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Libby Gatewood
REALTOR®, ABR,GRI,RAA
Associate Broker/Appraiser
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Articles Tagged "FSBO"

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January
31

Selling Your Home - Top Reasons Why FSBOs Fail

WHY FSBOs FAIL
If you're the kind of person who likes to do things on your own, you might find the idea of an FSBO sale – for sale by owner – intriguing. Unfortunately, the benefits that people expect often fail to materialize ... and the final sale turns out to be much less profitable than planned.

Homeowners who are going into their first sale often believe they can save money and even speed up the process by going it alone. When things go poorly at first, it's easy for inexperienced sellers to double down and feel like they just need to "tough it out."  By the time they decide to work with a qualified real estate agent, they may have done more harm than good selling their home.

By the time someone is there to get the sale on track, trends in the housing market could be shifting. Sometimes, the changes are positive ones. In many cases, though, sellers find themselves running after the initial conditions that persuaded them to sell in the first place.

That can be a disaster – it could even sabotage the prospects for selling at all.

How FSBOs Go Bad

It would be one thing if an FSBO went south in a few days or even a few weeks – that would leave you time to recover. But problems often unfold slowly, with their own gravity, that brings you inexorably to a failed sale. There are simply so many factors creating headwind against a successful transaction that virtually anyone would struggle with them.

Let's look at some of them:

  • House Valuation
    Real estate agents get housing valuation info from a number of sources. That includes historic data on recent sales in the area and trend lines for similar markets. A valuation is not simply "how the agent feels" about a home, it's calculated to attract the right kind of buyer. Sellers risk losing thousands by undervaluing a home or pricing it out of the market by overvaluing it.

  • Contract Errors
    Real estate agents bring procedural know-how and connections to ensure legal errors are kept to a minimum. Scams happen, and selling or buying a home without contracts in place will leave unscrupulous characters free to run off with your money or turn around and leave you in the lurch when you might believe a deal is as good as done.

  • Honest Mistakes
    Real estate agents carry errors and omissions insurance – E&O – to protect them against liability if facts in a listing turn out to be wrong. Without that added layer of protection, FSBO sellers can find themselves in the hot seat. Even buyers who agree to purchase a home at a certain price could turn around and sue, claiming you misrepresented the merits of the property.

  • A Longer and Much Less Lucrative Process
    All other factors being equal, FSBOs sell for less and spend more time on the market than other properties do. In 2015, they were estimated to lose about 16 percent of their sale price compared to agent-assisted sales. Prices dropped even further when the buyer was someone the seller knew. At the same time, around 18 percent of FSBOs failed to sell within the desired timeframe.

When you choose to work with Napier ERA, you'll see the value you get from day one. Our real estate agents are experienced local experts who know what it takes to help Richmond homes for sale succeed on the market. For personalized advice that will put you on the road to the sale you really want, simply contact Napier ERA today.

Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 11/27/2022. The listing information on this page last changed on 11/27/2022. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of CAAR MLS (last updated Sat 11/26/2022 11:10:19 PM EST) or CVRMLS (last updated Sun 11/27/2022 1:07:42 AM EST) or Williamsburg MLS (last updated Sat 11/26/2022 10:54:24 PM EST) or NNAR MLS (last updated Sat 11/26/2022 10:26:31 PM EST) or Chesapeake Bay & Rivers (last updated Sat 11/26/2022 8:50:22 PM EST). Real estate listings held by brokerage firms other than Napier Realtors ERA may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved. --


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