Introduction
A for sale by owner home is a home in which the owner is doing the selling. This means there is no Realtor being used to sell the property. The for sale by owner home may enable the potential buyer to get a better deal. By doing a for sale by owner home, the owner of the home avoids Realtor fees, which means the home owner can go down a bit on the price of the home. Often a home owner is more willing to do this with a for sale by owner home due to the fact that they are saving money on the fees normally paid out to the real estate agent handling the sale for them.
History
In a case such as a for sale by owner home, the home owner themselves handle everything pertaining to getting the house advertised and seen by potential buyers. The owners may advertise in local classified ads, through websites such as Craiglist, and through an open house. You may also see a for sale by owner home sign on the front of the house.
Houses sold this way are not as common as those that are sold through a Realtor. Finding one will often require a good amount of searching.
The owner is responsible for showing the home and any staging that is done. They must also be sure to answer any phone inquiries or emails about the house.
While a for sale by owner home is more work for the home owner, there is the potential for a greater profit when the house is sold.
Potential benefits for the buyer
The home owner saving money is a benefit to the owner in a for sale by owner home, however, there are also potential benefits to the buyer. In addition to perhaps getting the home for a lower price, the owner may be more willing to work with the buyers if need by. For example some for sale by owner homes have an owner financing option.
When the owner of the home owns the house outright, they may also be willing to work with a buyer who has some credit issues by offering them a lease to purchase option. This enables a buyer to get into the home sooner than they may otherwise be able to.
Tips and comments
The homeowner should use all avenues open to them for advertising their property. The owner is solely responsible for getting the house seen. Usually a Realtor will have the house listed on their agency website and will be able to suggest the house to those looking to purchase. A for sale by owner home does not come with this help, therefore, it is up to you to get the word out.
Hosting one or more open houses is a great way to get a large group of people in to see the house. Put a sign out in front and place an ad on a website such as Craigslist to get buyers in to have a look.
Stage the home so that it looks its best. Remove clutter to make the home appear more spacious. Be sure to accentuate the best aspects of the home.
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