Selling your house for sale by owner (FSBO) in Oak Ridge sounds like a very smart financial decision, especially in this crazy 2021 real estate market. Ideally, the goal when selling your house FSBO is to save money on real estate agent commission fees. That sounds like a great move, but it is not always as simple as it appears. Unfortunately, FSBO’s have a failure rate of 90%, even in a seller’s market. Going at it alone may not be your best option. Below, we will discuss some of the downfalls to consider if you are planning to do FSBO.
It takes Time To Sell FSBO
Selling a house yourself takes time. Unless you have a cash buyer in Oak Ridge ready to go, it’s going to take time to get your house sold. Common things you will need to manage yourself is scheduling appointments for viewings, keeping the house clean and organized, scheduling times for inspectors and appraisers to do their job, and other misc. things take a significant amount of time to manage. Although there isn’t a direct cost, your time is still valuable and you should factor that into your decision.
Selling Your House FSBO Results In Lower Offers
Historically, Oak Ridge FSBO listings sell for less than if you had worked with a real estate agent. Great real estate agents work to stay on top of their market when it comes to advertising and screening potential buyers. Having someone help you sell your house in Oak Ridge that doesn’t have an attachment to it is super helpful as well. Emotions can affect negotiations when you want to sell your house FSBO and it normally leads to a worse outcome.
Consider Repairs Before Selling
If you are wanting to sell your house FSBO, you need to research in depth the property disclosure laws in Tennessee. We actually advise you to seek counsel from a licensed attorney. One mistake can land you in severe legal trouble. In addition, repairs are something that almost every single buyer requests. And if you fail to do them, they will want significant discounts if they fear they will have to do the work themselves. In addition, you should keep in mind that many home buyers in Oak Ridge will be using FHA or VA loans. These loans have property guidelines that must meet their requirements. If you refuse to make repairs to your property and that results in your property being disqualified from those lenders, it eliminates your buying pool drastically.
Selling FSBO Means Paperwork
When you sell your house in Oak Ridge, paperwork cannot be avoided! Paperwork can unfortunantly become overwhelming for most home sellers and when you are selling your house FSBO, it will be all on you! If you fail to get paperwork submitted promptly and accurately, your deals could fall through.
Holding Costs
You will pay holding costs while your home sits on the market for sale. What are holding costs? Holding costs are reoccurring expenses that you are responsible for such as the mortgage, electric bill, water bill, property taxes, etc. The longer your home sits on the market, the more you will spend in holding costs. If you overprice your home, or fail to market it appropriately; it could result in the home sitting on the market for months. Meanwhile, you are still paying all of the costs. Each month that goes by increases your costs. Unfortunately, you will pay these whether you do a FSBO listing or decide to list with an agent. Even an agent cant guarantee you when your home will sell.
Sell Your House An Easier Way
We buy houses in Oak Ridge. If you are considering FSBO just to avoid the fees of a real estate agent, yet you don’t want to take on the hassle of selling the house yourself, we can help! We are local home buyers in Oak Ridge and we also pay in cash. This means we can eliminate the middle-man (agents, banks, appraisers), and bring you fair cash offers in the process. Since we make our money on the back end (flipping or renting), we never charge homeowners any hidden fees or commissions. We also never charge for consults so you have nothing to lose! We are local, dependable, and straightforward!
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