For Sale By Owner (FSBO): Take of a Real Estate Agent in Cookeville, TN

Real Estate Agent with First Realty Company

For Sale By Owner is an interesting concept and as a real estate agent, I have dealt with many home owners trying it.  In their mind FSBO has the potential of getting them more money as they save the real estate commission.  For buyers the concept of saving the commission on the FSBO seems exciting.  I cannot claim that some were not lucky and have managed to sold their property quickly, but these were the minority.  The devil as always is in the details. 

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In the perect scenario, the buyer and seller find each other, agree on all the details, the deal is fair to both of them and everyone lives happily ever after.  But just as fairy tales, this happy ending does not happen often.  Here is why?

For sale by owner homes do not get the exposure that real estate listed properties get from MLS access, hundreds of professional real estate agents competing to sell the property and dozens of dedicated websites that market the property.  The sign indicating the intent to sell and a listing on a website does not even come close.  In addition to this, in the for sale by owner transactions, you have the psychological barrier of the buyers dealing directly with the homeowners knowing that they have all the interest in them buying the property.  This is different from dealing with an agent who represnts them.  Many buyers also fear that for sale by owner did not go through the tough market value test.  The market is the only real arbiter in determining the actual value of a home.  This means that the home is priced according to what the owners believe it is worth and since it was not exposed to the forces of the market enough, due to the limited exposure, it may be overpriced.  Saving the comission while buying an overpriced property may not be that good of a deal afterall.

As a real estate agent, I believe home owners have more potential of getting better price for their homes through real estate marketing and exposure even after the real estate  commision than with FSBO with all the hassle it brings.  For buyers, buying a for sale by owner, exposes them to the risks of buying a property that may not be priced right and without the knowledge and experience of a real estate agent.


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