FSBO Frequently Asked Questions
- What questions will buyers most likely ask me when they look at my house?
Buyers want to know about room sizes, history and age of the house, warranties, down payment required, contract format, financial help, title information, and any inclusions or exclusions.
- What questions should I ask potential buyers as they are looking at my house?
Ask buyers if they have a home to sell, their closing dates, and how they'll handle the deposit, down payment, method of financing, and necessary financial qualifications to buy your home.
- How do I determine the price for my home?
Research the selling price for all homes recently sold in your area. This helps you determine a fair market price. Be sure to judge your home's value against homes of similar size with like amenities.
- Isn't it true that I will save the commission if I sell it myself?
Most FSBO sellers believe this. However, only 8 to 12% of all buyers buy from owner/sellers. These buyers are well aware that the sellers save the commission, so they always bargain for the difference, and sometimes for more. These bargain hunters are out for a "steal", and can be intimidating negotiators.
- It will be easy to sell my home in my spare time, don't you think?
Buyers call at any possible time — not just on evenings and weekends or when you're home from work. Actually, they tend to call most during regular business hours.
- What are my best sources for buyers?
The single best source for buyers is an agent; 88 to 92% of all buyers use REALTORS®.
- What should I say during the showing of my home?
It's best to say as little as possible during showings. Allow people to wander through and imagine their families and belongings in your home. Only answer questions and point out warranties, benefits and inclusions, when appropriate.
- What do I need to know about the written real estate contract?
Real estate contracts have protections for both buyers and sellers. They also have four areas of specialty: financing, contingencies, inclusions/exclusions and important dates.
- What happens during the contract negotiations?
Contract negotiations need to be as professional and unemotional as possible, or the deal could fall through because of angry differences of opinion.
- How can a REALTOR® negotiate better than me? After all, I know my home best.
A REALTOR® is a third party, thus, unemotional about the home. He or she is also trained in negotiating home sales. Additionally, he or she may be able to impress upon your buyer the value of your home in a way that the buyer might distrust coming from you.
- How can a REALTOR® actually save me money?
REALTORS® have a greater ability to negotiate and impress upon buyers the fair market value of homes. Because of this, REALTOR® sold homes sell for 9% more money than owner-sold homes. Since the difference is more than the REALTOR® commission, you receive more money for your home.
- How often do FSBO's give up and turn to REALTORS®?
88% to 92% of people attempting to sell their homes on their own eventually turn to the services of a REALTOR® out of frustration with the amount of work involved, the lack of response and the financial complexities of such a transaction.
