For Sale by Owner (FSBO) is the process of selling real estate without a real estate agent, giving homeowners full responsibility for marketing, negotiating, and completing the sale.
Sellers choose FSBO for potential cost savings, avoiding the typical 5% to 6% commission paid to real estate agents.
FSBO process involves preparation, marketing, listing, handling inquiries, negotiations, drafting contracts, closing processes, and possession, requiring a understanding of real estate and legal processes.
While FSBO may save on agent commissions, sellers may incur costs for attorney fees, ranging from $800 to $1,200, and potential commissions for the buyer's agent.
When dealing with FSBO properties, it's essential to verify legitimacy, ensure proper documentation, and consider legal advice due to the absence of a guiding real estate agent.
You can find FSBO homes at online FSBO websites, social media, online classifieds, local newspapers, driving around neighborhoods, networking, real estate agents, attorneys, public records, and real estate auctions.