You’re moving to another city and want to sell your home as soon as possible. It’s common for homeowners to use realtors or house-buying companies to sell their homes. But some individuals think it’s better to sell without the aid of another person or business, also known as FSBO (For Sale By Owner).
Before finalizing the sale, you need to abide by the Illinois Residential Real Property Disclosure Act. This law states that you have to inform prospective buyers about any aspects of your home like flood risks, defects and environmental hazards.
You should also consider the pros and cons of selling your residence alone:
Pros of FSBO
There are a couple of advantages to selling your home by yourself:
- You don’t need to share the proceeds with real estate agents: The average real estate agent commission in Illinois for a $300,000 house is $15,630. You’d be saving money by basically becoming your own realtor. Plus, some real estate agents can either be incompetent or sleazy.
- Since you’re in charge, you could sell your home to a friend or relative: If you have a loved one who could use a home — and they’re a responsible and trustworthy individual — you could rest assured that your former home would be well-maintained. This makes home-selling a faster process, too.
Cons of FSBO
Going at it alone has some pitfalls, too:
- Interacting with potential buyers puts your safety at risk: Though many buyers have good intentions, some might pilfer your belongings or threaten to harm you and your family. Consider taking precautions to guard your safety.
- You likely possess little knowledge about house selling: Unless you know the ins and outs of real estate marketing, selling your home would be difficult. You’d need to educate yourself on the intricacies of advertising, inspection codes and other components of real estate, which could be time-consuming.
Taking the FSBO route gives you control in the home-selling process, but it’s not without its problems. Seeking legal guidance can assist you in your real estate endeavors.