People like to think of “selling house by owner” in a positive light. Cutting out the “middle man” sounds like such an attractive way to go about selling your home.
When selling house by owner, however, this also means the owner is in charge of the layers of paperwork and process involved in selling the home. It’s not impossible, but the seller needs to be ready for the work ahead.
A term you’ll see often is “FSBO,” and yes, you pronounce it “Fizz-bow.” FSBO stands for “for sale by owner.” It makes it easy, and dare we say sounds trendy to circumvent the need for a realtor and sell your own home.
We’ll go through some of the pros and cons of “selling house by owner.”
An Expert on Your Own House
A pro “selling house by owner” is that the former owner knows everything there is to know about the house. You can communicate any and every piece bit of work that has been done in the house, through the time that you’ve owned it.
The con to being the expert of your own house in an FSBO scenario is that you will hear the criticism of your work first hand. You will
know what you did, and likely be proud of the elbow grease used to get the work done.
Others may not see it that way or may have chosen a different way to do it. The criticism may be emotional to hear.
Selling House By Owner Pitfalls
Unless you are already equipped with the knowledge of the current housing market and what features buyers are actively seeking out, there might be missed opportunities along the way. Realtors are trained in marketing a home and showcasing its most attractive features to buyers
in certain markets.
Realtors are trained for the process of buying or selling a home. They also have the luxury of being objective about the selling points and drawbacks of your home, and how to frame that to a potential buyer. Realtors will be able to list your home and present it to her right audience, but they will also take a commission when the house is sold.
How Quickly Do You Need to Sell Your Home?
If speed is of the essence, perhaps you have a job waiting in another location or you just need the money, there are pros and cons in “selling house by owner” scenarios.
You might ask yourself, “how can I go about selling my house fast?” One way to sell your own home quickly is to find a house buying business. They will be the ones purchasing your home for cash if your home meets their criteria.
Another way to weigh whether listing your home FSBO or through a realtor is by how well you know your market. If you already possess market knowledge or have an interested buyer in mind, then selling your own home may be a quicker way to sell your home.
If not? Perhaps enlisting the help of a home buying service or realtor might take it off of your hands a little faster.
What Do You Think of “Selling House By Owner”?
Do you think that “selling house by owner” is the way to go to sell your home quickly?
There are many pros and cons to FSBO scenarios, and knowing your own strengths, your home, and your market are all important factors to consider.
Have you sold your own home before? Do you see the value in realtors or home-buying services? Let us know what you think.