FSBO - For Sale By Owner
FSBO (pronounced 'Fiz-Bo') stands for 'For Sale By Owner' and means that you sell your property yourself - without an estate agent. FSBO is often referred to as a private sale.
In the UK, selling your house by yourself without an estate agent sounds like a ludicrous idea but FSBO homes are a very popular way of selling property in the USA and Canada which suggests it may only be a matter of time until selling by FSBO becomes the norm in the UK.
What are the advantages of FSBO?
The main advantage of selling by FSBO is that you save lots of money on estate agent commissions as you would undertake all the marketing and viewings of your property yourself.
What are the disadvantages of FSBO?
Selling a house through an estate agent is usually a stressful process, so undertaking all the work of a FSBO sale yourself can be a demanding process requiring lots of time, energy and patience.
Also, a recent study of FSBO sales in America by the National Association of Realtors (NAR) concluded that the sale price achieved through FSBO sales was substantially lower than that of selling property through an estate agent. This may be a result of home-buyers expecting a lower sales price when sold privately by the owner, or it could be down to poor negotiation skills from the FSBO sellers. Either way, it is a stark warning to thoroughly research the property marketing techniques and familiarise yourself with the FSBO selling process so that you are prepared when an offer arises.
Where can I sell my house myself?
Advertise your home on My Property For Sale for just £99 and you could potentially save thousands in commission fees. The low, one-off fee pays for you property to be listed until it is sold. More details on selling your home yourself.