Considering FSBO? Here’s what sellers should know.
Some homeowners hire a realtor because they do not want to deal with the stress of selling their home while buying another. Meanwhile, others want to avoid working with a realtor to make the process less complex and increase their profits from selling.
If you are considering selling your home through the “for sale by owner” (FSBO) strategy, there are a few things you should consider before moving forward.
1. Calculate how much it will cost to prepare your home
Regardless of the approach you take to sell your house, you will have to prepare your home for the sale. This often involves:
- Repairing utilities;
- Updating the interior and exterior;
- Deep cleaning the home; and
- Removing personal belongings from the home.
In FSBO, you are responsible for preparing the house for showings. It is essential for you to calculate how much it will cost you financially, physically and timewise to get your house ready before you begin the FSBO process.
2. Get an official appraisal
It can be helpful to check online real estate listings in your area to understand the general price range for your home. However, you should obtain an official appraisal to ensure you:
- Understand what a fair and competitive asking price is once you list your house; and
- Have evidence for price negotiations with potential buyers.
3. Be professional
It is common – and natural – to be emotionally attached to your house. Homes can hold many memories for Mississippi families.
However, for the FSBO process to succeed, it is helpful for sellers to remove emotion from the process. Homeowners must become the salesperson for potential buyers. So, looking at the sale from a professional view can help sellers understand the buyer’s perspective and provide honest answers to their questions.
4. Consult an attorney
In Mississippi, you must have an attorney for any real estate transactions, including closing the sale on your house.
Consulting an attorney can also help reduce your stress. The process of selling a home involves a significant amount of legal paperwork, contracts and legal agreements. Dealing with this paperwork on top of selling your home can be overwhelming.
It might be beneficial to consider speaking with a real estate attorney who can:
- Review the real estate contract and other documents to ensure they are correct;
- Protect your rights and best interests throughout the entire process; and
- Ensure you comply with Mississippi laws.
Selling your home does not have to be stressful, but you must ensure you strategize and find the right real estate attorney for you before you move forward with the FSBO process.