We buy houses in Florida. We offer cash for houses in Florida where there’s more than one way to sell a home. If you’ve ever looked into doing some home selling of your own, you’ve probably seen these four letters: FSBO. But what does FSBO mean, exactly? As your local Florida home buyers, we will discuss that in this blog.
It’s an acronym that denotes, “for sale by owner.” In short, rather than working with a real estate agent or broker, you sell the home without any outside help. But why would anyone want to do that?
For one thing, you avoid paying expensive real estate agent fees. But the whole story is much more complex than fees alone. Let’s take a deeper look at FSBO sales to determine if one is right for you.
What Does FSBO Mean at a Glance for Your House in Florida?
Selling a house for sale by owner is less popular than ever. According to the National Association of Realtors, only 11% of homes sold in 2018 were FSBO. Even worse, these homes sold for 30% less than those with an agent.
Or did they? Some pundits claim that FSBO home sellers really are making more money. Thing is, they are selling cheaper houses, which in turn contributes to that questionable 30% less statistic.
On paper, selling a house without an agent will save you about 6% of the final sale price.
6% may not seem like a lot until you put it in the context of a home sale. If someone sells their $250,000 home FSBO, they’ll save $15,000 on agent fees. That’s a small fortune.
You can sell your home at a cheaper, more competitive price as an FSBO home seller to precipitate a quick home sale. Or, you can sell it in line with the neighborhood average and pocket the savings. It’s up to you.
But why doesn’t everyone go FSBO with so much money on the line? Well, you have to do the job of a real estate agent all on your own. And in some cases, that really can cost you more money than it saves.
How to Do for Sale by Owner in Florida
If you’re thinking of selling a house for sale by owner, you should know everything that entails. Many home sales start as FSBO until the owner realizes they need professional help. By then, they’ve already made a few unnecessary mortgage payments.
Here’s how to make an FSBO sale the right way.
1. Create an Enticing Listing Price of the FL Property
A seller’s agent would normally use their resources to create a comparative market analysis. Basically, they look at homes for sale in your neighborhood with the same characteristics. From here, they can come to a fair listing price.
And the right listing price matters. A lot. The longer your home sits on the market, the less likely it is to sell at all.
So, how do you make your own comparative market analysis? First, you should have a third-party appraiser visit the home to help you better understand its current condition.
With this knowledge in hand, you can make use of online tools to search through public housing records. Look for comparables close to your home that sold no more than a few months ago. Remember that the actual sale price is the only one that matters — not the initial listing.
2. Prepare Your FL Home
Before you put your house on the market, you’ll want it to look its best. Use knowledge from the appraiser to decide what, if anything, may need to be repaired or replaced. You’ve got other options if you don’t want to make repairs to your home.
Once the repairs are complete, think of cosmetics. A new paint job, enhanced curb appeal, and professional staging can all be cheap methods of drawing in a crowd. Based on your comparable research, you may decide that sprucing up your home is unnecessary.
3. Start Marketing the House in Florida
Now you’re ready for the listing. Use a high-quality camera to take photos of every room from multiple angles. Many home sellers, even those working with a real estate agent, rely on a professional real estate photographer to get the job done.
But where do you list your home? A multiple listing database is the most potent option, but you’ll need to spend a few hundred dollars and contact an agent to make it happen. Alternatively, there are a few FSBO databases that see decent traffic and are worth a look.
Don’t forget the basics either. A “for sale” sign is an easy way to drum up interest, as well as free advertisements on social media and Craigslist. You can even purchase a cheap print ad if you feel the local paper has a decent audience.
4. Use a Real Estate Attorney in FL
Home selling is a heavily regulated industry. Without the help of a real estate agent, you’ll need to use a real estate attorney to handle the paperwork. You can find template forms online, though there are also comprehensive services that handle the entire FSBO closing for a few hundred dollars.
That’s a small price to pay compared to the tens of thousands a broker could cost you. Keep in mind that real estate laws vary from state to state, so you’ll want the template that corresponds with your living area.
An Alternative to Traditional and FSBO Home Selling in Florida
When you asked “what does FSBO mean,” you probably didn’t expect such a complicated answer. You stand to make some extra cash when you sell for sale by owner. But only if you do it right.
If you want to sell your home without a broker or taking on the responsibilities of one, there’s a better option. You can sell your Florida home as-is for cash, avoiding both commission fees and stress. Get your cash offer today.
Sell My House in Florida
If you think you need to sell your house in Florida fast, then you may need us. We at Florida Cash Home Buyers are local homebuyers in Florida, and we’re helping local homeowners have a quick and hassle-free sale. If your Florida house qualifies, we can make you a quick and fair cash offer.