How Do I Sell a Home For Sale By Owner?
Are you considering selling your home by owner? There are many factors that suggest the selling of a property by owner is an attractive prospect. However, prior to posting a property as For Sale By Owner (“FSBO”), a seller should consider the positives and negatives of refraining from using a realtor, and posting a property FSBO.
Positives of For Sale By Owner
There are a number of potential positives that can result from selling a property FSBO. First and foremost, selling a property FSBO saves a seller money in realtor commissions and charges. The average real estate commission in Illinois is 5% - 6%, and it is traditionally paid for by the seller. There are other charges that can be associated with using a realtor as well. By selling a property FSBO, a seller can avoid these charges, which can add up to a substantial amount of money. Moreover, selling a property FSBO places all responsibility and decisions in regards to marketing, purchase price, and other considerations in the hands of the seller, which can be attractive to some.
Negatives of For Sale By Owner
There are also potential negatives that can result from selling a property FSBO. First, since you are refraining from using a real estate agent, you may not have access to various resources that can be helpful in determining the listing price for the property. In addition, you may not get the marketing exposure you would get by using a realtor, who has access to forums and other resources that a FSBO seller does not. Lastly, if you choose to sell FSBO, you will need to negotiate the terms of the transaction on your own, which can be challenging and sometimes detrimental for an inexperienced and sometimes emotional seller.
Solutions
If you are contemplating posting your home as For Sale By Owner, it is unquestionably in your best interest to contact an attorney before doing so. A knowledgeable attorney can work with a seller in drafting and negotiating the terms of the sale contract. Furthermore, an attorney can work with you to order title insurance, and negotiate with the buyer/buyer’s attorney during the attorney review period. Lastly, an attorney can draft the deed, affidavit of title, bill of sale, and other documents that are required to effectuate the sale.
The law firm of Ball & McCann, PC has successfully represented many homeowners who have chosen to sell their home FSBO, resulting in tremendous savings and much lower levels of stress. If you are considering selling your home For Sale By Owner, and/or if you have any other real estate related questions, feel free to contact the law firm of Ball & McCann today so we can work together to ensure your real estate transaction proceeds as efficiently and as smoothly as possible.
