Problems Experiences by FSBO
| Getting the right price | 9% |
| Understanding and performing paperwork | 20% |
| Helping buyer obtain financing | 5% |
| Attracting potential buyers | 5% |
| Selling within the length of time planned on | 3% |
| Having enough time to devote to all aspects of the sale | 3% |
| Making appointments to show home | 1% |
| Arranging for appraisers, etc | 2% |
| Holding open house | 1% |
| Other | 15% |
Understanding and performing paperwork
There is an increasing amount of documents and attachments that must be included in every sale. Some closing officers are even having the parties sign an agreement that they will sign additional forms if it is discovered that that they have been accidentally omitted. Specific disclosures can be required to be given to buyers prior to them seeing the property for the first time and others prior to entering into a contract, and still others prior to closing the transaction. A bill of sale is generally required when personal property is included in the sale but special care needs to be taken so that it doesnt affect the mortgage amount.
Specific types of buyer financing require specially promulgated contracts. Understanding which sales contract to use is important to protect the rights of all parties. It is also necessary to know what special provisions to include.
Arranging for appraisers
Frequently, arranging for appraisers, inspectors, and other related professionals is identified as a problem source for owners selling their own home. It is difficult for individuals to build an experience level when they only have a need to use one of these professionals every seven to ten years.
There are qualifications unique to appraisers and inspectors and some specialization does take place to make one professional more appropriate for a particular transaction. A specific disadvantage that a homeowner has is not having comparable sales available to supply the appraiser to justify the contract sales price.
Each
office independently owned and operated