One of the biggest benefits of selling your home through the FSBO market is getting to save the commission that you would normally pay the real estate broker or agent. FSBO homes are attracting a lot of home sellers, amid the economic recession.
However, if you are not able to go about FSBO homes, then your supposed savings would be for naught. You have to make sure that you understand very well how the FSBO market works. There are a lot of things you have to handle, things that are normally handled by real estate brokers and agents.
When a buyer gives an offer for your FSBO home, you have to check and research about the buyer’s financial situation. Make sure that your buyer is already pre-approved by a financial company, and what the amount is. You also have to find out how much is the loan amount that they are applying for, and what percent of that amount do they want to put down.
A buyer’s offer should be reviewed two or three days from the date that the offer was give. Never reply verbally. Instead, review the document very well. After you have considered the offer, proceed to writing an acceptance.
A lot of times, your buyer’s first offer would be less than your expected selling price. With this, you can then proceed to make a counter-offer. This gives you a chance to negotiate with the buyer and find a middle ground which the both of you can settle with. Remember that when you are preparing the counteroffer for your FSBO home, make sure that you write it based on standards set. You can get the standard format in your local attorney’s office or escrow company. You can also purchase these online.
When you write the counteroffer for your FSBO home, indicate that you are actually negotiating different offers. This implies that when one of your buyers sign your counteroffer, it does not mean that you have already accepted it and that it is already final. A lot of recent real estate documents contain a section specifically for such kind of a situation. This section allows you to tick a box that corresponds to your being released from being bound to a signed counteroffer you get. This allows you to thoroughly review all counteroffers before you make your final decision on your FSBO home.