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By-Owner Sales Can Ricochet in Costly Ways
Selling It Yourself: Are You Sure It's the Right Move?
In a seller's market, where owners watch the neighbors sell their homes quickly and for a substantial premium, a Realtor's services might seem unnecessary. One estimate holds that the for-sale-by-owner (FSBO) segment represents 17 percent of the national market.
While those choosing the FSBO path may avoid the commission that is paid to agents, they still must compensate the buyer's agent with a commission, plus they assume duties they may not be qualified to handle. Even lawyers working on behalf of sellers are not well versed in negotiating multiple contract situations.
Sellers who elect to work on their own behalf also may end up fetching far less for their property than an agent would have negotiated, thus canceling out the perceived savings.