probably even staging your home. Also, when a professional home seller does their job well, you could get a better offer on your home. Ramsey Solutions speaks to the topic by putting it this way, “It’s an agent’s job to know about movements and buyer interest in your local housing market. They’ll also be able to expose your home to many more buyers through a Multiple Listing Service (MLS), which is difficult for FSBO sellers to get access to.”
- Selling a Home By Yourself Can be an Expensive and Long Road – Between all the paperwork and legal obligations that come with selling your home, closing the sale of a home can take a lot longer when you’re handling it on top of all your other obligations. Additionally, you may end up spending more on fees to advertise your home or staging than you’d initially factored in.
- You Can Have a Harder Time Selling Your Home – It’s been reported that some realtors avoid showing FSBO homes due to some unrealistic expectations that the owner may have set. When a for sale by owner home comes onto the market, so do dozens of homes sold by an experienced realtor. Would you want to be up against that competition?
Sell Your Home Without a Realtor with Bob Buys Houses
If you’re motivated to sell your home without hiring a realtor, there is another way. Find an investment buyer and sell your home for cash! At Bob Buys Houses, we’ll buy your Salt Lake City, Utah, house with a full-cash offer, we’ll pay any closing costs and fees and can close whenever you want! So no need to put out that “for sale by owner” sign. Instead, let us take care of the hard part so you can focus on getting into your next home. Contact us today for your no-obligation fair cash offer!