| FSBO Jargon and FSBO Seller (real estate)
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FSBO Jargon and FSBO Seller
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Use The Internet To Maximize Your New Home Search
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FSBO Jargon and FSBO Seller
When you decide to sell your home without a real estate agent, you enter the world of the FSBO sellers. As with any new experience, you need to understand some of the basic language.
Selling your home on your own makes a lot of sense from a financial perspective. Even though the real estate market has cooled off considerably, home prices are still pumped up compared to historical references. At 6 percent, the commission of a real estate agent can add up to a lot of money. On a $500,000 home, we are talking about a whopping $30,000, which can really eat into the equity you have built up over the years.
If you make the decision to go FSBO, you need to understand a few things. You are essentially taking the oars of the boat and doing all the rowing yourself. This means you need to understand both the concepts involved and the language used during the real estate process. Here are some tips.
FSBO - This term is short for "For Sale By Owner". It is important to understand that it is used as a noun in the real estate industry. Simply put, you are a FSBO. Agents helping buyers will refer to you and your property by this term. Selling agents will also contact you frequently to try to convert you from a FSBO to a listing client, to wit, they want you to hire them.
FFMLS - This term refers to Flat Fee Multiple Listing Service. Many people that consider selling their home with an agent worry that they will not be able to list their property in the multiple listing service for the area. In the past, the "MLS" was a list controlled solely by agents and realtors. These days, there are ways to access it without using a real estate agent. You can pay a Flat Fee for your listing, thus the name.
CMA - This term refers to a Comparable Market Analysis. It is essentially a breakdown of homes in your neighborhood. Information includes things such as the listing prices of homes, valuations and so on. As a FSBO seller, you can obtain a CMA by just contacting a real estate agent. They use these reports as lead generators and give them out for free. Tell them you are a FSBO and they will still give you one. The eternal hope of the agent, of course, is that you will fail as a FSBO and hire them.
Obviously, there are many terms that arise in the real estate world. Most apply whether or not you are using an agent to promote your property. The above represent a couple you need to know as a FSBO.
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Selling Your Home - Put Your Best Foot Forward
As the real estate market cools off, it is important to focus on the fundamentals if you want to sell your home. One key step is to put your best foot forward at the outset of your selling effort.
As strange as it sounds, homeowners became very lazy over the last five years when it came time to sell a home. There was so much buyer demand that sellers really had to make little or no effort to move their properties. As you have probably been reading in the papers or on the net, that market is a memory. If you are getting ready to sell your home, you need to return to the fundamentals of being a seller.
The most important step you can take is to get your home in proper condition prior to listing it. This may sound obvious, but many do not take all the necessary steps. Remember, the appearance of your home is going to be the swaying point in a buyers decision making process. Here are a couple of areas that most sellers fail to think about when giving their home the once over.
If you have a fireplace, make sure to get your chimney cleaned. Yes, it sounds like a strange bit of advice, but it is valid. Buyers know you are going to try to make the home look its best. To counter this, they look in less obvious places to see how you really took care of it before you prepared it to be sold. The chimney is one place the look. I kid you not.
The floor is another place you need to focus on. In this case, I am not talking about the appearance per se, although you should deal with that if it is an issue. Instead, I am talking about any humps or soft areas. In the buyer's mind, the floor should be flat and rightly so. If you have a bump or any soft spot, you must deal with it. Failure to do so will result in your home sitting on the market for a very long time. Buyers focus on floors, so make sure yours is perfect.
If you have an attic, you need to give it the once over. Let's be honest, the attic is the place we all shove our junk. I bet you don't even know what is up there. Well, you need to find out. Buyers are going to want to see it. This means it needs to be organized and clean. If the buyers see a spic and span attic, they are going to be favorably impressed. More importantly, they are going to be under the impression you have really taken care of the home while living there. This impression goes a long way to getting an offer.
At the end of the day, you need to really commit to selling your property. This commitment means going through it with a fine eye for detail.
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FSBO Jargon and FSBO Seller
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