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Selling Your Home For Sale By Owner

More and more sellers are trying to sell by owner.

For a number of reasons, these sellers just don't want to use a realtor. iBuyHouses.com is perfect for those selling by owner. We don't charge for you to list your property nor will we make you pay a commission! The more investors that see your house, the better chance you have of selling! Submit your property information today and you could get an offer as soon as today! Continue reading to find out how much really is involved with selling a house by owner.

The phrase "For Sale By Owner" has become a well- known phrase over the past couple years in the real estate field. Not only are sellers trying to keep their costs low but they are trying to get things done on their own. There are many reasons why a seller would choose to try to sell a house by owner and while it can mean more work for the seller, the reward can be worth it. If you are considering a FSBO, you should be aware of the advantages and disadvantages you may be facing. It can either be worth your time or it can create a selling nightmare that you can't run away from fast enough. Anytime you sell something on your own, regardless of the size, you are assuming the risk and responsibility.

In order to sell a house without the help of a real estate agent you must...:

1. Research your state laws. Know the real estate laws and you may want to talk to a real estate lawyer. They may charge you for 1-2 hours of their time but in the end, it can save you time to have a knowledgeable advocate on your side.

2. Visit the open houses in your area. Take pictures, gather fliers, and ask questions. Get to know your competition, too.

3. Learn about the trends in your area and possible growth such as a new company moving to the area or an increase in hiring.

4. Ensure your house has a clean title and have the warranty documents available. Gather the appliance manuals and paperwork for things such as the roof, furnace, termite inspections, etc.

5. Take pictures and market the property. Follow the lead of agents in the area and see where and how they are marketing.

Now, sellers will choose a FSBO for a variety of reasons. One of the most popular reasons a seller may choose to sell a property on their own is to save money. The idea that you don't have to pay a commission to a real estate agent can be appealing to a lot of sellers. The commission can be a large percentage of the profits you stand to make off of the property. Most agents will charge a commission of anywhere from 2-6% and in this market; you may end up paying that out of your pocket.

When a house sells, there are fees and extras that must be paid at closing. You can get a good faith estimate of these costs and negotiate with the buyer but if they refuse to pay half or even some of it, you, the seller will be responsible for paying the fees. It can create a financial burden and you want to pay it in order to complete the sale. You'll feel pressure to pay the fees even if that means you can't take care of other bills.

Because the market is full of houses for sale, the buyers have an advantage.

They can choose from various houses and go with the house offering the best price. The houses will offer the same features and may even be in the same neighborhood. What the buyers are looking for at that point is the cost. Which of these houses will offer them the best value and the least amount of closing costs?

Concessions are a popular topic at the closing of a real estate transaction. They are basically what the seller will offer for a reduced price or to keep the price at the asking price. For example, the house may need a new roof. Rather than lowering the asking price, the seller can agree to fix it or give them buyer a check for that amount at closing. This allows the house price to remain the same and the mortgage amount to not change. By keeping things the same throughout the process, it can keep the closing on schedule and allow the statistics for the area to reflect a solid sale price.

When a seller uses FSBO to sell a home, they can still work out the closing concessions. But, due to the fact that there is no agent in the middle, the seller can offer greater concessions or even lower the asking price because there are no added costs. If a seller has to factor in a percentage to pay the agent's commission, they will have to maintain the asking price to cover that cost. Unless the seller wants to pay the agent from their own pocket, the final price will have to be enough to cover the extras.

There are some disadvantages to using the FSBO method of selling a property.

You may not have the time or energy to complete the process. It requires a lot of work to market a house, answer calls, and negotiate with potential buyers. Agents charge a fee for their time and expertise because they have usually gone to school and know how to work through the transaction. There can be complications during the closing, the inspections, and even with the buyer's financing. An experienced agent can work through the problems and will have probably seen the same types of problems. Rather than you having to hire a lawyer or take days to research a solution to the problem, an agent will have the answer or the ability to ask other agents who may have experience with the type of problem you are facing. Another disadvantage to a FSBO is that sometimes other agents will not show your house because there is no commission built into the asking price. You can solve this problem by offering a commission in your listing ad. It doesn't have to be a high amount but if your house is a great deal, agents won't mind an easy sale. They will view it as an easy sale if you have the house in showing condition and the paperwork prepared. They would rather have one sale and maybe a lowered commission than nothing at all.

A FSBO can be a great option for your house selling process if you have the knowledge and ability to follow through with the process. It can save you time and money, not to mention give you a sense of satisfaction when the sale is completed.

Now that you know how much work is involved with selling your house yourself, why don't you give yourself a jump start and submit your property information to iBuyHouses.com. We will get your property in front of our network of investors and you could get an offer as soon as today! All you need to do is submit your information!

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