Questions To Ask A Realtor As A First-Time Home Buyer Should You Sell Privately As a For Sale by Owner (FSBO)

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Should You Sell Privately As a For Sale by Owner (FSBO)

Thousands of homeowners ponder the question of whether or not to sell privately. It’s a question that’s gotten a lot of attention on the internet, and it’s also spawned a lot of misinformation. Many people want to sell their own property, but are afraid of “hidden” problems that may arise to cost them money, or cause them grief. Fear is the number one reason people are willing to pay a Realtor to sell their home. Unfortunately, this fear is often unfounded, and is often promoted by someone who has an interest in getting your money to sell your property.

For some time now, I have been searching the internet and found many articles that pretend to promote private sales, when in fact, they are designed to prevent you from doing this task. Obviously, such articles don’t come right out and say “Hey don’t do this!”, but instead they tell you all the seemingly bad things that “might” happen if you dare to try it. They paint a terrible picture of private sales while “encouraging” the reader, that no one will try it if they choose to follow the advice of those articles. This kind of fake help infuriates me, and I enjoy the process of “busting” myths that are promoted as truth. This article will discuss, albeit briefly, the reasons many people should, or should not, sell themselves. I will try to clear up a lot of misinformation on the subject of private selling, and in the end, hopefully, you will be in a better position to choose for yourself whether or not to sell privately.

First things first. Who am I and what do I know about Real Estate? I am an experienced (20 years) real estate salesman, now retired. Over the years I have sold millions of dollars in residential and commercial real estate for all types of people including new homes for homebuilders, plazas and offices for corporations, and homes for sale for people like you. I developed real estate, and even became part of the largest home builder in the country setting up sites to market and sell homes. I’ve seen good times, and bad, good things, and bad. I think it’s fair to say that I understand real estate, the sales process, negotiations, and all the good things that allow one to succeed in one of the most competitive industries to date.

In my humble opinion, selling privately is not for everyone, but I honestly believe that most people can do it fairly easily, and succeed. Hopefully by the end of this article you will be convinced of this, so without delay let’s get started.

First some basics. You may have heard the term FSBO (pronounced Fizz-Boh). This is an acronym to describe the term For Sale By Owner. Today both of these terms are used interchangeably to refer to a Private Seller. Let’s continue.

For this next section, I will answer some simple questions that are common on this topic to expose the truth of some false information that others want you to believe.

First question. Do you need a license to sell privately? To the best of my knowledge, no license is required in any American state or Canadian province to sell property privately. In fact, your right to sell privately is protected by law. Throughout this article I suggest that you review my information with your attorney. I do this for two reasons. First, I am not a lawyer and therefore cannot give you legal advice. Second, once you check with your lawyer, you will know that I have given you all those things and that will make you (and me) better. So check with your attorney before you do anything. Enough said, moving on.

How long will it take to sell my property? First, let’s make sure you know what question I’m answering here. I will NOT try and tell you how long it will take you to find a buyer to transact a sale. I’m going to talk about the time it takes to sell a property of your own to give you a sense of what kind of time commitment you need to make to do it right. The answer, surprisingly, is very little time, about an hour or two a day. In fact, if you’ve already taken the time to set up your sale, which is something I’ll talk about in another article, it will take little or no time, unless you’re showing your property to a prospect. buyer.

What is the general process of selling a property privately? In many ways this is the same as selling to a real estate agent. Here is the process of selling a property, private or not. First, the property is advertised to let the public know that it is available for sale. Prospective buyers inquire about the property, make inquiries, and arrange a viewing appointment. Prospective buyers come and see the property, sometimes more than once. If they want the property, they make an offer in writing in a legal form. You (or your agent) and they (or their agent) will negotiate the terms of the offer, price, and closing date. Then once everyone agrees, and all parties sign the offer, everyone goes to the lawyers so they can do their things to effectively express the title, and exchange money etc.

It sounds straightforward, and it usually is. Here are the things you need yourself when selling privately. Before I get into these things, it’s worth saying that I’ll discuss each of these tasks in future articles, so don’t worry if you’re not sure about any of them. We are here. First you need to sell the property, show it to prospective buyers, and negotiate the terms of the sales agreement. Once the agreement has been signed by the Seller and the Buyer, then your lawyer will do the rest for you. Also, don’t forget to get the contact information for the Buyer’s attorney. Your attorney may need this information to begin the process with another attorney.

I’ll end this article here for now, but I’ve written several articles describing the private sale process in great detail, and I’d like to direct you to a great resource at ByOwnerInsight.com where you can read all about on how to prepare a property for sale, sell it effectively, and negotiate a purchase offer. This entire web site is dedicated to the one goal of teaching everyday people how to successfully sell their own property and save thousands of dollars in commissions, but best of all – it’s all completely FREE for you to use! I pull out all the stops, while giving you all the trade secrets to selling your property privately! All I ask is that you share the above web site address with others so that they can benefit as well.

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