Selling Your Home as a FSBO or For Sale By Owner

Selling your home in a slow real estate market is tough. If you decide to hire a real estate agent to market your home, you may have to deal with prospective buyers making low-ball offers. You’ll also have to find a real estate agent who will work extra hard to market your home so that you receive at least some interest from prospective home buyers.

What Fees Do Real Estate Agents Charge?

If you hire a real estate agent in Virginia, your real estate agent will probably charge you a 3 percent commission based on the sale price of your home. You’ll also have to pay the real estate agent’s commission for the buyer. This means that you will end up paying 6 percent commission based on the final selling price of your home. That’s a whole lot of money!

What About Going FSBO?

Pronounced “fizzbo,” a FSBO transaction is short for “For Sale By Owner.” By selling your home as a FSBO, you have made the decision to sell your home without hiring a real estate agent. Although you won’t have to pay your listing agent a 3 percent commission, you will have to pay the selling agent (buyer’s agent) a 3 percent commission. Thus, you can save 3 percent by selling your home as a FSBO. If you decide to sell your home without a real estate agent, you should probably at least meet with a Virginia real estate lawyer to help you weigh your options.

How to Sell Your Home Without a Real Estate Agent

Selling your home without the help of a real estate agent means you will have to market your home and attempt to list it through the Multiple Listing Service or MLS. The best way to sell your home without a real estate agent is to hire a real estate attorney to help you draft a real estate sales contract and walk you through the entire process. You will have to price your home competitively, which means looking at comparable home values in your neighborhood. Your real estate attorney should be able to help you through this process, but she cannot help you market your home and sell your home.

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Legal Disclaimer: The information provided on “Keithleylaw.com” is strictly for educational purposes and to provide you with general educational information about Virginia laws. Since state laws are subject to change, please schedule an appointment with our office to further discuss your personal situation. This public information is neither intended to, nor will, create an attorney-client relationship.

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