Did you know that in 2020, 89% of people selling their homes were assisted by a real estate agent? Of that 89%, 74% of sellers would use an agent again. To make use of a real estate agent, you just have to want to sell your home. And yes, this also includes FSBO listings.
Did you know that in 2018, 8% of home sales were listed as “for sale by owner?” If that is the route you choose to take, there are a couple things you can do to ensure a successful sale of your home. We’ve compiled a list of five tips to keep in mind when listing your home as FSBO.
While not the typical choice, some people do choose to sell their home "For Sale by Owner" (FSBO). Some FSBO sellers may simply want to be in charge of marketing or save the expense of a listing agent's commission. However, while the starting process of selling FSBO can be easy, the hard part is yet to come with purchasing, transactions, and contracts.
In order to save yourself some headaches and get on top of selling your home, you may want to incorporate a for sale by owner attorney to your journey.
Here are some of the top benefits to hiring a real estate attorney for your FSBO needs:
Contracts and Paperwork
Third Party Interaction
How to Find an Attorney
Contracts and Paperwork
When it comes to selling your home, on your own or with a real estate agent, you’re going to have to get through a lot of contracts and paperwork. When you hire a FSBO attorney, a lot of the heavy lifting gets taken off your plate.
An attorney can guide you through the paperwork required in selling a home, ensuring that you are complying with state law every step of the way. Then, once you’ve received an offer for your home, a FSBO attorney can prepare the purchase contract to assist you in negotiations.
A big portion of time spent selling your home goes into third party transactions. This could include home inspection companies, appraisers, banks, or even construction teams. When you hire a FSBO attorney, your representation can assist you in dealing with other parties that are involved in the sale of your home.
If necessary, an attorney may also be able to assist you in enforcing the terms of the purchase agreement if the purchaser defaults. Even if you are not selling FSBO, we do recommend that you have a real estate attorney review all contracts closing documents as early in the process as possible. For sale by owner agents can prove to be very helpful in terms of marketing your home as well as negotiating with purchasers and other parties involved in selling your home.
Pro Tip: While you are never required to hire an agent to sell your home, it is highly recommended that you obtain some form of legal representation. It is particularly important to incorporate a real estate attorney when there are unique circumstances in the sale of the property. This can include illegal additions or improvements on the property, or if you are selling a house with a non-cooperative co-owner.
As we’ve covered, a FSBO real estate attorney can serve many purposes in the sale of your home. When hiring an attorney that specializes in real estate, you’ll want to ensure that the attorney will ensure your best interests are met in the housing transaction.
A for sale by owner attorney can help you decipher and evaluate complicated offers you might receive from a potential buyer. In the event that the lender’s attorney does not handle the closing, your real estate attorney can take over and host the closing as well. When you hire a FSBO attorney, it becomes the attorney’s to assist you as the seller in any way you need.
How to Find a For Sale By Owner Attorney
When you decide to list your home as FSBO, one of your top priorities should be to find a real estate attorney that will provide you with the assistance you need in the housing transaction. Ask friends or family who have recently sold homes for references, or look online for some of the best agents in your area. Hiring a FSBO attorney that comes as a reference can make the sale transition even easier on you.
If you are thinking of selling your home FSBO, contact an attorney as early as possible in the real estate transaction process so that your attorney may review the pertinent documentation and properly advise and protect your interests before documents are signed.