The For Sale by Owner (FSBO) option allows homeowners to dictate most, if not, all aspects of the process of selling their home. Like other houses for sale in Bridgeport CT, homes that are FSBO can be listed on any major listing site or MLS. Homeowners selling their homes FSBO can show the property to potential buyers and even conduct negotiations of the deal and closing.
There are two main ways FSBO homeowners selling their house in Bridgeport CT can go about getting their home sold.
The first way is by doing the entire process on their own. For instance, if the seller has a Multi Family House for Sale in Bridgeport CT, he or she is allowed to set a price for their home, market it through online platforms or MLS, along with other houses for Sale in Bridgeport CT, and conduct all negotiations as well. If assistance is needed in this process, sellers have access to online platforms with information and answers to problems pertaining to FSBO and Bridgeport houses for Sale.
The second way is if the seller and buyer know each other and come to a mutual agreement. This is convenient to the seller as a real estate agent is not involved in this process and the seller also benefits from cost savings by not having to market their property. A survey conducted by the National Association of Realtor; shows that 46% of FSBO sellers did not use the method of marketing their homes, which allows for the assumption to be made that they knew the person their home was sold to.
Benefits of Houses For Sale In Bridgeport CT by FSBO.
There are many motivating factors and benefits that drive sellers with houses for sale in Bridgeport CT to go through the process of selling their home by themselves.
- You are in control – You make all the decisions that go into the process of selling it from price, to upgrades you make, to whom you sell it to.
- Faster sale of home– FSBO homeowners with Bridgeport houses for sale can expedite the sale of their home. The National Association of Realtor in a recent survey stated that 77 % of FSBO homes were sold within a two-week period, but that’s usually because the seller knows the buyer.
- You can save money– Although negotiable, an agent’s average commission is usually 5 or 6 percent of the selling price. For instance if a homeowner with a Multi Family house for sale in Bridgeport CT utilizing an agent, selling their house for $200,000 could have saved at least $10,000 if they chose to do an FSBO sale instead.
- You can avoid foreclosure – FSBO homeowners are often trying to avoid have a Foreclosure House in Bridgeport Connecticut for Sale by taking control of the process.
Drawbacks of Selling Your Home Yourself
FSBO is not an easy process, hence after a while home sellers tend to hire an agent. Here are some reasons why.
- You lack experience– If you do not have a background in real estate or selling any homes of sort, you may not be able to handle the affairs efficiently and effectively to get your home sold. From setting the right price for your home, staging the home so it is appealing to buyers and handling negotiation details.
- It is time consuming– FSBOs with Bridgeport Houses for sale sounds like a great project to do on your own. But once you have an idea as to the price you want, it may seem doable but if you consider the hours that go into determining price ranges, doing upgrades and other essential tasks, it may seem better to get an agent who usually speeds up these processes.
Benefits of Accepting a Cash Offer instead FSBO
Cash home sales differ from traditional home sales or FSBOs in several ways. Let’s look at a few.
No Appraisal – In a cash sale, no appraisal is necessary. In most cases when selling Houses for Sale in Bridgeport CT, an appraisal is used to determine the home’s value. If an appraisal comes in low, the mortgage lender may decide they’re not willing to finance the home sale. This is a major cause of houses for sale in Bridgeport to fall through. A cash sale takes the appraisal out of the process. Because there’s no mortgage lender involved, no one requires an appraisal removing a huge obstacle from the home selling process.
Fast Closing – Cash sales take less time to close, from start to finish. Again, the mortgage lending process is usually to blame. A cash sale isn’t contingent on mortgage underwriting. That means home sellers both reduce their risk of a deal falling through and save time on the sale process.
Less Risky – Cash offers tend to be stronger than offers using traditional financing. When presented with multiple options, it just makes sense for sellers to pick the buyer that presents the least risk. Usually, that’s the cash buyer.
Reduce Stress – Selling a house the traditional way is stressful. You have to clean, stage, repair, and upgrade. Deal with the appraisal and inspection, and keep your home spotless through showings and open houses. And let’s not forget the million and one other things to worry about; will the buyer back out or lose financing? How long will it take to sell? A quick home sale reduces some of the stress typically associated with selling a home.
Save on Repairs – In a traditional home sale, the inspection brings attention to necessary repairs. In most cases, the home seller must either pay to fix problems or lower the home’s asking price accordingly. In a cash sale, you simply sell as-is. You’ll save money on repairs and upgrades… especially given that most don’t even result in a full return on investment. Best of all, you don’t even need to clean or stage.
Save on Commission Fees – Selling Bridgeport house for sale cash means you skip the Realtor and save the money. Just be sure to check for hidden fees, as some cash buyers may spring them on you. Fortunately, CT Keys do not have hidden fees, so more money stays in your pocket.
Ultimately, it is the home owner’s choice, but take the time to understand all of your options. If you would like to learn more about how we can help? Just call CT Keys at (203) 928-0425 or send us a text message any time!