Are you thinking about becoming a FSBO and selling your home yourself? Take the FSBO Quiz to find out if you’re the right candidate.
Many people have not considered the multitude of tasks required to successfully market, show, and sell their homes. The following FSBO Quiz is a list adapted from ChartmasterServices, LLC of some of the questions you might ask yourself to help stimulate your thinking about selling your home by yourself. A subsequent posting will look at specific monetary comparisons between FSBO, flat rate agents, and the right real estate agent.
The FSBO Real Estate Candidate Quiz
- Able to be available on a daily basis to show your house? (YES___ | NO___ )
- Comfortable holding Open Houses and inviting strangers to view your house? (YES___ | NO___ )
- Willing to allow buyers who may not be “qualified to buy” view your house? (YES___ | NO___ )
- Aware of the necessity of having a system for:
- Setting appointments with strangers to protect your safety? (YES___ | NO___ )
- Obtaining identification before letting a stranger into your house? (YES___ | NO___ )
- Showing to strangers when children are present? (YES___ | NO___ )
- Registering everyone who visits your house? (YES___ | NO___ )
- Aware that 80% of what causes a house to sell, in any type of market, is “how it is priced” (value) and “how it appears” (condition) to the buyer? (YES___ | NO___ )
- Knowledgeable of how to determine the best price for the current market? (YES___ | NO___ )
- Informed of best ways to make your house show to its maximum advantage? (YES___ | NO___ )
- Able to determine which improvements give the best return for dollars spent? (YES___ | NO___ )
- Willing to prepare an outside flyer box containing flyers with the kind of professional quality photos that make a buyer eager to see your house? (YES___ | NO___ )
- Prepared to provide a homebuyer packet for visitors with area information about schools, shopping, religious institutions, hospitals, recreational amenities etc.? (YES___ | NO___ )
- Equipped with a web presence that will reach all buyers, not just FSBO buyers? (YES___ | NO___)
- Informed regarding full disclosure? (YES___ | NO___ )
- Aware of all disclosures you will need to make? (YES___ | NO___ )
- Prepared to disclose all defects, both current and previously repaired? (YES___ | NO___ )
- Able to accept and legally hold earnest money? (YES___ | NO___ )
- In possession of a correct legal description for your house? (YES___ | NO___ )
- Ready with a copy of a contract should a buyer want to make an offer? (YES___ | NO___ )
- Knowledgeable enough to respond in both a timely and constructive manner to complicated legal contracts, or have legal counsel available to do this. (YES___ | NO___ )
- Confident that you have sufficient knowledge to evaluate and respond to contingencies in the contract and protect your interest without jeopardizing your contract? (YES___ | NO___ )
- Able to accept and evaluate contract offers unemotionally? (YES___ | NO___ )
- Mindful that you and the FSBO buyer have the same primary goal – to save the commission? Your goal is to receive market price without paying a commission. The FSBO Buyer’s goal is to reduce your market price by the amount of the commission. (YES___ | NO___)
- Knowledgeable of how to protect your interest and avoid giving away valuable negotiating points while showing your house? (YES___ | NO___ )
- Aware of your negotiating parameters and how to negotiate a win/win situation? (YES___ | NO___ )
FROM CONTRACT TO CLOSING PROCEDURES
- Aware that the greatest challenge in selling your house is not finding a buyer and getting a contract, but getting to the closing table? (YES___ | NO___ )
- Comfortable you can overcome the inevitable “buyer’s remorse” syndrome? (YES___ | NO___ )
- Prepared to deal with any buyer’s loan challenges required for final loan approval? (YES___ | NO___ )
- Willing to deal with and overcome inspection issues? (YES___ | NO___ )
- Knowledgeable of how to deal with low appraisals? (YES___ | NO___ )
- Able to effectively deal with emotional closing issues? (YES___ | NO___ )
If these questions are over whelming to you, don’t panic. I can help you through the whole process from listing to closing and beyond in the shortest time, with the least hassle, for the best value. Contact me today to learn more.
FSBO Quiz Scoring:
Give yourself 3 points for every YES, and 0 points for every NO. Add 1 point to the total.
- 94 – 100 Points: Excellent. Very impressive! You are clearly in a class by yourself and could easily sell your home yourself. Chances are you could be a real estate agent yourself. The only question left to ask yourself is: Do you really want to do all the work yourself?
- 85 – 91 Points: Good. Nice work. You have much of the knowledge, skills and ability needed to sell your home yourself, but would likely be better served by working with a real estate agent. There are probably a few key things you could learn from your agent, things which could prove critical to the quick, and successful sale of your home.
- 76 – 82 Points: Fair. If you score in this range or below I would not recommend attempting to sell your home yourself. It’s not at all worth the risk. There is likely much that you still have to learn and will profit significantly from working with a professional agent.
- 67 – 73 Points: Poor. If you’re in this range you should definitely consider finding an agent to work with.
- 64 Points or Below: Danger. If you’re in this range, it could end up costing you a lot of money to sell your home yourself.