FSBO Checklist

In this scorching hot real estate market, some sellers opt to do it themselves without hiring a pro. Main reason usually is to save the commission to the listing agent, but there could be other reasons. If the property is priced right and had sufficient exposure, and sellers’ expectations are in check, there is no reason the property will sit for too long. For the For Sale By Owner (FSBO) sellers, here is a small checklist to see if the property sale is on track.

Is your property on the market for more than 2 weeks?

No, keep the fsbo effort

Yes, a review of pricing, marketing, property condition and seller expectation may be necessary

Are you compensating buyers’ agents?

Are you relying only on Craigslist?  At least using a flat fee MLS listing service?

Do you know the comps in the immediate neighborhood?

Is your property vacant for showing?  How are you doing open house?

Do you have all the repairs done?  How about a current inspection report? How appealing does the property look?

Have you received/rejected any offers?  With focused marketing and showing, there will be buyer hype and if the property is a good property, it will generate multiple offers.

Have you estimated sellers’ net? are you familiar with all things that could go wrong in a close and how to remedy each? How about ranking offers and arranging for backup offers? Escalation clause and how/when to use it?

Do you have the next residence lined up?  Considered 1031 exchange?  

At what point would you consider using a full service realtor?

Is it OK to miss the selling window for the next year or two?

If seller goes through these questions and answer each of question honestly, that exercise can help to stay at the current course, or perhaps talk to agents who are great in helping out with all of the above, plus more. Either way, happy selling!

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