Today’s video is the third and final installment in our “For Sale By Owner” series. Learn how to close your FSBO sale here.
If you’ve decided to list your home as “For Sale By Owner” and you’ve received an offer on your house, what comes next? How do you close on your FSBO home? Here are three tips to help you finish out the transaction:
1. Work with a selling agent or an agent that only handles closings. Our team works with off-market sales or FSBOs to only do the closing portion of the transaction. That way, we charge a very reduced commission just to get it from contract to close. We’ll make sure all deadlines are met, everything is done legally and goes through escrow, and that your loan goes through as it’s supposed to. If an agent brings a buyer to you, the selling agent will usually work hard for you to get the home closed because, after all, they don’t get paid until the home closes.
2. Work with an attorney. Attorneys will help you with all the paperwork to make sure that the contract is legal. They often have an escrow company they work with who will handle the third-party portion of the transaction.
3. Handle the entire process by yourself. If you really wanted to save money, this could be the way to go. My recommendation to you is that you be very clear about the contract. Read it all the way through and make sure you understand your deadlines as well as the buyer’s—they’ll have various contingency periods to go through, so you’ll need to know what those dates are. You also need to know when the buyer is allowed to back out of the contract and get their earnest money deposit back.
Hopefully, these tips will help you get your For Sale By Owner home closed quickly, efficiently, and for more money. If you have any questions, don’t hesitate to reach out to us. We’d love to hear from you.