People often refer to this relatively simple acronym as ?fizzbo.? What it actually means is ?for sale by owner.? If you choose not to be represented by a real estate agent or broker, you?re considered to be selling your home FSBO.
A variety of different methods to sell a home may be used by homeowners without the aid of a real estate agent or broker. For one, they can employ a company that specializes in marketing or online listing. Making use of a lawyer?s services and advice to aid in the process of the sale is another way a property can be marketed solely by an owner.
The process of selling your home FSBO can be appealing to many homeowners. Perhaps the most popular reason many choose to go this route is to save money on what is known as a commission. When you sell your home through a real estate agent or broker, their main means of earning money themselves is by charging the homeowner a percentage of the price their home actually sold for. Some real estate agents and brokers can charge as much as six percent of the total sale of the house.
FSBO transactions are not without their complications, though. Most homeowners do not possess much background knowledge in either real estate or applicable law. This is where they can run into problems. Disclosures are a prime example. That leaky faucet and the water damage in the ceiling of one of the rooms? Those issues need to be disclosed to a potential buyer. If a buyer purchases your home without knowledge of anything you personally were trying to conceal, you are opening yourself up to serious liability issues. Real estate agents understand the ropes in this arena, and that?s exactly why you?re paying them a commission: for peace of mind that nothing will jeopardize the sale of your house.
If done correctly, the FSBO process can be a rewarding one. You could save quite a bit of money not having to pay a real estate broker?s or agent?s commission as a home seller. This could e a good option for you, if you?re up for the challenge. The commission may be a small price to pay for your own peace of mind, however, if you?re less certain of your real estate and legal savvy skills.
Interested in discovering more on Colorado Springs CO Realtors or other property alternatives here in Colorado? Our real estate brokers are here to assist you. Furthermore, consider making use of our complimentary info and real estate tools if you are trying to find Realtor in Colorado Springs.
Source: http://articlehotel.com/the-ramifications-of-fsbo-both-good-and-bad/
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