Often pronounced ?fizzbo,? FSBO is a relatively simple acronym. It stands for ?for sale by owner.? Anyone who goes through the process of selling their home without having a real estate agent or broker represent them is considered someone who is selling their home FSBO.
A variety of different methods to sell a home may be used by homeowners without the aid of a real estate agent or broker. For one, they can employ a company that specializes in marketing or online listing. Making use of a lawyer?s services and advice to aid in the process of the sale is another way a property can be marketed solely by an owner.
Many homeowners find the process of selling their homes FSBO to be appealing. Saving money on what is known as a commission is perhaps the most popular reason many choose to go this route. The main means for a real estate agent or broker to earn money while they?re representing a homeowner is to charge a commission, which is a percentage of the price the home actually sells for. As much as six percent of the total sale of the house is charged by some real estate agents and brokers.
There are complications to selling your home FSBO, though. Not much background knowledge in either real estate or law is possessed by many homeowners. This is where problems can occur. A prime example is disclosures. Remember your leaky faucet, or perhaps water damage in the ceiling of one of your home?s bedrooms? A potential buyer needs to have those issues disclosed to them. You are opening yourself up to serious liability issues if a buyer purchases your home without knowledge of anything you personally were trying to conceal. Peace of mind that nothing will jeopardize the sale of your house is exactly why you?re paying your real estate agent or broker a commission, since they presumably know the ropes better than you do.
If done correctly, the FSBO process can be a rewarding one. You could save quite a bit of money not having to pay a real estate broker?s or agent?s commission as a home seller. This could e a good option for you, if you?re up for the challenge. The commission may be a small price to pay for your own peace of mind, however, if you?re less certain of your real estate and legal savvy skills.
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This entry was posted in Home and Family and tagged business, family, Finance, for sale by owner, general, home, Home and Family, Real Estate, real estate - FBSO, real estate buying, real estate selling. Bookmark the permalink.Source: http://www.ericlindgrentango.com/blog/say-what-fsbo-and-how-it-relates-to-selling-your-home
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