There are many benefits to selling your house off-market or For Sale By Owner (FSBO). During challenging times like the one we face today, many Americans are without work and are facing many different types of obstacles. Historically, homeowners tend to sell during these times as they cannot pay their mortgage or then need to utilize the equity in their home to provide financial alleviation. And in many cases, these sellers need to sell and close quickly. Here are 6 Reasons Why FSBO may be right for you:
1. Your Safety Is a Priority
During this pandemic, your family’s safety comes first. When you FSBO, it is incredibly easy to control who is coming in and out of your home, if anyone at all. You are the homes top expert. You can inform prospects more about the home than any real estate agent or anyone else for the matter. If a cash buyer has adequate information, they can make you a fair market offer sight-unseen. This greatly minimizes, and can even completely eliminate foot traffic.
2. You Can Devote Your Full Attention To Selling Your Home
Not only do you know your house more intimately than anyone else, you do not have other listings to worry about. Most well-qualified agents have several listings at a time. Even fewer of those agents have adequate systems to give you and your listing the attention it needs.
3. You Remain In Control Of Negotiations
Here are just a few things you can easily negotiate when you sell FSBO:
- Sell your property AS-IS – this means no inspections, clean up or repairs; you’d be surprised how many buyers will agree to this.
- Closing Date – choose your how quickly you want to close
- Which Title Company to close at and who pays closing costs – many buyers are willing to pay for closing costs
- PRICE – YOU won’t compromise. However, many agents may be motivated by quotas and/or commissions and could encourage you to take a lower offer prematurely.
Chances are you have a great idea of what your home is worth. If not, call a local appraiser and have an appraisal in hand before you put a sign in your yard and begin to market to potential buyers.
4. No Inspections, No Appraisals, No Waiting for Lender Approvals
When you sell your house FSBO, you will find well qualified buyers that either have cash to buy your property or have a line of credit that allows them to close in as few as 7 days. Be sure to ask for Proof of Funds. These same buyers will buy your house as is and do not need approval from their bank.
5. FSBOing Has Become Easier
With all of the resources online and the abundance of title companies, is easy find anything you need. From YouTube videos to online software, there are an endless amount of options. Title companies act as third-party to help sellers like yourself avoid legal jeopardy.
6. You May Make More Money from the Sale
Saving a commission is the biggest reason why homeowners decide to sell For Sale By Owner. While it is negotiable, the average real estate commission is 6%. On a $300,000 sale the seller would pay out $18,000 in commissions.
Researchers at Northwestern University found that sellers who decided to sell themselves and used online resources received as much as those who listed on the MLS and hired an agent.
“Before you start trying to work out which direction the property market is headed, you should be aware that there are markets within markets.” -Paul Clitheroe
Selling and buying real estate is not rocket science. With the help of a good title company, you can be protected. Selling your own home yourself leaves you in control of the transaction. Do you want to let your house sit on the market to find a buyer that may not potentially qualify to purchase your home? Do you want to risk closing for a pending appraisal or inspection? Would you like to pay 8-10% commissions and closing costs?
In the past my brother and I have witnessed sellers take their home to the market only to net less than what we offered them. If you’re interested in finding out how much cash your Austin home is worth, send us a message today.