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The Top 7 Reasons Why Most FSBO's Fail To Sell Their Homes On Their Own!
In the United States, less than 10% of all For Sale by Owners (FSBO's), are successful in selling their home by themselves.
That's because most people just give up because they don't realize the difficulty and complexity of the job ahead of them.
But that's not the only reason.
Here are the seven most common mistakes FSBO's make when selling their homes.
1. The Failure to price a property at what market conditions will bear.
The number one reason that most FSBO's don't sell their homes is that they price it too high from the get go..
Many start counting the money they're saving on commissions and how much their sale will net them. If your house is priced higher than other comparable houses in your market, you will not get the offers you will need to sell!
2. Underestimating the time, energy, know how, ability and efforts needed to sell a house.
One of the keys to selling your home effectively and profitably is complete accessibility.
Many homes stay on the market much longer than necessary because the owner isn't available to show the property when a potential buyer is ready to look.
Realize that a certain amount of time may be needed each day to sell your home.
3. Not being prepared to deal with buyers who perceive FSBO's as targets for "low balling".
Another challenge of selling a home is screening un-qualified prospects and dealing with low-ballers.
It often goes unnoticed that much time, effort and expertise is required to spot these people quickly and weed them out.
Settling for a low-ball offer is usually worse than paying any professional fee or commission.
4. Lack of knowledge about financing options for the buyers.
Are you prepared to answer questions about financing?
One of the keys to selling is having all the necessary information the prospective buyer needs and to offer the buyer options.
Think about the last time you purchased something of value, did you make a decision before you had all your ducks in a row?
By offering financing options, you give the homebuyer the ability to work on their terms.
You'll open up the possibility of selling your home quicker and more profitably that way.
It's critical that you establish relationships with a network of financing experts that will help you accomplish your goal profitably.
5. Not fully understanding the legal ramifications and all the necessary steps required in selling a home.
Many home sales have been lost due to incomplete paperwork, by lack of inspections or by not meeting your state's disclosure laws.
Are you completely informed of all the steps necessary to sell real estate?
If not, you may want to consider consulting with a legal or real estate professional before you attempt to sell.
6. Lack of experience with handling the legal contracts, agreements and any disputes with buyers before or after the offer is presented.
Are you well versed in legalese? Are you prepared to handle any disputes with buyers?
It is always wise to put all negotiations and agreements in writing up front no matter how minor they may seem.
Many home sales have been lost due to misinterpretation of what was negotiated.
7. Not contacting the necessary professionals... title, inspectors (home and pest control), attorney, and escrow company.
Are you familiar with top inspectors and escrow companies?
Don't randomly select inspectors, attorneys, and title reps.
Like any profession, there are unqualified individuals who will slow, delay and possibly even cost you the transaction. Be careful!
Selling a home requires an intimate understanding of the real estate market in your area.
If the property is priced too high, it will sit and develop a reputation for being a problem property.
If the property is priced too low, you will be costing yourself money.
Some FSBO's discovered that they lost big money as a result of poor pricing decisions.
In the final outcome, these mistakes could far outweigh the commission they would have paid by using a pro.