Think that you can sell your home and make a bucket load of money on the deal if you do it yourself. Okay, but let's step back and look at the costs of selling your home without the aid of a realtor.
1. You will need to work with a real estate attorney. You will need someone to guide you through the for sale by owner process and to review any contracts for sales. You do not want to take any steps forward in the selling process without legal representation. Depending on the quality of the attorney the charges per hour can range from $150 to $300.
2. How will you determine a fair sale price? Most FSBO sellers soon realize they need to have their home inspected, appraised and surveyed to begin to calculate the home's worth. Each of these items can begin at $300 - $600 depending on the size of the property.
3. What is the marketing plan? Will you rely on a little sign at the curb or will you place an advertisement in the local newspaper. Who will take the photos and create your marketing package for your property?
4. When you receive an offer who is going to review the quality of the offer and explain the terms to you.
5. Now there comes the closing and determining who pays whom and how much and how the transaction is recorded with the county. Remember that real estate attorney your hired; this is where they earn their fee.
6. Time you invested in the total sale of your home. What has it cost you in time away to oversee the sale?
Bottom Line: This is where you need to do the math. This is where you need to count the cost to determine if For Sale By Owner is the way you want to go when it comes to selling your home.
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