Today I want to speak with you about for sale by owner (FSBO) homes. Currently, we have multiple buyers who are looking at homes from people who want to sell their property on their own.
You should know that if you are working with another agent that brings you a buyer, they are only representing the buyer, not you as a seller. So, you have no coverage and the majority of the time you are still going to end up paying for that agent.
Oftentimes, it does not make sense to not have anyone negotiating for you. If you have any questions, get some advice. You need to know what your home is worth, what paperwork you need, and what you need to worry about.
For example, many sellers forget to include a disclosure disclaimer. While others who are moving out of state need to know about the withholding tax. You have to be careful, as there are many pitfalls in the market.
Going the FSBO route can save you money in certain instances. However, it could also cost you more in the long run.
We have seen inspection issues, appraisal issues, and withholding tax issues. Withholding tax issues have been caused by clients who were unaware of them. Then, once they were no longer Maryland residents, they had to deal with last-minute withholding tax. If those sellers worked with real estate professional from the start, they could have known what to do differently.
Just like you need a great doctor or attorney, you need to seek great counsel for legal and real estate advice. If you have anything that I can help you with, please feel free to contact me. I would be happy to assist in any way that I can.