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For Sale By Owner (FSBO)

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Information is power. For years, real estate agents and their lobbying groups have done their best to limit public access to the Multiple Listing Service (MLS). The MLS is a collection of information about virtually all the "listed" homes for sale in a given area, (usually to the exclusion of FSBO's). Home buyers have had to work with real estate agents in order to gain access to information on the MLS. Today the Internet has to a great degree changed all that.

The Internet. The Internet now provides an enormous amount of real estate market information to consumers—information which wasn't previously available. Today, you might just as easily sell your home and find your next home via the Internet instead of the MLS.

Advantages of selling as a FSBO.

Increase your profit margin or net cash from the sale.
Title companies, Real Estate attorneys and your Lender can handle most of the transaction.
Lender provided marketing and Free Signage such as that provided by Colorado Springs Mortgage 719-785-1142
The Internet has thousands of sites that contain FSBO-related information.
In a seller's market, you may get several offers within weeks after starting to advertise the property for sale.
There are a number of "For Sale By Owner listing services where you can advertise.
Many real estate agents and mortgage loan officers market their services to
You still have the option list your home in the MLS.

Is a real estate sales commission always 6 percent?

Most real estate sales agents charge a 6 percent commission. Six percent of the Sales Price. A FSBO sale would save all or most of the equity you'd otherwise pay to a real estate agent.

Open Listing. The MLS is the most powerful marketing tool in existence for the FSBO.

Companies exist which help you list in exactly the same MLS as if you had paid a traditional real estate agent to list your property. If you sell your property yourself, "By Owner", without a real estate agent involved, you'll pay no commission to anyone. If a real estate agent is representing the buyers of your property, you'll pay that agent 2 to 3 percent of the selling price. You will only sign an "Open Listing Agreement" (a non-exclusive listing agreement which is an authorization to place your property in the MLS), which may be canceled at any time. This is one way you can put the power of the MLS to work for you.

Professional Property Inspections

Unless your home is relatively new, consider getting a professional home inspection. Many buyers will order inspections if they suspect potential problems. A buyer will use any excuse to justify offering you less than you'd like. A professional inspection can help support your property value.

A professional inspector can accurately assess the condition of your property, and know when to call upon the expertise of others if required. An inspector should evaluate the condition of the exterior: roof, vent pipes, gutters, chimney, siding, masonry, foundation, exterior grounds, (structures, stairs, walkways, driveways, outbuildings, drainage, etc.) Interior inspections should be performed systematically from top to bottom: from the attic to the basement or crawl space. Functionality of doors, windows and storm sashes should be checked. Bio-hazards (lead-based paint, asbestos, etc.) should be noted. The home's infrastructure should be inspected and/or tested: electrical, plumbing, ventilation systems, heating and cooling, water pressure, etc. In the event a structural engineer's opinion may be required, a professional home inspector should recognize and alert you to that need. An engineer's advice might be sought when there are questions about physical conditions, which may potentially threaten the structure and the safety of occupants. Ask your title agent, loan officer, attorney for referrals. Ask the inspector for their professional credentials, experience, and names of a few satisfied customers. Are there complaints registered with the Better Business Bureau? Are they a member of a professional organization.

Frequently Asked Questions

What is the difference between "pre-qualified" and "pre-approved"?

When one is pre-qualified, a mortgage professional has rendered an opinion regarding the home price the potential buyer can afford.

If one is pre-approved, however, a lender has verified all the above and issued an actual Loan Commitment assuring the transactions validity. The lender's commitment is more valuable since it is the lender who will lend the money. When a potential buyer is pre-approved, the seller can be more confident the buyer can close the deal. A seller should always ask potential buyers to provide a pre-approval letter.

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What closing costs might a buyer pay?

Closing costs are various charges paid to different entities associated with facilitating real estate transactions. Some of the closing costs a buyer might encounter include: application fee, appraisal fee, credit report, transfer tax, discount points, notary fee, documentation fee, title and escrow fees, loan fees, mortgage insurance, origination fee, title insurance premium and others. Closing costs are negotiable between the parties.

FSBO Transactions allow The Seller Greater Flexibilty In Marketing there Homes By Paying Some Or All Of These Fees.

What is a point?

One point is equal to 1 percent of the loan amount. Depending on the context, it can have different interpretations. A discount point provides the borrower with a reduced, "discounted" note rate. An origination point is a fee for services rendered in connection for originating the loan. An FHA or VA offer may ask the seller to pay points.

What is earnest money?

When a buyer makes an offer to purchase your property, they will need to provide an earnest money deposit as a sign of good faith. The earnest money deposit becomes a part of the purchase price and is held, or deposited into a trust or escrow account until there is full acceptance of the offer and the transaction closes. Typically, the earnest money deposit is 3 to 5 percent of the offer amount. In a FSBO transaction, the buyer should make their earnest money check payable to the escrow company.

What is title insurance?

Title insurance protects the buyer and seller. It is and insurance policy issued by a title insurance company and specifies, among other things, what liens are recorded against the subject property. Public records can be incomplete and contain errors regarding the history of ownership of a property (chain of title). It's critical that an owner receive undisputed, marketable title to the property.

VA financing

VA loans provide purchasers the opportunity to buy homes with minimal cash investment and at lower interest rates. These loans require the lender or seller to pay for certain closing costs and loan fees that a buyer would normally pay with a conventional loan. VA will also have stricter appraisal and home inspection requirements. All repair work must be done prior to closing the sale. Offering your home and allowing VA financing increases the number of buyers that may make an offer on your home. You always have the right to compare these offers to other offers with conventional financing.

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