"For Sale By Owner", or FSBO for short, is a term used to identify homes or other property that is sold without the assistance of a real estate agent. In most cases, property owners advertise via classified ads, through word of mouth, on the Internet, and by other means. Selling FSBO cuts out the middleman- since you don't need a real estate agent or a broker, all those commissions and fees stay in your pocket. Here, you will learn some more about "For Sale By Owner", and hopefully be able to decide whether or not it would be worth it to you.
One of the best things about selling for sale by owner is that the sale goes according to YOUR schedule- you will know exactly when prospective buyers will be coming for a tour, and will have time to prepare- unlike selling with an agent, where schedules aren't definite and the property owner must keep the property in "show" condition at all times. When a buyer makes an offer, there is no negotiating between agents, making agreements quicker and easier to reach.
No one knows your home or property better than you do. With an FSBO transaction, you can show the home and be able to explain in great detail what the highlights of the property are, and you will know which parts to downplay. As is the case with agent-sold homes, a fairly priced, well-maintained home will practically sell itself. Selling FSBO means that there's no agent to tell you what to do or when to do it- you are in control of advertising, scheduling home showings, and even taking the home off the market if you so choose. Perhaps most importantly, you will be the one dealing with the buyers.
Another great thing about selling FSBO is the lack of commissions. No matter how generous the real estate agent, whenever you work with one, they will walk away with some of your money. Think about the value of your property, and then calculate five or six percent of that amount. That's what you would lose in terms of agent commissions and other fees. If you do decide to list your home with an agent, you will probably end up with a higher asking price to recoup your commission losses. That can lead to disappointment as your home sits on the market, and pressure to accept a lower offer after a period of time. Selling FSBO eliminates the waiting, the stress, and the expense of dealing with a real estate agent.
When you sell FSBO, you get to meet the potential buyers for your home, and you will be able to come away with a better idea of how serious they are, what they like and what they dislike about the home. Getting direct feedback is a lot better than dealing with a middleman and having to wonder how the sale is going, or why you aren't getting any offers. Selling FSBO is easy, and definitely worth it- if you can sell a car, you can sell a home.