As we all know, owners who try and sell their own home are doing it for one reason and one reason only; To save money! But what most sellers don't realise is that, according to the latest statistics, they will actually get less for their house when trying to sell on their own; The typical FSBO home sold for $153,000 compared to $211,000 for agent-assisted home sales. What? Yes, that's a 58,000 dollar difference!
What else doesn't the FSBO know? When an owner puts their property on the market themselves, they are subject to all the laws that apply to the sale of any real estate and ignorance of state and federal real estate laws are not a viable defense if sued. Sellers usually never talk to an attorney until after the process has started. By then laws pertaining to, property disclosure, fair housing and lead disclosure may have already been broken.
FSBO's never seem to think about personal security either. Who would willingly let strangers walk into their home without hesitation or asking for any identification? A pertinent question to ask a FSBO is this, "if I strolled up to your door before you put your house up for sale and asked to look around, would you let me?" Of course they respond, 'no.' I then ask the rhetorical question, "how does the sign in your front yard negate safety concerns for your spouse and family?" It doesn't! But FSBO's very rarely think in these terms, they're thinking, "I have to sell my house, so I'll do what's necessary."
While crime isn't a factor for home sellers in my market area, from Point Pleasant Beach to Barnegat to Little Egg Harbor along The Jersey Shore, people need to be aware of the possible ramifications of trying to sell thier own home.
To me the problem, as with most things, is lack of knowledge. We, as professionals need to educate those FSBO's about the true nature of selling their house on their own and that we can help...AND make them more money!
Karl Hess, Barnegat Homes and Real Estate