TOP 5 Things FSBOs in NC Don't Know!

Working with many homeowners in the Jacksonville, NC area, I've come across dozens who are deciding to either list their home with me or sale via For Sale By Owner, aka, FSBO.  This is a list of the TOP 5 things that most FSBO homeowners don't know about selling their home!

1.  Residential Property and Home Owners Association Disclosure Statement.
This form is required by NC law to be completed by any homeowner selling a home or land in NC and provided to any potential buyer.  The instructions to complete the form, are pretty simple.  You simply choose the answer that best fits the situation, either yes, no, or no representation.  The details are listed on the form.  But the most important thing to know is, that by law, homeowners are required to provide this to potential buyers.  Even homeowners who choose the FSBO route.

2.  How many showings the competition receives.
REALTORS® in the Jacksonville, NC area have a tool to show our homeowners how many showings they can expect per week, and how many other homes were shown in comparison to theirs.  FSBOs have access to the statistics provided by the websites that they've paid to advertise on, but that doesn't include REAL market data.

3.  What typical closing costs are.
I'm going to use the analogy of the wife going grocery shopping vs the husband going grocery shopping.  Typically (in most cases, especially mine!!) the wife knows about how much ground beef, for example, to buy in a months time, and just about how much it will cost.  Send the husband to the store, he might come back with one pound of ground beef and may or may not have paid the correct price, because he might not be as familiar at purchasing groceries.  If he is, chances are he doesn't do it with regularity so he's not accustomed to the typical price to pay, where to shop for it, or how much he should buy.  The same goes for FSBOs and estimating closing costs.  There are two types of closing costs- buyer's closing costs and seller's closing costs.  The amount you paid when you purchased the house, probably isn't the same when you sell it.  Unless you're familiar with the 'going rates' and who provides the services, you might not be getting the best deal you can get.

4.  Which attorney to use....among other services.
Unless you're intimately acquainted with your attorney, or familiar with the real estate industry in Jacksonville, NC, you may not even know of an attorney that handles real estate transactions regularly.  And there is a difference between a family law attorney and a real estate attorney.  As well as title services, termite companies and repairmen.

5.  How To Negotiate Due Diligence.  
Or, for that matter, what due diligence consists of.  All to often, once we're under contract, the agreed upon terms change due to discoveries during the due diligence period.  (Say that five times fast, I dare you!!) Whether it's because the buyer's rate changed before they locked in, repairs that need to be completed prior to closing, the appraiser determines value differently, and the list goes on.  Negotiating this part of the contract can literally make or break a deal.  FSBOs that go into this blindly often walk away with less money than they anticipated, or lose the buyer.

If you're considering FSBO in the Jacksonville, or surrounding area, give me a call!  910.545.0450 I'd love to discuss your options and help you set up a successful plan to sell your home!  You don't know what you don't know!