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Re: For sale by owner
Do you mean how does it work if you are a seller, and want to sell yourself, or how does it work if you are a buyer looking to buy from a for sale by owner?
If you are thinking of selling yourself, there are many downsides, in my opinion, including the personal safety of you and your family, the security of your home and belongings, the lack of access for buyers to see the home (assuming you work or are not always home during the week). Also, a recent study done by the National ***'n of Realtors showed that, on average, sellers net 16% more when they use a realtor. Many buyers are looking for a "deal" when they buy from a FSBO because they know the seller is saving on the realtor fee. An agent can attract more buyers (85% of buyers use a realtor) and make sure they are qualified. Most (around 90%) of all "for sale by owners" will list with a realtor after 30-45 days of tyring to sell on their own. My stats are all national figures, not local - fyi.
As a buyer, the process (in terms of the steps) is basically the same, whether you purchase a listed property or one being sold by owner. However, some sellers who are selling without a realtor are not as familiar with the process and paperwork and the attorneys tend to be more involved in those situations. Often, sellers who don't use a realtor wind up selling to a friend or relative. Also, in my experience, many for sale by owners are not realistic about price or they NEED to sell for a certain price.
Feel free to FM me if you have specific questions!
Message edited 4/19/2011 8:23:30 PM.
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