Who Are For Sale by Owners?
By Timothy L. Stanley
You see signs in front of homes and on corners all the time that state boldly, “For Sale by Owner.” Who are these people? Simply put, a “For Sale by Owner” is usually a homeowner who wants to retain control of the real estate transaction.
For Sale by Owners (FSBOs) have a do-it-yourself spirit that is truly American. With their independent attitude, they are determined individuals. They are well organized. With their organizational skills, they can stay on task. They may be handy around the house. Moreover, they have the courage to take on all the tasks associated with selling their home. This group has time to advertise, show, and sell a house. While most people do not want to be bothered with strangers coming and going out their home at all hours, FSBOs do not mind. FSBOs like the feeling of control over the real estate process.
Furthermore, many FSBOs are retirees. Retired FSBOs gather all the information possible from friends, books, and the Internet in order to understand and complete their own real estate transaction.
In some instances, FSBOs are professionals. Attorneys, CPAs, and financial investment professionals will readily undertake a For Sale by Owner. Through education and professional training, they have acquired many business skills. They understand real estate. Therefore, professionals appear to have a good grasp of the real estate process and comprehend a real estate transaction and associated intricacies.
Unfortunately, most professionals do not anticipate the time and energy needed to market, negotiate, and shepherd a real estate deal through a maze of obstacles. Pricing a home to sell quickly is a major issue today. FSBOs may not have a good understanding of the housing market. Dealing with stubborn buyers and their financing can also be a challenge for a FSBO. This can cause enormous frustration. Moreover, escrow problems and title implications can be dreadfully burdensome.
By not retaining the services of a Realtor®, a FSBO may save a modest amount of money. However, FSBO professionals may have to sacrifice valuable time from their own profession in order to sell their house. In the end, professionals may lose money in their own profession, when they take on the role of a Realtor®.
FSBOs are determined, creative, and aspire to succeed. They are chasing the American dream. Their home is one of their most valuable assets, so they want to sell their home at the highest price possible.
Realtors® appreciate FSBOs and respect their rugged temperament and fugal nature. On the other hand, Realtors® know a homeowner will usually receive a higher selling price for their home by using the services of a Realtor®. In conclusion, all homeowners should seriously consider retaining the services of a Realtor® in order to insure a smooth real estate transaction.
For information about real estate values in your neighborhood, please call Timothy L. Stanley at 626-230-0741. Timothy L. Stanley is a Business Writer and Realtor® with Dilbeck GMAC Real Estate. This article was published in the Rosemead Herald, and The California Reporter. All Rights Reserved.
