Defining the Meaning of Sale by Owner
We hear about for sale by owner properties a lot these days and it has definitely a trend that has caught up. When properties are sold by the owner directly, they are known as FSBO (pronounced as Fizz-bow). The way sellers benefit through all this hard work is that they get to pocket a large amount of profit share that was traditionally being split between the agent and the property owner.
While ok by owner sale of home does sound promising, it also entails a lot of hard work which was previously done by the agent. You are responsible for the sale of your property from the beginning till the end which involves detailed participation from your end.
It makes perfect sense for someone who is well acquainted with the business of selling homes in terms of purchasing or marketing to sell their own property as FSBO. However, if you are an inexperienced person in marketing or real estate then you may end up spending more than you are trying to save through the deal. Most of sellers are unaware of what buying and selling of home requires and ends up losing money trying to sell their properties themselves.
The most important thing for a seller to do while preparing his home for FSBO is to market and price is right. This is the only place where most of the sellers go horribly wrong. You need to stage your home perfectly, depersonalize it and make it ready for someone else to occupy. These are some things a lot of people overlook which make them wonder that why their property is still on the market despite being so reasonably priced. Your property should be able to appeal to the buyers as their dream homes and not yours.