by Dylan Taft
on Monday, March 14th, 2011 at 12:52pm.
FISBO’s or For Sale By Owner properties have become a popular trend
over the past few years, especially to the property owner who is on the
verge of selling their property as a short sale. Due to the unfortunate
imbalance in the real estate industry over the past several years, many
homeowners are opting for FISBO’s as opposed to short sales. A short
sale basically is a sale in which the bank or the mortgagor is willing
to discount the loan balance due to the misfortunate economic hardship
of the borrower.
To many, the pros of going FISBO seem to be the perfect out when
selling real estate. Sellers can literally put money in their pocket by
listing the property themselves which weeds out having to pay a
commission to a Realtor. FISBO’s make it easy for sellers to cut their
prices because of the fact that no commission is involved, as opposed to
the seller who were to sell their property through a real estate
company and having to pay a commission.
Sellers who opt to sell their property as FISBO‘s often hire FISBO
website companies to assist them in the marketing of their property.
This type of marketing does not give the seller the as much exposure in
the local market unlike if they hired a local Realtor, who would assure
extensive MLS exposure and local advertising at no cost to the seller.
FISBO’s in essence are more affordable to those who are seeking a
solution prior to selling as a short sale, or filing for foreclosure,
however it is important to weigh the benefits of selling a home For Sale
By Owner as well as the drawbacks.
First and foremost, when hiring a real estate professional, you can
be assured that the agent will work in your best interest, list the
price of your property based on the current market value and what has
sold within the direct vicinity of your home, and will market your
property to target the perfect buyer and will work hard to negotiate the
highest asking price for your property. With that being said, because
of the direction the housing industry has gone it is not the time to
sell as a FISBO unless you are creative and perceptive about how to
market your property during this temporary economic downturn. In today’s
real estate market, it is possible for contract sales to drag on and on
which can be quite discouraging especially if there are no additional
prospects. There is such a huge influx of inventory available in the
market today and if as a well-versed seller you are accustomed to the
fluctuations and trends in the real estate market that occur every few
years or so, then you know how to properly market your asset. If that is
not your niche, then perhaps having the assistance of a well-seasoned
real estate agent, one who has the skills to properly market your
property during the down times as well as the up-swings in real estate
is the right way to go.