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Tips for Private Real Estate Sales

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Published: 24Mar2009
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In recent years, more and more people have been moving away from using real estate agents for selling their homes. There are many reasons for why private real estate sales are increasing. Let's start by looking at a few:

Get More Money from the Sale

Probably the biggest reason that sellers go to For Sale by Owner is that they want to save money on commission fees. Average real estate commissions go from 3% on the low end to 6 to 7% on the high end. When you're talking about, say, a $500,000 house, that is no small chunk of change. FSBO eliminates real estate agent commissions.

The price of commission to you is even higher since the percentage is based on the total price of the house. When looking only at your equity in the home, you will find that the agent's commission is usually a much higher percentage than 5 or 7%. That alone is enough to convince many people to go For Sale by Owner.

Speed Up Sales

If speed is more important to you than money, you can also do something else with that commission savings: lower the asking price for your house. If you know how much you wanted to ask for with a real estate agent, deduct the commission from that and ask for that amount. A lower price will result in a quicker sale.

For motivated private real estate sellers, lowering the price might not even be necessary to sell your home quickly. After all, you know the house better than any real estate agent does, and you are committed to selling it. FSBO sellers often can sell more quickly or as quickly as any real estate agent.

Sell Your House on Your Terms

When you are doing a private real estate sale, you are in complete control. You decide on the price. You decide where and how it will be advertised. You decide what and if preconditions are required for potential buyers. Who gets to see the house and when they get to see it are performed on your schedule and the buyers', not on the real estate agent's.

Many people find it important to keep this control over the sale of their home. After all, it is your home and not the real estate agent's: you should get to be the one who makes the important decisions for what you think best needs to be done to sell your home.

FSBO Challenges

Of course not everything is easy in private real estate. Because you are taking on much of the responsibilities yourself, it will take more time and effort on your part than it would if selling through an agent. Advertising and other expenses will need to come directly out of pocket, since it will not be coming out of the real estate agent's commission. You'll also need a real estate attorney who knows the ins and outs of private real estate law so as to ensure that everything goes by the book. If you are willing to overcome the challenges, however, you can find putting up a home For Sale by Owner can be very rewarding.

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