Throwback Radio Thursday - For Sale By Owner
Published Thursday, October 15, 2020
Did you know that our very own Vince DePaul, Director of Your House Academy, started his career as a real estate broker and continuing education instructor in 1976? For ten years he produced and hosted a weekly, live call-in radio broadcast in Chicago called “Your House” where he was known as “Mr. Real Estate.” You will be able to read the content that Vince once broadcasted across the radio! The eighth topic we will be discussing today is for sale by owner.
For sale by owner, or FSBO for short, is a term used for a certain method of selling a property. FSBO means that the owner of the property sells the property without the use of a broker or agent. Sellers who usually use this method want to try and avoid paying the real estate agent or broker commission on the sale. Let us go over the first reason why someone would want to FSBO their home.
Vince states, “Someone where you work sold his house by owner. "No way I'm going to pay any Realtor thousands of dollars to sell my house" he said. Well, that settles it. When it is time to sell mine, you say, I am selling it myself. I will save lots of money and if that guy can do it, so can I. Can you? Should you?
There are only five reasons why a family would try to sell their home by owner. The first, of course, is to save the commission. But the buyers know you are not paying a commission and usually deduct that amount from any offer they make. And negotiating with strangers is tough. Professional Realtors are trained to be good negotiators and usually get a much higher price than the owner can get on his own.”
Next week Vince will continue the conversation on for sale by owner with the second reason. See you next week!