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For Sale By Owner and ItsTools

June 15th, 2013 1:43 am

For Sale By Owner, or FSBO is the process of selling real estate without the representation of a real estate broker or real estate agent. Homeowners may employ the services of marketing or online listing companies or market their own property but do not pay a commission and represent themselves with the help of a lawyer throughout the sale.

Selling your house FSBO can save you a lot of money. If you do not hire a real estate agent, you will save thousands of dollars on commissions.

Many options are available for learning how to sell a home on your own. Homeowners have easy access to house selling resources via the Internet. Libraries are another valuable option for locating information and borrowing real estate courses presented on DVD.

Homeowners can find a variety of for sale by owner marketing tools online. Several sources offer FSBO marketing kits and real estate documents and contracts. Sellers also have access to multiple FSBO websites where information and photos of their property can be published.
Other sources for obtaining FSBO information is real estate clubs and online networking groups. Networking groups are typically comprised of investors, lawyers, mortgage lenders, realtors, brokers, appraisers and home inspectors. Participating in these groups gives homeowners the opportunity to network with real estate professionals and obtain top notch home selling information and resources.

Sellers of FSBO real estate must abide by the same code of ethics as realtors. Home inspections and property appraisals must be conducted by a licensed professional. Legally binding real estate contracts must be executed and filed through the court system.
Homeowners should create a marketing plan to attract buyers. Marketing strategies can include creating a website to showcase the property, create flyers or postcard marketing campaigns, or engage in a variety of advertising strategies such as signs, billboards, park benches, TV ads and open houses.

FSBO sellers must acknowledge that today’s real estate market is highly competitive. Homeowners must be prepared to take measures to stand apart from the crowd. Properties must be priced to compete with bank owned homes and foreclosure properties, as well as newly constructed homes offering big incentives.

To Choose a For Sale By Owner Real Estate Service

March 6th, 2013 3:38 am

Maybe you don’t have a lot of equity built up in your home and the thought of having to pay high real estate commissions to a broker just isn’t possible. Or maybe you just like saving money when you can. What ever your reason for looking at for sale by owner real estate options you’re not alone.

More and more people every year are looking for alternatives to full service real estate firms in order sell their homes. So what are you really giving up if you choose to sell your own house versus using a realtor? and what should you watch out for when choosing a company to list your home on your own? We’ll answer these two questions in this article.

What Are You Losing by Going For Sale By Owner

The long and short of it is you need to handle everything when you’re selling your own home. A good for sale by owner brokerage will get your house listed on MLS so that other buyers and potential buying agents can see find the house, however after that it’s all you.

Where a full service selling agent would field phone calls, emails etc. from prospective buyers and agents that will fall on your shoulders. Arranging showings and negotiating a deal with a buyer will also be something you’ll need to deal with when you do find a buyer.

What to Look For in a Company

The key to having a successful for sale by owner transaction is getting your home on the multiple listings service (MLS) in your province.

MLS is still the most used website by individuals when searching homes for sale and is the only site that licensed realtors use when seeking homes for their buying clients. In a nutshell if your home isn’t listed on MLS then the majority of people searching for homes in your area isn’t going to find it. So ensure that the company you choose includes a listing on MLS in your province.

Second, get a yard sign. People driving through neighborhoods they like will often see a sign and then note the address to search on MLS later. If you don’t have a yard sign then people won’t know your home is for sale.

Now these final points aren’t a must but can be of great assistance.

If the brokerage you deal with offers assistance with the sales transaction for a fee that can be worth it. Selling can be tedious and making sure you cross your t’s and dot your i’s is essential.

Also having the option to flip to full service real estate probably isn’t a bad thing either. Of course you always hope that your home sells using the sell your own home model, in some instances you might need the help of a full service agent to find a buyer.