Common Problems FSBO's Face

By: Gloria Smith
Submitted: 2007-01-17 16:16:36
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Many home owners opt to sell their properties without the help of a real estate agent because they no longer want to be burdened with the additional costs involved when dealing with professional realtors. This method of putting up your home for sale is not bad and there are many books, articles, and magazines written on the subject matter and these do help. However, even if you are equipped with the know-how, sometimes, FSBO can also be difficult and taxing. Some of the issues involved in FSBO transactions include:

- Being unable to list homes in MLS (Multiple Listing Services) – FSBOs are not allowed to list their properties in MLS because some MLS publications or websites only permit their members (usually real estate brokers or agents) to make the listing. There are exceptions to the rule and finding the exception is not an easy feat.

- Homes not shown by Agents – Unless you agree to give the buyer’s agent a commission on a sale that he might be able to close, you may not find agents gladly showing their clients your property on their own accord. Even if you do give a commission, without a contract (listing agreement), agents would still hesitate to show your property off.

- Overpriced Homes – This is the common problem FSBOs face. As the owner of the property, you will naturally think that your home is worth more than what the market is commanding. An overpriced home will deter buyers and very few will make a slightly lower counter offer, which you may (or may not) consider.

- Buyers are Intimidated – Buyers tend to discuss the pros and cons of a unit amongst themselves. In homes where a realtor represents the owner, they would feel more at ease asking about what they see as problem areas and can freely talk about the property. If you’re the one showing the place off, even if you are out of earshot, buyers would feel uncomfortable talking about the place, more so ask you about its troubles.

- Legal Troubles – Unless you know your real estate laws, you may encounter some trouble with regards to the legal requirements involved when selling properties. There are several documents that you need to fill up and you may have to alert several offices of your decision to sell your home.

These are just some of the difficulties FSBOs face. However, these are not tasks that are impossible to complete. If you really want to sell your home by yourself, by all means, go ahead. Just make sure that you do your homework well and, in case you meet a bump in the road, don’t hesitate to approach the professionals. They are there to help

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Article source: Expert Articles

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