For Sale By Owner (FSBO) Services – Indiana
Thinking of selling your home but hate the thought of paying tens of thousands of dollars in realtor commissions? With home prices rising and interest rates low, many sellers are foregoing a real estate agent and selling their home on their own.
For Sale By Owner (FSBO), means the homeowner is selling their home without a real estate agent. The seller is responsible for the process from start to finish. That includes setting the sales price, staging, listing, scheduling open houses, negotiating and closing.
FSBO is not for everyone, but here’s why many sellers choose to do it:
- It saves money on listing agent commission. Real estate agents typically receive 4-6% of the sale in the form of commission. The commission is paid by the seller and is usually split between the seller’s agent and the buyer’s agent. This can be a high price to pay, especially if the market is good or you have a buyer.
- The Internet has changed the game. Resources like Zillow make it easier for you to determine your home’s market value, view comparables in your area, and set a fair listing price. Craigslist, Facebook and other sales websites allow you to advertise your home for sale. You can even pay a small broker fee to have your FSBO home listed on MLS (multiple listing service).
- It’s a seller’s market. Particularly in Indiana, strong economic forecasts, high demand and low inventory means homes are selling fast. You may not need a real estate agent to pound the pavement looking for a buyer for your home.
But with a significant amount of money on the line and a mountain of paperwork, the closing process and all its legal documents could give potential FSBO candidates cold feet.
That’s where a real estate attorney can help. A real estate attorney is licensed to practice real estate law and has the knowledge and experience to help with the transaction. Here’s how:
- We advise you. As the only real estate professional that can legally advise you, we can consult you about your rights and liabilities. Your risk of potential disputes—such as breach of contract, easement rights, title problems, zoning issues, and more—are minimized when you work with a real estate attorney.
- We prepare the documents. The sale of a home generates a fair amount of paperwork. We handle the contracts and see the sale through closing.
- Negotiation. We help you negotiate the purchase and sale agreement
- We handle the legal details. Whether counseling you on disclosure and title obligations, coordinating with your title company or negotiating the sales agreement on your behalf, we handle the legal details that can be confusing and time consuming. We’re also in charge of the closing.
- We know the law. We are prepared to handle the legal end of special circumstances, such as liens, joint sales, short sales and estate sales.
- Our fees are less. The fees to draw up the paperwork and oversee the process are more affordable than a real estate agent’s commission.
- We answer questions. We know real estate law inside and out and are there to help you navigate the process. We are happy to answer your questions before, during and after the sale.
A house is the biggest single asset most Americans will ever buy or sell. That means the potential for a financial loss is also the biggest financial risk they ever take. Common disputes that occur over the sale of a home include breach of contract (the purchase agreement), inspection repair disputes, earnest money refunds, specific performance, and defects in the chain of title. The majority of sales occur without any problems. However, with the high dollar amount at issue, a knowledgeable real estate attorney can help to minimize those risks. If you are considering selling or buying a home FSBO, please call Rollins Law Group at 317-558-9677 or contact us on our website for a free consultation.
These materials are intended for general information purposes only. Therefore, they do not constitute legal advice or legal opinion. You should consult with legal counsel to determine how laws or decisions discussed herein apply to your specific circumstances.