Sell By Owner...The Pros

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Do you have a device, scanner, printer, and ready internet access? If not, do not attempt FSBO. It will slow the process and jeopardize the transaction. If your idea of a tablet involves stone and chisel, buyers might look elsewhere.

Security for you and your possessions should be your top concern. Are you comfortable with strangers visiting your home? Even brokers have protocols to protect themselves. 

Besides knowing what type of contract to use, you need to know how to use it. There are also contract riders and disclosures to consider. If you are not careful, you might not only torpedo a sale, but might also violate the law.

One buyer hates the landscaping you spent years developing. Another does not like the color of the countertops you spent thousands on. Every buyer who looks at your home will have different likes and dislikes. You need to stay dispassionate. 

Does it make sense to go solo? Many FSBO sellers will be deciding (and  practically so) to work with a broker who has a qualified buyer. A recent settlement with the National Association of REALTORS can have buyers paying commission to their broker. Even if you do not list your sale with a broker, I strongly recommend allowing buyer broker participation for several reasons. 

(8 Things To Figure Out).        

Are you up to your eyeballs with job or family responsibilities? Offers have acceptance dates. Agree or counter in time or risk your buyer walking away. Appraisers, inspectors, and others need to see your home. Without timely access, contract timelines can slip. 

FSBO is like working on your car. You might be able to change the oil, but can you work on the motor and transmission? You will need to familiarize yourself with contracts, title insurance, lending, and more.

Are you local? Do you have a flexible schedule? Somebody must show the property and keep the property showable. Appraisers and inspectors will want access. Yes, you can schedule showings only when you are available. But in the meantime your buyer is looking at other homes.
 

Despite industry changes, most home sales still involve brokers. A buyer not working with a broker might hesitate dealing with you. Perhaps worse, a novice buyer might jump into a deal with you. But a situation where neither the buyer nor seller can effectively handle the process is a recipe for a wrecked deal or possible legal problems.