For Sale By Owner (FSBO) Homes
What if I see a home I’m interested in that is being sold directly by the owner?
A FSBO (pronounced “fizz-bo”) home is one way that home sellers have expressed some distaste with the traditional real estate model. It may be about money… they just don’t want to let go of the 6% or 7% of the sale price… or it may be because they feel that agents offer them no benefit that they cannot provide themselves.
Whereas traditional agents may be somewhat gun-shy in dealing with owners of FSBO real estate, we have extensive experience… in fact, we’ve never found a FSBO home seller who was uncomfortable dealing with us.
But I thought the whole point of FSBO was to avoid real estate commissions. How do you get paid?
Yes, that’s the perception. We get paid by building our 3% commission into the offer placed on the FSBO home and the seller does pay it. But you’’ll find that… while we may not be worth our weight in gold, we usually more than earn our commission in terms of dollars because FSBO’s are incorrectly priced to start with. 90% are eventually listed with a broker within 30 days! And, more importantly, we’re there to keep an eye on the process to help keep you from getting burned. Here are just a few of the reasons that you’ll be glad we were involved:
- Objective Information: Most FSBO real estate properties tend to be overpriced. But if a Buyer doesn’t walk in to a negotiation armed with information (for example, full comparative pricing of similar homes in the area), things can tend to get personal very quickly. An Exclusive Buyer Broker will be able to ask questions of the Seller like: “What factors did you consider when arriving at your listing price?”, and then be prepared to debunk inaccuracies that may be presented as evidence.
- Access to Resources: As our client, you will have access to FSBO homes each week by email. Can you imagine how long you’d spend driving around or scouring newspapers or internet sites looking for that kind of quality information?
- Protection of Your Interests: Imagine a situation where you were being sued and you showed up for the court date only to discover that the persons suing you were representing themselves with no attorney. Would you feel obligated then to fire your attorney and go it alone? Of course not! In the same way, our clients are very glad they have us on their side. You will be, too!