What is an FSBO house? This article tells it all!
How many times have you been driving down the street when you looked out of your car window and caught a sign that said: For Sale by Owner? If you have caught this sign before, then you have the correct answer to “what is an FSBO house?”
Simply put, an FSBO house is a house that has been put up for sale by the owner, hence the term FSBO (For Sale By Owner).
We know what you’re wondering: isn’t every house put up for sale with the consent of its owner? Well, the difference with an FSBO home sale is that in this case, the homeowner chooses to sell their home without the help of a listing real estate agent.
In this post, not only will we give you an answer to your “what is an FSBO house” question, but we will also tell you:
- Who draws up contract in for sale by owner
- How to carry out a successful FSBO home sale in Arizona.
Who draws up contract in for sale by owner?
In a conventional home sale – the kind that you may be used to, contracts are traditionally handled by the real estate agent or attorney representing you. However, since you are on your own in an FSBO home sale, you may naturally be confused about who is meant to handle a contract in the event of owner sales. You may think that you can draw up a DIY contract yourself ( and this may have worked otherwise), however, some states require the presence of an attorney in order for any contract drawn up to be termed valid.
In the case of an FSBO home sale, the responsibility for drawing up the contract falls on whoever has the power to do so. If the buyer is being represented by a real estate agent, you can ask the agent to draw up a legally binding contract for both parties to sign. However, you should read the fine print thoroughly, in this case, to ensure that the contractual terms are in your favor.
Another better option will be to hire the services of an estate attorney for this purpose. They will draw up a good and legally admissible contract that will be properly suited to your requirements.
In a state like Arizona where the average commission for a realtor is between 4.5% – 6%, putting your home up for sale by owner is a savvy decision to make if you would like to keep the bulk of money made from the sale in your pocket.
Another great reason to put your house up FSBO in Arizona is the fact that selling a house for cash can be a quicker, easier, and more straightforward process than going through the conventional route of listing, fixing, staging, and negotiating before closing.
When selling a home FSBO in Arizona, you will be required to:
- Price it accurately.
- Market your home yourself.
- Interview and eliminate buyers accordingly.
- File all necessary paperwork.
- Prepare your home for sale by cleaning, renovating, etc. if necessary.
- Provide the following documents:
- A residential seller’s property disclosure statement
- Condo disclosure
- Soil remediation disclosure
- Flood zone statement
- Lead-based plant disclosure
- Swimming pool disclosure
- Unincorporated area disclosure
Selling your home FSBO in Arizona gives you direct control over how your home is sold and if you are lucky enough to find a buyer without an agent as well, you can save even more money.
Selling your home the right way with Tammy Gazda
If you wish to put your home up for sale by owner, then considering a reliable and trustworthy property investor like Tammy Gazda is your best bet.
We will buy your house as it is, eliminating the need for repairs, stagings, and renovations. What’s more, is that we save you thousands of dollars in real estate agent fees on both the part of the buyer and the seller.
We hope this post answered your burning questions about what is an FSBO house. You can get in touch for more information.