There is no rule that you cannot sell yours on your own. In fact, there are other homeowners like you who have done FSBO (for sale by owner). However, there are several things that need to be taken into account in order for the process to be successful and beneficial on your part.
Home value: You can’t just put an FSBO sign in front of your home without knowing how much your home is valued in the market. Of course, to determine the figures you will need to use the services of a professional appraiser. Your experience in the field will be crucial in getting a sufficient price on your home. Not too low to be below your purchase price and not too high that it cannot be purchased at all.
Marketing: As the sole party responsible for the sale of your home, you must explore all available advertising channels. Since you are on FSBO, you cannot list your home on MLS. It is only available to real estate agents. You probably have to rely on the power of social media to make noise about the sale of your house. Free ad serving services are also available like Craigslist. You can make flyers and brochures if you want and leave them in high traffic places like cafes, bars, restaurants, and parks. But you also need to cooperate with owners and managers before you can serve ads on their places, but it’s worth a try!
Contract: You should have the contract ready because a buyer can agree to buy your home at any time and at times when you are not expecting it. Contracts are difficult to prepare because there are legal issues associated with them. For hassle-free preparation, a real estate attorney is of great help.
Security deposit: You are putting your house on FSBO because you need funds. When negotiating with a buyer, tell him that when he agrees to buy the house and signs the contract, he must make a security deposit for his intention to buy the house. There should be a clear agreement on when the security deposit will be returned to the buyer and when it will be forfeited in their favor.
Property taxes: Avoid being caught in a dilemma after you’ve sold the house. Property taxes are associated costs that come later. Talk to a real estate accountant to determine the taxes owed after successfully selling the home.
These are just four of the many things you need to know about FSBO. Inspections, buyer qualifications, and title should be discussed as a separate entry.
