What To Keep In Mind For FSBO

9/23/2019

While there are a variety of reasons as to why you may want to sell your home on your own, there are things you need to keep in mind before committing to the process. By choosing the ‘For Sale By Owner’ route, you may think it’s as simple as listing your home, then making a substantial profit. However, there are a variety of hidden costs that may add up in the long run, which can impede your selling process.

 

No matter if you are simply looking to control your overall selling process or looking to save money by not using an agency, our team at Home Avenue can help. While we primarily offer flat-fee realty services, our team of realty professionals also offers tips and help regarding FSBO. Here, we’ll discuss some things to keep in mind before committing to FSBO.

Research Additional Costs

Selling your home through FSBO may seem simple and straightforward, but there are a variety of costs that can creep up if you have not allotted extra money for unforeseen expenses. While you will save money from not paying a commission, that money will disappear if you’re not proactive. Additional costs that may arise during your FSBO process include:

  • Paying for credit reports
  • Paying for home inspection
  • Paying for staging or photography
  • Paying to list your home properly
  • Paying to market your home properly

 

At Home Avenue, we offer a variety of FSBO packages for homeowners. With these packages, our team will provide assistance with the sale of your home for a single fee. However, if FSBO isn’t on your mind, we also offer flat-fee realty services. 

There Are Many FSBO Scams

Unfortunately, there are plenty of scams out there that directly involve FSBO. While you may think FSBO sales would not be affected by scams, there are ways for scammers to ruin your sale. Typically, scammers target patrons with little to no real estate experience and present you with false documents. These documents could be anything from appraisals to loans. Additionally, in recent years, foreign buyer and third-party purchase scams have been gaining momentum. In foreign buyer scams, these people try to get you to put a deposit down by wiring them money. If you are working with an organization that needs you to wire them money, be sure to do further research to ensure it is not a scam.

You Are Liable For Any Mistakes

At Home Avenue, our agents are backed by our Errors and Omissions Insurance. This means that if an agent leaves out important information during the sale or makes a mistake, our insurance company pays to mend the incident. However, if you choose the FSBO route and make your own mistakes, you will have to pay out of your own pocket to alleviate the crisis.

You Have To Handle All Paperwork

While all realty companies know how to navigate the paperwork associated with home sales, it is hard to know how to handle everything on your own. If you don’t fully understand the contracts and other legal documents associated with selling your home, you are opening yourself up for errors and potential legal fees. Home Avenue offers a complete Purchase Agreement facilitation service to ensure the paperwork is completed correctly.

 

Some common documents you may be dealing with if you choose FSBO include:

  • Property Disclosures
  • Sales Contracts
  • Occupancy Agreements
  • Lead Paint Records

 

During the FSBO process, you are also in charge of open houses, inspections, security for your home, and more.

Contact Home Avenue Today

If you are looking for a team of expert realtors dedicated to saving you money during the sale of your home, contact our team at Home Avenue today. Our team of experienced professionals can help you save more with our FSBO assistance packages or our flat-fee real estate services. To learn more or speak with an expert, give us a call at 952-929-7355 or message us on our contact page today.