7 Essential Tips for a Successful FSBO Home Sale

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Embarking on a For Sale By Owner (FSBO) journey? Maximize your success with these key tips:

  1. Thorough Research: Before diving in, educate yourself on the real estate sales process. Research recent home sales in your local market using platforms like Realtor.ca and Zillow. Explore your local tax office or property assessor’s office for insights into similar home prices.

  2. Set the Right Price: Avoid delays and price reductions by determining your home’s current market value from the outset. Your initial price sets the tone for buyer interest, making it crucial to choose wisely.

  3. Invest in a Property Appraisal: Eliminate pricing uncertainties by investing in a formal property appraisal. This step is particularly valuable if a buyer requires mortgage financing, ensuring your home sells for its market value.

  4. Secure a Competent Home Inspector: Hire a reliable home inspector before listing your FSBO property. This preemptive measure can reduce negotiation challenges over the asking price, especially if your home requires repairs.

  5. Careful Vetting of Offers: Thoroughly review offers, paying attention to down payment details. Understand lending rules and request proof of funds, especially for cash offers. Engage a real estate attorney to navigate contracts and finalize the deal.

  6. Transparency Is Key: Leverage the direct communication advantage of FSBO. Be transparent about your pricing expectations, contract terms, and, if applicable, clarify the responsibility for the buyer’s agent fee.

  7. Optimize Online Presentation: Given the trend toward online home searches, create a compelling online listing. Showcase your property with high-quality photos and, if possible, a virtual tour. Prioritize cleanliness and decluttering for impactful listing photos and successful showings.

 

Source: NerdWallet

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