5 Reasons Why You Should Avoid a For Sale by Owner
If you are a motivated seller with a little cash in hand and some business savvy, you may decide that you can sell your house fast in Cincinnati, Ohio, instead of hiring a realtor to do it for you. This method of selling property is known as a for sale by owner (FSBO). An FSBO puts you in charge of the sale from listing to closing.
There are certainly some benefits of an FSBO. You save money on realtor commissions and fees. You maintain more control over the sale. If you are a good negotiator, you may even make more money on the transaction. However, the downsides of a for sale by owner far outweigh the benefits. Below, we look at five reasons you should avoid a for sale by owner and consider selling your house as-is for cash instead.
1. Realtors May Not Show Your House
FSBO transactions have a bad reputation in the real estate industry. Buyer’s agents do not like working with sellers due to unrealistic expectations, hard-nosed negotiations, and scams, which occur frequently. If you choose to sell your house yourself, you will have to overcome the stigma by establishing trust and defending your asking price. This may require more work than you had originally anticipated.
2. It Can Take Twice As Long to Sell Your House
If you sell your house directly to a buyer for cash, you can close the sale in as little as seven to 21 days. If you hire a realtor and list the house on the market, you can expect to find a qualified buyer within 60 to 90 days. If you decide to go for an FSBO, your timeline would likely extend to six to 12 months before finding a buyer. If you need to sell your house, an FSBO will not work for you.
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3. Selling a House Is Time-Consuming
Realtors, investors, wholesalers, and companies that buy houses put in long hours to buy and sell houses. If a realtor is selling your house, they easily fill the hours marketing the house, scheduling appointments, negotiating with buyers, and closing the sale. If you decide to undertake the sale yourself, you need to prepare to treat it like a side job, where you may spend as many as 20 to 30 hours per week finding a buyer and closing the deal.
4. You Need to Be a Skilled Negotiator
Negotiating a real estate deal is all about psychology. You need to know the buyer’s frame of mind, needs, and pain points. You need to anticipate their objections and be prepared to defend your selling price. Most of the skills needed in negotiating a deal are not intuitive. Rather, they are learned over time. If you cannot negotiate with buyers, you will likely sell your house for far less than your original asking price. Or, worse, you will not sell it at all.
5. You Still Pay All Selling Expenses
Choosing not to hire a realtor may relieve you of realtor commissions. However, you still incur all the other selling expenses. You still have to pay for inspections, appraisals, repairs, and closing costs, which can all eat into your profits. When you spend thousands of dollars in costs, you have to ask yourself if an FSBO was worth the time and effort.
Sell My House Fast in Ohio
Before you contact the realtor or list your house on the market, do not pass up the chance to sell your house as-is for cash. Neighborhood Enrichment is here to help you find the simplest solutions to get cash in hand quickly without wasting time and money on repairs and closing costs. We buy houses for cash in Ohio. Call 513-586-4237 today to get a fast cash offer.