Savings is important for every consumer. For this reason, they find a way to reduce cost all the time. They do this even to the point of performing things by themselves to minimize spending. This is not an uncommon scenario, especially in home selling. It is true. Sellers have tweaked the process. For the purpose of savings, they have opted to sell properties by themselves. This act is called "For Sale by Owner", or simply FSBO. FSBO can be good in some ways. However, the process can also pose great risks not only for the seller but also for the buyer. Reasons behind FSBO It was already mentioned above that for sale by owner is conducted for the purpose of savings. To obtain that, they eliminate the services of the Real Estate Broker costs 5-5.5% of the purchase price. Another reason is that sellers think that they are the only ones who can look out for their best interests. Some of them are skeptical towards the attitude of the broker in selling. They think most of these agents are more concerned in disposing the property (to earn their commission) rather than selling their homes at its best prices. Possible Risks in FSBO While many sellers that eliminating the service of the Real estate broker results to savings doing so can mean disaster for the seller and the buyer. Real estate transactions are complex. Any inexperienced sellers might end up doing the wrong thing. Thus, putting oneself into trouble and risking the smoothness in the flow of the transaction. To let you see the risks, here are some things to think about: 1. google_ad_client = "pub-2311940475806896"; /* 300x250, created 1/6/11 */ google_ad_slot = "0098904308"; google_ad_width = 300; google_ad_height = 250; Since for sale by owner eliminates the service of a real estate agent, the seller will not have an access to the Multiple Listing Service. While they can avail of the service using the flat fee MLS, this would still cost them money. 2. Selling without an agent involves a very hard work. No one will be there to give you assistance and go for an extra mile to guide you with the process. Without their services, the sale of property may result into chaos. 3. Most sellers do not know what they are doing, especially the newbie in home selling. 4. The right pricing is not achieved. Some sellers, who are of course the owner of the house, may be too attached to their homes. Therefore, as they dispose their property, they may price their homes with consideration to their personal sentiments. Any emotional investment might be counted for in this case. That can be irrational. In fact, some of them may not know that proper pricing is achieved with the right comparison like use of Comparative Market Analysis. Thus, most buyers think their houses are overpriced. 5. Not all sellers are fully equipped with the knowledge of fulfilling their role in selling their house. This could result in failure to meet the stipulations in the purchase contract. As a result, buyers may end up filing lawsuits. Everyone should face the fact that a successful home selling transaction cannot be achieved by a week's work of research and consultation. Besides, most people do not have the time to do things on their own. FSBO may give you one financial advantage and it is quite understandable why you want this. However, if you are less knowledgeable about how real estate works, it may lead to additional problems. Not to mention, houses may take forever to sell.
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