For Sale By Owner

For Sale By Owner or FSBO (pronounced "fizzbo") is a real estate term for the method where the seller directly sells their real estate to the buyer without using a real estate broker or real estate agent. The benefit is that the seller doesn't have to pay a commission to an agent. The property owner does this with the aid of an attorney

"Listing your home 'for sale by owner,' or FSBO, can save an average of $10,000 in real estate commissions. In 2005, over 2.25 million sold their home "by owner." Online FSBO options also are accelerating: In 2003, an astonishing 840,000 FSBOs used online listing services."^[1]

"Using a broker to sell your home can cost you up to six percent of the selling price -- in other words, if you sell your house for $400,000, you can spend up to $24,000."^[2]

Are Real Estate Agents Required?[edit]

"No law requires you to hire a real estate agent when you sell a house. Some states, however, particularly in the eastern half of the country, require a real estate attorney to handle the transfer documents and closing. Check with your state department of real estate to find out whether an attorney is required in your state."^[3]

How to List Your Home for Sale[edit]

Get help from FSBO websites. If you're interested in going it on your own, check out sites such as http://www.owners.com or http://www.fsboguide.com.

See also[edit]

• Real estate

External links[edit]

• NOLO Press For Sale by Owner in California
• For Sale by Owner Kit ebook on Amazon.com
• FSBOthatWorks.com Free Required Legal Document Templates

References[edit]

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