For Sale By Owner commonly referred to as a FSBO sale is common practice used by experienced sellers or homeowners that want to save the real estate commission paid to a Realtor.
Selling on your own can be a rewarding process but requires a lot of work. Winfield Realty can help a FSBO seller in marketing their property and the owner can still save money.
Below discusses some of the issues to be considered and the pitfalls when selling by FSBO. All statistics obtained from the National Association Realtor 2009 Buyer Profile.
- 94% of all buyers use the internet to find a home
- 25% of FSBO sellers advertise on the internet
- 11% of the Homes sold are FSBO
- 88% of homes are eventually sold by a Realtor
- 17% of buyers use FSBO web sites
- 44% of FSBO sellers are successful
- 60% of FSBO sellers already knew the buyer
- 53% got 100% of asking price
- 23% sold to a relative
- 18% of FSBO sellers said staging the home for marketing was the most difficult task.
- 15% of FSBO sellers said pricing the homes was the most difficult task.
- 15% of FSBO sellers preparing the state disclosures and contracts was the most difficult task.
Winfield Realty has FSBO marketing programs that can assist a FSBO seller. But first you need to understand the types of Listing Agreements the MLS will allow and what IL License Law requires.
Exclusive Right To Sell:
This is the traditional listing agreement where seller and Realtor enter into an agency relationship and the seller pays a commission or flat fee for service provided. The commission is negotiated and a percentage of the commission is offered to the a Buyers Agent to procure a buyers for the sellers property. This is often referred to full service and and is most common with the Larger Franchised Real Estate firms. Some discount brokerages offer this type of listing but are required to provide the Minimum Level of Services to comply with IL License Law and MLS rules.
Exclusive Agency:
This type of listing allows a seller and Realtor to enter into a agency relationship. The seller can pay the Realtor a percentage of the selling price or a flat fee for services rendered but must also at a minimum provide the following Minimum Services or they are in violation of IL License Law and MLS rules. Under this agreement the seller can sell the property directly without owing any commission or flat fee and get MLS advertising.
- Accept delivery and present all offers and counter offers to the seller (client)
- Assist the client in developing,communicating,negotiating & presenting offers, counteroffers and notices that relate to any offers and counteroffers until an agreement is signed and all contingencies are satisfied or waived.
- Answer the clients questions relating to the offers, counter offers, notices and contingencies.
Winfield Realty FSBO Program
Winfield Realty does not get paid for what it does it earns a few by what we know. We are Appraisers and Realtors but also have over 14 years of credit policy lending experience including FHA loans so we know how to navigate the Mortgage Industry to make sure your home meets lender requirements and buyer is qualified so your sale closes.
If All you need is a CMA you can use our on line CMA tool that will provide you with a a statistical valuation that arrives at a recommended list and probable sale price based on current MLS data supplemented with public record data: insert link
If you want your property listed in the MLS then we must provide the minimum services as outlined under IL license law and MLS rules. For those services our commission is 1.5% of the selling price. We don’t do open houses and the only marketing is a yard sign, flyers, MLS and on our web site.
If your property is listed in the MLS, in order to procure a buyer you will have to pay a Buyer Agent commission, it can be a flat fee or a percentage that we advertise in the MLS.
You can sell your property at any time directly to a buyer and not pay a commission, however there will be a $500 administrative fee that we have charge to cover our administrative costs to set your property up in the MLS.
We can not advertise your property is a FSBO property in the MLS.
If you are interested please contact us at: kwolf@winfield-realty.com
