Selling a home For Sale by Owner (FSBO) is easy enough: Advertise, procure buyer, write a contract, collect payment for the property, and transfer title. As a real estate broker that is pretty much it, unless something crazy arises.
8 Questions a FSBO Should Ask Themselves
1.Do you have experience in writing a purchase contract on a residential sale?
2. Have you selected an escrow company, title company, and an attorney to serve as the neutral 3rd party in your transaction?
3. Have you considered what time contingencies you will provide the potential buyer for: a) Loan Approval b) Home Inspection c) Mold or Termite Inspection?
4. Do you have a system in place to ensure that you are entertaining offers only from qualified buyers?
5. Have you done a comparative market analysis to ensure that the home you intend to sell is priced properly and will be appraised accordingly when the application for funding goes to a lender?
6 Have you considered how you intend to advertise the property to ensure that any interested buyer is aware of the amenities? a) Will you be using a lead capture service – internet or phone? b) Do you have a means for creating a professional presentation of the property?
7. Have you had your own credit report run in preparation of the prequalification and purchase of your next home?
8. Have you looked at a property yet for your next purchase?
If the answer to any of these questions is NO, then you’ll want to meet with a qualified real estate broker and discuss how they (we) can assist you.