Negotiating as a "FSBO"

Negotiating as a "FSBO"We have previously discussed the challenge of the homeowner trying to sell his or her own home.  This process is known as "For Sale By Owner" (FSBO, for short). These homeowners opt out of using the services of a real estate professional, usually with the notion that they will have the most control of the sale.

The biggest difference between a FSBO sale and a sale using a real estate agent is quite simple: a capable real estate professional is a trained and experienced negotiator, while a seller is almost always not.  (This is one reason why represented sellers put more money in their pockets.)

In order to determine your own ability as a negotiator, it is important to grasp the sheer quantity of communications that take place during a real estate transaction. Take a look through this list and evaluate your own potential to get you and your family the best possible deal in your real estate transaction.

Be prepared to negotiate with:

      • The Buyer - They want the best deal possible, and will use a variety of tactics to get what they want
      • The Buyer's Agent - These are trained professionals who are acting in the best interest of the buyer. Their negotiation abilities are usually top-notch, and usually have a deep understanding of the market/real estate analysis databases to use to their advantage.
      • The Buyer's Attorney
      • The Home Inspection Company - This team also works for the buyer, and they will almost certainly find problems with the house which the buyer will use to their advantage.
      • The Buyer's Lender - Occasionally, the structure of the mortgage requires the participation of the sellers
      • The Appraiser - If there is a question of value, you will have to deal with the appraiser
      • The Title Company - Any problems with certificates of occupancy (CO) or permits will bring in the title company
      • The Town/Municipality - If you need to get any COs or permits, you'll have to negotiate with these parties
      • The Buyer's Buyer - If your buyer is also selling a home (and your current sale is contingent upon that fact), you may have to deal with a whole other party should there be problems
      • The Bank - This is a big one, particularly in the case of a short sale. Banks are often difficult to communicate with.

Have questions about the process? Curious to see what a real estate agent would actually be able to offer you for your home sale? Don't hesitate to send us an email or give us a call. We'd be happy to chat with you!

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