For Sale By Owner – Pros and Cons of Selling My Own Home

Are you a homeowner and ready to sell your home? Thinking of becoming a For Sale By Owner (FSBO) without the help of a real estate agent? Let’s go over the pros and cons of selling your own home.

Advantages of FSBOs

1. You save money on commissions because you don’t have to pay a commission fee.
2. You are in control. You can choose the appointment times, how to negotiate with the buyer, etc.
3. You can choose the price of your own real estate listing.

FSBO Cons

1. You will probably sell your house for less than it is worth. Without the representation of a broker, it is difficult to price your home correctly without all the tools and resources an agent has.
2. You may have a few places to promote your home, but you won’t get the best exposure in the real estate market. Real estate agents have programs, devices, and methods on how to fully expose and view your home while it is on the market.
3. You do not receive reliable feedback on how your listing is represented. Other industry professionals can be friendly but not always honest about how you could improve your home to sell it faster.
4. You are responsible for all legal forms and bear the risk of financial and legal liability.
5. Things can also get very complicated in a real estate transaction, so educate yourself in all areas of selling a home. You will need to know who to contact for legal advice, home repairs, title companies, inspections, etc.
6. It will be difficult for you to decide who is an interested and qualified buyer, without previous experience.
7. When you find a qualified buyer, you will find it difficult to negotiate and close the deal easily, as buyers have a professional representative negotiating for them and not you.
8. Almost every transaction has some hiccup or bias that complicates the deal. This is where a professional agent really comes in handy because their job is to keep everything in order and eliminate these complications with their knowledge of real estate. Selling your own home without an agent can be stressful and difficult from the time it is listed, to the time it is contracted and closed.

Yes, there seem to be more cons than pros when it comes to selling your home through FSBO. However, don’t be discouraged if you still want to do Sell By Owner. Just try to educate yourself as much as possible on real estate and transactions and realize that you have a lot of work ahead of you. It is highly recommended that you hire a professional if possible. The process will be less stressful and complicated for you, so selling your home will be an enjoyable experience.