Understand how FSBO works

April 21, 2023

Selling a home is a big deal and can be quite stressful. One option that homeowners have is to sell their homes without hiring a real estate agent. This means listing your property by yourself, and it’s called a For Sale By Owner or FSBO sale. But how exactly does this process work? In this blog post, we’ll dive into the steps involved in an FSBO sale.

Determine the Value of Your Home

When you decide to sell your home by yourself, it's important to accurately price your home to attract the right buyers. This is where research comes in handy. You can research the sale prices of homes similar to yours in your neighborhood, and even look into online tools that can give you an estimate of the current value of your home.

Prepare Your Home for the Showing

You'll need to ensure your home is ready for showing to potential buyers. This includes making any necessary repairs and decluttering. It's also a good time for deep cleaning your home. Ensure your home looks presentable, with no unpleasant odors, before letting buyers in.

List Your Home

Once you've determined the value of your home and prepared it for showing, you can list it. There are a number of ways to list your home as an FSBO, ranging from listing on online marketplaces like Zillow to even putting up a sign in your front yard. A real estate attorney can also help guide you through the process of listing a home without an agent.

Negotiate with Buyers

When potential buyers come to view your home, you'll need to be prepared to negotiate with them. Buyers will usually make an offer that may be below your asking price. You'll need to review the offer and decide whether to accept it or counter offer. If you're unsure of how to negotiate, hiring a real estate attorney can keep you on the right track.

Close the Sale

Once you've agreed on an offer with the buyer, it's time to close the sale. This is the point where the buyer finalizes their financing, and both parties sign the necessary documents to make the sale official. If you're working with a real estate attorney, they can help ensure everything is properly signed and notarized.

As you can see, a FSBO sale can be a bit of work, but it can also be a cost-effective option for selling your home. By valuing your home accurately, preparing it for showing, listing it properly, negotiating with buyers, and closing the sale, you can sell your home without a real estate agent. It's important to note that, despite the many benefits of FSBO sales, it's not the right option for every homeowner, so be sure to weigh the pros and cons before making a decision.