February 16, 2007, Newsletter Issue #118: Selling a Home on Your Own

Tip of the Week

FSBO (pronounced "fiz-bo") stands for "For Sale By Owner." Thanks to the hot real estate markets throughout the U.S.over the past few years, more and more FSBO real estate property listings are popping up in classified ads all over the country. Why? It's been a seller's market in many markets in recent years. Houses are being snapped up by buyers sometimes before the for-sale sign is even in place. If a particular house is especially desirable, very often there is a bidding war buyers and the house sometimes sells for more than the original asking price. On the surface, it appears the real estate agent has done little or no work to sell the property. While this may be true in some cases, most often the real estate agency has been involved in helping the seller price the home fairly to attract the best offers. The real estate agency pays for to advertise the property and provides expert advice and guidance to seller's. Most importantly, the real estate agent streamlines the selling process for the seller by screening the countless calls generated by a for-sale sign, showing and re-showing the home, and coordinating the various parties to the sale such as the lender, home inspector, and title insurance company. If you know for a fact that homes in your area are selling like hotcakes, discuss the possibility of a reduced commission with your agent before you sign the listing agreement. Some agents will agree to this, particularly if you agree to use their services to buy your new home.

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