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For Sale By Owner In South Carolina - The Basics
There are 2 ways to sell a home in South Carolina. Whether you own a Condominium in Myrtle Beach, or a Ranch Home on a golf Course in Charleston, your alternatives are either use a real estate agent, or not. The sell it yourself method is known as For Sale By Owner or FSBO. Many local newspapers and yard signs advertise FSBO Homes, which means that no real estate agent is involved. It also means that the property is not listed on that area’s Multiple Listing Service, which means that buyers searching over the Internet may not be aware the property is for sale. YOU SAVE MONEY! The only real reason to sell a home without a licensed real estate agent is to save the real estate commission usually paid by the seller. If you, as a seller, live in an area where real estate is in high demand, and people driving by your home will call you and make an offer to purchase, selling your home FSBO is probably very wise. However, if the market in South Carolina changes, and buyers are becoming harder to find, you may want to consider the benefits of hiring a professional real estate agent. There are a number of factors to consider before you put that For Sale By Owner sign in your front yard. First and foremost is that selling your property will take time. You will have to be available to show the property, negotiate the contract, and be present for inspections, appraisals, and surveys. You will also be expected to drop everything you are doing to meet with prospective buyers at times that may conflict with your work schedule. If you have a spouse or friend that can be available to show your house, this may save you a lot of time. Of course, you may have to train that person to point out the best features of your home. The second consideration is that a professional real estate agent should know the market, and will know what your home is really worth. They can give you advice on what is referred to as "Staging" your home. Knowing the value of your home is very important, because you may over price it and never sell the house, or equally scary, you could under price the home, and sell it to the first buyer. A professional real estate agent will know market trends in South Carolina, and advise you on what your asking price should be, as well as what seller incentives you may have to offer. A professional appraiser can also look at your home, and give you a realistic price. Once you know what you should sell your home for, and you have "Staged" your home, it is in great condition to show any buyer. The amount that you will save on a scale will be the amount of commission that you would have paid a real estate agent to work on your behalf. This amount on average is 6% of the sales price of your home, so on a sale of $200,000.00, you save $12,000.00. WOW!!!! In the course of selling your home, a real estate agent that has a potential buyer may contact you and ask you if you will pay the agent a commission to provide you with a buyer. You can say yes, or no. But, remember that sometimes buyers are hard to find, and although you are paying a commission to the agent, you will no longer have to worry about the home being sold. In that case, the buyer's agent would be entitled to half of an agreement upon commission percentage. One of the real benefits of selling your home For Sale By Owner versus utilizing a real estate agent is the control factor. You are in complete and total control of the entire transaction from start to finish. This is often the most necessary factor in selling, depending on your situation. You are free to advertise in the way you see fit and to use the methods you want. You are also free to keep all profits from the final sale, if the For Sale By Owner way will work for you. If you are going to attempt to sell your home For Sale By Owner, be CAREFUL. We always recommend that you consult with an attorney before you sign a contract. There are many problems that can result from signing a contract you do not understand. Many sellers that deal with less than honest buyers find themselves getting taken advantage of by investors and others that will intentionally trick buyers and end up costing you, as the seller a lot of time, aggravation, and moneyThe Benefits of Selling Your Home FSBO:
How much do You Really Save by Selling FSBO?
Flexibility is a Consideration
Be Careful When You Deal With Buyers
