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The Truth About FSBO

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First of all, what is FSBO?
FSBO = For Sale By Owner. (pronounced "Fizz-bo")  
When property owners try to sell their property without representation from a qualified professional. 

The Facts About FSBOs
Click here for the Original Article from Realtor.Org

A close look at "For-Sale-By-Owner" (FSBO) data from NAR's 2006 Profile of Home Buyers and Sellers

Each year a small army of home sellers throw caution to the wind and “go it alone” — without the assistance of a licensed real estate professional.

This ever-decreasing band of risk-takers, ventures into the land of pricing, marketing, screening, scheduling, showing and paperwork, with the goal of saving some money. It's often an experience they find less than rewarding.

The numbers (if not the sellers) tell the story.

In 2006, just 12 percent of sellers chose the FSBO (“For Sale By Owner”) route, down from 13 percent the previous year, according to NAR’s 2006 Profile of Home Buyers and Sellers. This is down from about 20 percent in 1987.

But more telling than the decline in FSBOs is the fact that 40 percent of all FSBOs sold their homes to someone they knew prior to the transaction. This means that only 7 percent of all home sales are open market FSBO transactions. The rest are simply unrepresented sellers in private transactions.

From NAR's 2006 Profile of Home Buyers and Sellers

Eighteen percent of FSBO sellers indicated that preparing the home for sale was the most difficult task when selling without the assistance of an agent, followed closely by understanding and performing paperwork (16 percent) and selling within their desired time frame (15 percent).

As for profit — after all is said and done, FSBOs don’t always come out with fatter wallets. Again, the numbers tell the truth.

Homes sold with the help of a real estate professional in 2006 sold on average for 32 percent more than FSBO sales. The median FSBO selling price in 2006 was $187,200, compared with $247,000 for agent-assisted transactions.

COMMON FSBO DIFFICULTIES

• Offered at the WRONG PRICE.
• Overpriced and lose valuable time, effort, and marketing dollars.
• Underpriced and lose valuable equity.
• FSBO Websites
• 'Free' sites often sell their mailing lists to generate revenue.
• Most sites charge listing fees that vary from just a few dollars to thousands of dollars, but provide little traffic or leads.
• Many sites are poorly marketed, which means it's unlikely a buyer will ever find your property in the first place.
• Marketing (newspapers, open house events, showings, etc)
• Expensive
• Time consuming
• Often ineffective
• Frequently results in unqualified buyers and 'tire kickers'
• Typical Results
• 90% eventually list with a Realtor
• Only about 14% actually sell by owner
• Transaction Problems
• Personality conflicts between buyer and seller often lead to problems or litigation.
• Maze of paperwork required to complete a sale.
• Inexperienced buyers or sellers may pay unnecessary costs and expenses.
• Property defects and problems are often not propertly disclosed in FSBO transactions.
  
• Title/deed errors can lead to long-term difficulties and even foreclosure (tax liens, mortgage liens, clouded title, etc).
  

Something else to consider...

Most buyers are already working with real estate agents because doing so is generally free for them.

Many buyers have a pretty good idea what they want and don't want to spend weeks driving around potential neighborhoods or digging through the classifieds.  

By working with a real estate agent, they get the benefit of having a professional show them an area, point out important things they might otherwise miss, give them information about the neighborhoods, schools, laws, and regulations, help them negotiate a good deal for their purchase, help them wade through the piles of paperwork, plus walk them through the closing process and make certain everything that needs to get done actually gets done.

Can you sell your property on your own?
Yes, of course.  The real question is whether or not you really want to do so.

Can you and your family afford to waste valuable time and money testing the market and trying things on your own?

Why would we help you FSBO?
Firstly, if you're looking to sell your home, chances are that you'll need an agent to help you find a new home.  Even if you're moving out of state, we can help you find a reputable agent wherever you're moving.  

Secondly, we also know that 90% of FSBOs eventually list with an agent, and honestly, we would like the opportunity to be your Realtors of choice in the future.

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Thinking about buying a FSBO?

INFORMATION BUYERS SHOULD KNOW
ABOUT "FOR SALE BY OWNERS."

When you are in the market to purchase a home, there is a lot to learn about the process. Review our process on how to purchase a home in Florida. You should also understand some of the hidden risks when considering purchasing a home by a "For Sale By Owner" (FSBO or Unrepresented Seller) without a Aqualand Realty Florida sales associate.

The Unrepresented Seller most likely has not received a thorough Competitive Market Analysis on their home from a professional Realtor or Appraiser. Therefore, the seller's pricing is often inflated and speculative. Typically, the Unrepresented Seller theorizes that pricing can always be reduced and consequently, overprices the home. If you are not represented by a Aqualand Realty sales associate, who is a local market specialist possessing valuable up-to-date market information, chances are that you will more than likely overpay for the home.

The Seller's Disclosure is the seller's divulgence, to the best of their knowledge, of the physical aspects of the property. This includes numerous categories such as condition of land, structural condition, plumbing, roofing, electrical, any additions and remodeling of the property. Seller's Disclosure is mandatory in many states; however, a written Seller's Disclosure is optional in most states. Unfortunately, Unrepresented Sellers do not provide a Seller's Disclosure Statement unless the Buyer is knowledgible about the document in advance or is represented by a Realtor.

Aqualand Realty Residential Real Estate has found through experience that disclosure in writing is the best way to clearly communicate the physical aspects of the property. The Seller's Disclosure reduces uncertainty and misunderstandings thus giving buyers confidence and peace of mind when negotiating on a property. Your Aqualand Realty sales associate can assist with having a FSBO fill out this company form to assist you prior to making an offer to purchase the property.

Purchasing a home is one of the biggest investments you will ever make. It is important to have the proper representation for this life-changing transaction. A professional Aqualand Realty sales associate can represent you in all areas: negotiating the best price, terms, conditions, inclusions, exclusions, disclosure and area information. When you purchase directly from an Unrepresented Seller as an Unrepresented Buyer, no professional representation is provided.

Quite often, Unrepresented Seller transactions fall through because of personality conflicts, overzealous demands by either buyer or seller or the seller's emotional ties to the property. A Aqualand Realty Buyer's Agent acts as a "non-emotionally involved third party" who can help work through all sensitive issues. The Agent can also be present for the home inspection and help manage all the details of the transaction.

If not, click here to
find out why it should be!