Selling your home yourself, do you really want to be an FSBO?
Does being a For Sale By Owner seller mean more profits?
The idea of selling your own home as an FSBO (For Sale by Owner)has been around as long as there have been homes. Today, though, technology offers a new avenue for putting a home on the market yourself: The Internet.
There are many websites that cater to FSBOs. Internet entrepreneurs have created sites that offer very professional-looking options to do-it-yourselfers. These sites have risen in proportion to the rising costs of housing and associated realtor fees and commissions. A far cry from the days when the only choices were hammering a homemade sign in the front yard running an ad in the newspaper, today FSBOs have access to all kinds of online resources, education, and instructions to list their homes--for a fee.
There are many services that you can access by using a website to sell your home, there are unexpected costs, and associated risks when attempting to sell your home as a FSBO. Weigh the risks of taking advice from an anonymous website. Carefully study any home-listing packages before ordering so that you fully understand all the costs involved. There may be hidden expenses that aren't included in the banners and headlines touting the site.
Here are some common elements of FSBO packages that many websites offer:
Payment for services. Different packages may be available for varying costs. Read the fine print before you pay!
Picture submittal. There are usually limits on the number and dimensions of pictures that you can upload. Additional fees may be charged if you want to add more photos. For an extra charge, you can have the site sponsor take photos for you.
Yard sign. Some packages offer a nicely printed yard sign (or more, if you want) for rent. You will have to pay for replacement if you incur any damage to it. The site sponsor will probably have a statement stipulating that they are not liable for damage to any buried services (e.g., electrical, gas, or telephone) from sign placement. Remember that it is your responsibility to find and avoid existing lines when placing your signs.
Print advertisement or flyers/brochures. Predesigned print advertisements may be offered at additional cost. You will need to make copies yourself, either from your own printer or through a copy or print shop.
Print purchase and counter offer form. Pre-prepared versions of these forms will likely be offered to you to print or download for a fee.
Disclosure property forms. A standard disclosure and federally mandated lead disclosure forms are made available once you pay for services. There are not usually additional fees, but you do need to pay your attorney to review them to ensure compliance with legal requirements.
Curb box. You may be able to rent a holder for information flyers. Again, any damage to the holder will be your responsibility.
Carefully weigh the advantages versus the costs of using an internet website as a FSBO. Without the use of a trained real estate professional, you can run into unforeseen hitches when trying to sell your home. Hidden costs can mount, and you may risk legal action by unhappy buyers. Read the fine print, and seller beware!
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