While home sellers can easily get a real estate agent to help them in selling their residential property, they can always opt to do the selling themselves or what is commonly known as a "for sale by owner" or FSBO way. There are many advantages to this but then, there are also some disadvantages. This is the reason why sellers must learn all about the risks involved in order to avoid the common mistakes.

Home sellers can gain a lot of benefits if they sell on their own. The obvious advantage is being able to save money by not paying any commission. With the savings, a seller can then offer incentives to his or her potential buyer like paying for some of the closing costs.

A For Sale By Owner way of selling means the seller has total control of the transaction. In other words, the sellers make their own decision that they feel will benefit them. They can set the price for the property and can adjust to the buyer's price requirement as well as other terms and conditions.

An FSBO seller can also have control over which marketing strategies to use in promoting his or her house for sale and the schedule of showings to prospective buyers. If one is resourceful enough, he or she does not even need to spend much on advertising as there are various ways available including the free home listing services offered on some MLS websites.

On the other hand, there are a number of disadvantages to this method. First of all, it takes a lot of work on the part of the seller. Sellers should always be available to show prospective buyers who may visit the property unannounced.

Homeowners selling on their own may get frustrated with the offers they receive from the wrong buyers. Initially, they may be excited but after a while with no good buyer in sight and with potential buyers not calling again, sellers may be frustrated in the end.

FSBOs are targets of frauds. If sellers are not careful enough, they may not be able to distinguish a legitimate buyer or real estate investor whereas a realtor should be able to recognize mortgage fraud schemes. Sellers who fall victims to these fraudulent schemes may lose thousands of dollars.

Finally, there's still competition when it comes to advertising your home. With thousands of real estate agents around, FSBO home sellers would be competing with them in selling their properties. This, in turn, may result in homes that stay long on the market. The National Association of Realtors reveals that FSBOs sell for an average of 20 percent less than homes sold by agents.

With these pros and cons, home sellers should carefully weigh everything. They should not be discouraged by the risks but should be challenged to try this strategy if they really wish to save money. And before deciding to use the FSBO way, home sellers should be equipped with the right knowledge on the selling process and the necessary negotiating skills to successfully sell their homes. Consulting the proper professionals such as a real estate lawyer and financial advisors will also prove helpful in their endeavor.

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