January 12, 2007, Newsletter Issue #113: For Sale By Owner (FSBO)

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--and in some cases, that may be true. If you are considering buying a FSBO property, you should hire a real estate attorney to represent you in the transaction. While licensed real estate agents are required by law to adhere to certain regulations regarding disclosures about the property being sold, homeowners selling their own property are not. If you are considering selling your home yourself, you too need to hire a real estate attorney to ensure that you are fulfilling your obligations to the letter of the law in order to avoid potential legal problems down the line.

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