Common Mistakes Made by
For Sale by Owners
(FSBOs)
1. Underestimating
the importance of preparing their home for a great showing. See my
11 Tips for a Successful Open House
for ideas.
2. Pricing their
house incorrectly. Most FSBOs lack the market knowledge and
objectivity to price their house just right.
3. The inability
to determine if a prospective buyer is financially qualified to purchase the
home.
4. The frustration
of not attracting enough prospective buyers to their house and consequently
accepting the first decent offer that is put on the table.
5. Underestimating
the challenges of selling the home on their own, especially the paperwork!
6. Some FSBOs lack
the ability to negotiate effectively, resulting in them accepting an offer
that may not be very attractive.
7. Many FSBOs lack
the financial ability and marketing prowess that is crucial to advertising
and exposing their home to prospective buyers.
8. FSBOs often
don’t anticipate the headaches caused by having to change their schedule to
accommodate times convenient for buyers.
9. FSBOs are more
likely to stumble into legal problems. The construction of enforceable
contracts and timely commitment to decisions are critical to the home
selling process. In real estate, time is of
the essence!
10. FSBOs have a
limited source of qualified prospects. Any prospective buyers are
attracted only by the advertising capabilities of the seller, which can be
both time-consuming and expensive.
11. Most real
estate professionals avoid showing FSBO homes unless specifically requested
by a prospective buyer. This is because the chances of a fair
commission (if paid at all) are greatly reduced.
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