What Are the Advantages and Disadvantages of a FSBO Sale in Connecticut?

 Posted on September 28, 2020 in Real Estate Law

If you are thinking about selling your home, you may be exploring your various options. While many people choose to utilize the expertise of a real estate agent, it is possible to sell your home on your own. “For sale by owner” or FSBO sales come with advantages as well as disadvantages. Selling your home without a real estate agent’s assistance is a significant undertaking that will require a great deal of your time and energy. Consequently, it is important to be fully educated about the FSBO process before embarking on this endeavor.

Will I Save Money By Selling My House on My Own?

By now you probably already know that real estate agents make their living by taking a commission from home sale proceeds. Many individuals look into FSBO sales because they do not want an agent’s commission to be deducted from their sale profit. While selling your home on your own does eliminate this particular cost, there is no guarantee that an FSBO sale will save you money on the whole. In fact, it is possible that the profit you will make from the sale will be even less than it would have been if you did work with a real estate agent. Selling your property for too little is one of the most common pitfalls that FSBO sellers fall victim to.

Consider the Amount of Control and Responsibility You Want to Take On

Some people want to be as involved in the home selling process as much as possible. Others are too busy with their family or career to take on a great deal of home-selling responsibilities. If you sell the home on your own, you will maintain complete control over the sale. You will choose the listing price and details as well as the marketing strategy. You may also need to negotiate with experienced real estate agents and prepare your home for showings. You will need to evaluate your own desires and abilities to know if an FSBO sale is right for you.

The title transfer and other paperwork involved in selling a home can be extensive and complex. Even if you choose not to use a real estate agent, it is recommended that you get legal assistance from a real estate lawyer when it comes to contracts and other legally-binding paperwork. In Connecticut, a real estate attorney is required by law in certain situations involving real estate transactions.

Contact a Fairfield County Real Estate Lawyer

Selling your home is likely one of the greatest legal undertakings you will ever complete. For help with title searches, contract drafting and review, closing procedures, and much more, contact the Law Offices of Daniel P. Weiner. Schedule a free consultation with Stamford real estate attorney Daniel P. Weiner by calling our office today at 203-348-5846.

Sources:

https://realestate.usnews.com/real-estate/articles/how-to-do-for-sale-by-owner-the-right-way

https://www.cga.ct.gov/2015/rpt/2015-R-0186.htm