“For Sale by Owner” (FSBO) refers to the process of selling one’s own house or property without the aid of a real estate agent or broker. Such sales are not prohibited by law and can often save a property owner time and money that would have been spent with a real estate agent.
On the other hand, an owner who wishes to sell their property on their own may have to devote additional resources to learn the local laws regarding the purchase and sale of residences. Thus, it is important that a home owner consider carefully the benefits and disadvantages of the For Sale by Owner process. FSBO is usually pronounced “fizzbo”.
There are many advantages of selling your own home, such as:
On the other hand, the For Sale by Owner process also has its disadvantages, such as:
Depending on your individual situation, these factors may work for or against you. You would have to carefully assess your budget and time constraints when considering FSBO. Also, you may wish to do some background research on the real estate laws in your area.
When selling your home, the For Sale by Owner process can offer some advantages, though there are some setbacks associated with it. Having an attorney can become essential with FSBO sales, as you may need legal advice regarding your property. Also, if a dispute arises with a buyer, a lawyer can help represent your interests in a lawsuit.
Last Modified: 01-05-2017 04:09 PM PSTLaw Library Disclaimer
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