A look at FSBO benefits and risks for buyers and sellers.
Edward Gohlich
Selling your home is a big job, and it’s one usually reserved for professionals.
When a property is for sale by owner (FSBO), the buying and selling process changes.
Credit:Edward Gohlich
What Is FSBO?
FSBO is an acronym for For Sale By Owner.
In some cases, those selling their own homes also work with a lawyer who assists with the paperwork.
FSBO means “For Sale by Owner.”
In this scenario, the seller does the work from listing the property to placing For Sale signs.
The process and steps involved with FSBO will be similar to a traditional broker model, Pasquella says.
The benefits of choosing FSBO depend on the needs and priorities of the seller.
Real estate agents might be biased, but many say its a difficult job that many sellers underestimate.
For these reasons, most homeowners hire a professional to handle the intricacies of the process.
The drawbacks of an FSBO are numerous.
You might not have access to the [necessary] forms if youre selling yourself, he says.
Its a risk even for lawyers or past agents, Fouskey adds.
We go through a competitive analysis of the home and know what it sells for, he says.
When you do an FSBO, youre not getting an accurate picture.
The drawbacks can be so immense that Fouskey finds many sellers change their minds.
Most end up transferring over to get an agent, he says.
The benefits of hiring a real estate agent are immense.
It can slow it down.
A hired agent will be up to the challenge.
You will want someone in your corner who can help guide you and with important decision-making moments.
