For Sale by Owner?

The value of good Real Estate Agents is immeasurable. Working with a top-award winning Agent, with over 30 years of experience,  I can attest to how important it is to work with a knowledgeable Realtor. Judy is a very smart professional – and she knows the local market…and over thousands of clients knew that, too.

If you are in a different market, outside our coverage area (the southwest and west suburbs), and are wondering what it means to be for sale by owner (FSBO), please read below. If you are in the Chicago area, we’d be happy to help you buy or sell. Contact The Glockler Group today.

2013-NAR-research-home-sellers

 

If you are at all considering FSBO, here are some questions to ask yourself:

–  do you truly understand all of the necessary paperwork, disclosures, and requirements as a seller? Who is going to order title?

– do you have connections to the local media (print and digital) and are you prepared to pay the fee that can be at least a few hundred dollars, to start, to advertise?

– gone is the time that you can put an ad only in a paper and expect calls. do you have access to premium listing options on websites and other buyer lead generators?

– are you an experienced real estate negotiator?

– do you know what is legally required of you as a seller?

– are you comfortable having these discussions in your home face to face with the other party and take emotion/your ties to your home out of the equation?

– do you have the time to track and monitor showings, including cancelations, last minute request, obtain feedback and more?

– are you ready to negotiate and be in contact with these people regularly?:

  • The buyer who wants the best deal possible
  • The buyer’s agent who solely represents the best interest of the buyer
  • The buyer’s attorney
  • The home inspection companies which work for the buyer and will almost always find some problems with the house.
  • The termite company if there are challenges
  • The buyer’s lender if the structure of the mortgage requires the sellers’ participation
  • The appraiser if there is a question of value
  • The title company if there are challenges with certificates of occupancy (CO) or other permits
  • The town or municipality if you need to get the COs permits mentioned above
  • The buyer’s buyer in case there are challenges on the house your buyer is selling
  • Your bank in the case of a short sale

(source KCM)

– do know lenders and their lending processes?

– what are your fees / closing costs you must pay as a seller?

– do you have updated copies of all of the required paperwork and disclosures?

– do you have a professional photographer and marketing admin?

– do you know the name of any updates and property features and how those specifically compare to the recent comps? Have you viewed the recent comps and your competition?

– do you know the timeline as a seller?

– do you know the average price per square foot, have access to MLS market data, statistics and analytics?

These are just some of the many tasks of the Real Estate Agents and it is not a complete list of what may be required of you as a FSBO.

Only 9% chose to sell as a FSBO (per NAR Research)… and in this area, they tend to sit on the market longer.

Sellers net more money and save time with a broker, on average.