Thinking of going FSBO “for sale by owner”?
Are you a property owner in Punta Gorda, thinking of doing a “for sale by owner” or FSBO sale …without a real estate agent? If so, there are some important factors to consider.
Usually, when it comes to selling real estate, a property owner entrusts a licensed real estate agent and brokerage with the task of marketing, negotiating, facilitating and ultimately closing the transaction. The agent or broker is in charge of nearly every aspect of the property sale as authorized by the owner.
The real estate agent is in charge of marketing/advertising, communicating, selling, negotiating and providing the necessary documentation to multiple parties, on a timely basis, in order to close the sale and receive a commission. This removes a significant amount of stress, frustration and potential financial liability from the property owner.
Nevertheless, there are some property owners who decide to go it alone and sell directly to interested buyers. They do this either because they believe they can handle all aspects of the sale themselves and / or want to avoid paying a commission.
If you are thinking of going it alone, here are a few of the most important factors to consider:
Limited Advertising and Marketing Network
To get the highest selling price for your property, you need a marketing strategy that is effective in attracting well qualified buyers. This is typically the greatest challenge for FSBO’s because most people don’t have access to a buyer network that is comparable to a professional real estate broker. Even with the help of the internet and a number of websites focused on helping FSBO’s…it’s still not comparable.
Procedure Expertise in Contracts and Documentation
You need to have a purchase contract to begin the selling process. Except you aren’t a professional real estate agent…so the possibility of bungling the sales process as an inexperienced property seller is quite high. If you have no experience selling a property, responding to purchase offers, fully understanding the consequences of certain concessions or terms and or have no negotiation background in real estate, you may want to consider hiring an experienced agent. Without such experience, you will find it hard to cope with the whole process of negotiations and documentation. The sales process doesn’t end with just closing the property sale. In order to formally close and complete the sale of the property, you will need to submit a long list of required valid sales documents to the appropriate government legal offices and housing agencies. This aspect of the real estate business is a pain and for those not familiar with the process its downright frustrating. You could find yourself having a sales negotiation process extended unnecessarily if you as a seller and property owner are not knowledgeable of the intricacies of the required documentation.
It’s not unlikely that as the property owner you have an emotional attachment to your property. A potential sale or negotiation could be negatively impacted by your emotional ties to the property. Such emotional involvement could see an owner refusing to sell if they feel that a prospect doesn’t fit their ideals for a buyer or for some other personal reasons and this could lead to unnecessary delay in selling the property. Real estate is usually very personal. However, when using an experienced real estate agent, these issues are usually non-existent as their primary role is to protect your interests and to sell your property at the highest possible price.
The Bottom Line
Successfully closing the sale of your property at the highest possible price with terms that best serve your interests is the bottom-line, regardless of if you do it yourself or use the services of an experienced real estate agent.
Buying a FSBO Property
If you’ve found a FSBO property in the Punta Gorda area that your thinking of buying and want to use an experienced agent who specializes in helping buyers then please feel free to reach out to me directly @ (941) 661-9773. I will help you determine the proper value for the property and the best approach to take with your offer.