The odds to sell FSBO without any assistance from a broker are incredibly low especially in today's market. In the past year only 9% of sellers who tried FSBO sold that way. 91% failed. That is extremely long odds, yet some sellers try FBSO only to get disheartened and chuck it all and list with a high commission broker.
The very reason Homeowners Concept even exists today is because our founder walked away from buying a For Sale By Owner (FSBO) property in 1984 and in the process realized that many other buyers probably do the same and bypass the FSBO route. An extensive research of 100 FSBOs from 6 months earlier validated the theory and Homeowners Concept was born as the missing link between FSBO and paying a hefty 6% commission.
In essence, many sellers think that if they just stick a sign in the lawn and have an attorney to handle the paperwork, they are set. This assumption is far from reality as buyers do not use the sellers' attorney. Buyers have to retain their own lawyer at a substantial upfront expense without even knowing that they will get the house. Buyers still have to navigate everything on their own including issues with inspection, financing, appraisal, etc. No wonder then that buyers shy away from FSBOs unless the property is one heck of a deal. With odds of FSBO success this low one can see why Homeowners Concept has grown and flourished over the past 25 years assisting the wise sellers who are looking to save the high commission AND have an expert Realtor handle the sale.
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yap we too tried it on our own but you now have our house for sale. I can see buyers not wanting to mess with it all.
ReplyDeleteone of my neighbors is with Buyowner and I guess they took him for $2,500 and they are not even brokers. go figure
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