Is it possible to save money selling your home with a private sale? You bet it is! Selling your house on your own could potentially save you plenty in real estate commissions, because much of the costs, such as marketing, are absorbed into the typical commission. But be forewarned, these savings can come at a high price for many home sellers. Today we will touch on many of the expenses, monetary and otherwise, that you can expect with a FOR SALE BY OWNER (FSBO) or private sale.
Screening The Phone Calls
You will certainly be excited when that phone (hopefully) starts to ring. Excited first-time and experienced home buyers and even real estate agents will be calling. And they will be calling at the most inopportune of times. Then there will be the unwanted marketers and spammers who will have access to your phone number and email that you post on every website.
When you are attempting to sell your own home as an FSBO listing, you will be acting as your own gatekeeper. In other words, there isn’t one! So before you bite off more than you can chew, you need to paint a realistic picture of the time you will have to commit to this home sale. Be prepared to set aside several hours a day (hopefully) for answering or returning calls and sorting out qualified buyers.
Most people are polite and considerate. But when dealing with the public, it can be daunting for those who go it alone with an FSBO listing. This is especially true when potential buyers are standing in your home and being less than diplomatic. Some of them may feel they are being effective negotiators by pointing out all the ‘flaws’ in your home, hoping to secure a better selling price. You may not accept negative comments about your home very well.
Having a local realtor means that you can avoid the discomfort of answering questions that could be described as highly intrusive or of a private nature. There are questions the buyer shouldn’t be asking. And while most people have a filter, in many cases that I would be the realtor. In contrast, it is second nature to an experienced agent to fend off such uncomfortable or even insulting questions with professional responses. Staying cool in the face of such questioning can be rather tricky, but because realtors are not selling their own home, they can usually remain objective.
One of the top reasons optimistic house sellers delay putting their home on the market is their dread of the entire process of showing the house. That seems a bit counterintuitive though, doesn’t it?
Strangers visiting and exploring their private domain is disturbing and intrusive to many sellers. Some are even bothered by online photos, a 360-degree virtual tour, or live video tour. From the inconveniences of last-minute buyers wanting a walk-through to rescheduling your plans around the needs of potential buyers, having an FSBO listing in can be a trying affair. Make sure you are committed to selling your house privately before taking the plunge!
Marketing Your Home
Marketing your FOR SALE BY OWNER listing properly right from the start is a key element when attempting to reduce the number of days your property will sit on the market. The longer a listing lingers, typically, the less the seller will realize. This marketing plan would typically include hiring a professional photographer and even a drone videographer for aerial shots.
From minor touchups in paint to a complete redecoration project, an agent will assist in staging the property for the best possible presentation. Top-performing agents know that competition is fierce in today’s market, as buyers can quickly scroll through hundreds of online listings in a matter of minutes.
Pull Up To The Bargaining Table
Most people have some emotional attachment to their home. But some people are really torn about selling it. This can complicate the negotiation process for your FSBO listing and make it difficult for you to be objective. If your home isn’t in perfect condition, it could be especially difficult for you because buyers might make lowball offers. And no question this can feel insulting.
In their efforts to save money on the deal, would-be house buyers may unleash comments that might seem heartless and cold. look, we’re all human and we tend to get emotional when we are under stress and tired. And selling a home is one of THE MOST STRESSFUL things you can go through. But at the end of the day, an emotional reaction to potential buyers during potentially testy negotiations can be costly. If you react the wrong way and act insulted, you may drive away a motivated buyer who is just trying to position themselves to get the best price possible. Are you up to the challenge?
A great deal of your personal funds can seemingly disappear into the abyss of costly repairs with an FSBO listings Inspections can be seen as a necessary evil because they benefit you as a seller, by protecting you from the possibility of legal action should you fail to make disclosures about any latent or hidden defects.
Sometimes, for your buyers to qualify for their mortgage loan, repairs must be completed before closing, which means you may be footing the bill or at least negotiating that new expense. So your buyers could ask for a costly price reduction for those repairs….their demands whittling away even more of the profit remaining on your property.
An essential step in any real estate transaction is the deposit money, usually handled by the real estate agent and their brokerage, held in an account until the closing. When you accept an offer and take your home off the market, your buyer will have put down a deposit, typically between one to three percent of the purchase price, to show that they are committed to making the deal. You will need to hire a lawyer to hold the deposit funds when you have a for sale by owner listing.
One key element that many would-be home sellers forget to account for is all the paperwork. There is much to be done and it must be filled out correctly.
Most sellers work with a professional, preferring not to carry the load of all of the FSBO listing responsibilities in the real estate market themselves. Along with online and local marketing for the house, this job involves complicated paperwork that must be completed within strict timelines and requires a considerable time commitment. Finally, keeping in mind that any errors on this paperwork can delay or even derail the sale of your home.
There you have it. Just complete those 8 steps, sometimes separately..sometimes all at once, and you will be well on your way to selling your home with a private sale. Click this helpful link if you feel you need more information on how to sell your home privately.
Another Option….Skip Listing Altogether?
While there certainly are some people who are up to the challenge of a private sale of their home, they are few and far between. Most of us lead busy enough lives already and staying on top of all the required tasks is nearly a full time job in itself.
So what is this OTHER OPTION?
Well, if you would still like to avoid the hefty realtor commissions and all of the hassles of an FSBO listing…you can sell directly to a CASH HOUSE BUYER like Sunrise Home Buyers!
Selling to Sunrise Home Buyers won’t cost you a dime and it won’t take much time! Because we buy homes outright, in as-is condition, for cash, without using a realtor. It is stress and hassle-free. While we certainly can’t and don’t buy every house that comes our way, if we can craft a win-win solution that meets both of our needs, we complete the sale.
Typically, the process takes only a few days to complete if we can see your property right away! Then the paperwork is off to the lawyer to make sure BOTH buyer and seller are protected. It’s that simple and straightforward.
Sunrise Home Buyers is the EASY BUTTON option when it comes to selling your house in “AS-IS” condition, without any fees, and on the date of YOUR choice!
Ready to learn more about how Sunrise Home Buyers can help you solve your real estate problems? Contact us today to find out how Sunrise Home Buyers can save you money and time at (587) 982-7576.