In recent years, it has become common for homeowners to bypass brokers and real estate agents when selling their homes. Why? As a homeowner, you save thousands of dollars worth of commission when you take brokers out of the equation. So FSBO may be a good approach; however, you’ll take on all tasks that a listing agent does in the selling process. The “for sale by owner” also known as FSBO selling process can be complex, and if you don’t have the appropriate expertise, you may end up closing a bad deal. To ensure you eradicate the broker and these complex practices, you may need to hire a lawyer to take you through the entire process. Attorney Shannon Wynn from Wynn at Law, LLC is an experienced Wisconsin FSBO real estate attorney and can give you legal advice so that you feel confident throughout your FSBO process.
What Does FSBO (For Sale by Owner) Mean?
FSBO means that you’re selling your home without involving a real estate agent. In this case, you’ll handle all selling processes and transactions. These processes vary from showing the house to drafting paperwork for the negotiations. Moreover, you may be wondering what the selling process is like for sale by owner situations. It is transparent and straightforward when you follow the right path. The main reason for using FSBO is to save money. So why should you consider this aspect? A real estate agent takes a commission based on a percentage of the sales price. Depending on the agreement, a listing agent may take somewhere between 3% to 6% of the sales price as commission. So, if your home is worth millions, you can calculate and see how much the listing agent would take. Using FSBO gives you the power to control the entire sale process; however, you may need to hire a real estate lawyer to help you successfully sell the property. A lawyer ensures that you understand the legal obligations of selling your home. The best thing is that a lawyer won’t cost you a percentage of the sales price, and you’ll have peace of mind knowing that everything is correct. Better yet, a lawyer can help you avoid legal issues that can cost you more money or time in the selling process while still helping you get a fair deal for your property.
What Are the Steps in An FSBO Process?
There are some vital steps that you must follow to make sure you close the deal successfully. It will help if you position yourself professionally to attract customers looking for a property like yours. Here are the steps that you should follow in FSBO processes.
Analyze Pros and Cons of The Entire Process
Selling a house can be the largest financial transaction of your entire life. You don’t want to mess it up with the wrong approach. Look at the coin from both sides and not just how much money you’ll save. Are you prepared to show your house yourself? How will you market your home? Do you feel comfortable talking directly to potential buyers?
Make Some Fundamental Home Improvements to Boost the Value of The House
Getting your house ready is an essential aspect. Make sure you fix the interior and exterior to make your home attractive. The home improvements can help you to attract more potential serious buyers. Also, it would be best to make these repairs and upgrades early enough to post photos of the updates you have made. As a result, you may get additional money for your home.
Set A Favorable Price
Setting the sales price calls for you to do thorough research on various platforms. For example, you need to know the closest sales prices near your home, also known as comparable sales or “comps”. In addition, to avoid over or underpricing, you will need to know where your home falls in the market and consider the age, condition, and location of your home compared with recent sales.
Hire a Real Estate Lawyer
This is one of the essential aspects of FSBO. Hire Attorney Shannon Wynn of Wynn at Law, LLC, who will draft residential sale agreements and walk you through the sales process. In addition, she will help you avoid omissions and errors that can have legal liabilities during or after the sale. Attorney Shannon Wynn at Lake Geneva, Wisconsin-based firm Wynn at Law, LLC will ensure that the FSBO is transparent for you and that your deal is done correctly.
Carry Out a Thorough Marketing Campaign for Your Home
Place your home on real estate sales websites and notify your neighbors and friends of the house being for sale. Make sure the content you place online is accurate and enticing. In addition, make sure you put out yard signs so those who travel past know that the house is for sale.
Show Your Home to Interested Parties
Try your best to show your house to as many interested people as possible. For example, if you have COVID-19 concerns or have children and pets, you can give potential buyers a live video tour of your home. You can also host open houses so more people can visit the home at one time.
Review Paperwork with Your Lawyer and Initiate Negotiation
Review the purchase contract with a trusted and professional real estate lawyer like Attorney Shannon Wynn and negotiate accordingly.
Close your Sale
Do you need a lawyer to close on a house sale? Yes, you should have one. An attorney will help you order title work, draft the deed, and will review the closing documents, such as the closing statement, with you. Having a lawyer in your corner will help to make this transition as smooth as possible. Selling a home is no small feat and Attorney Shannon Wynn understands that.
Why Hiring an FSBO Lawyer Is Beneficial
When you sell your home via FSBO, you save on paying a listing agent or broker. Nonetheless, you’re left to handle complex tasks that involve preparing an offer to purchase or counteroffer, showing your home to potential buyers, ordering title insurance, and closing the transaction. One omission, error, or mistake can lead to legal liabilities, and that’s why it’s recommended that you hire a local and experienced real estate attorney.
Here is why you should hire a real estate lawyer:
Complex Paperwork Handling
You’ll notice that selling a home has a lot of complex paperwork with legal jargon that would take a significant amount of time for an average person to understand. The legal aspects of home sales can complicate the For Sale By Owner process in Wisconsin. Attorney Shannon Wynn can help you untangle every detail in the paperwork and make sure that you comply with the law.
Preparation Of the Contract
You may have prepared an offer to purchase before, but have you done one without the help of a real estate agent? There are fundamental aspects that must be incorporated into the agreement. For that reason, you need to hire a credible attorney that helps you formulate a contract that protects your interests.
The Attorney Takes Your Interest as a Priority
Unlike real estate agents or brokers who rely on commissions when your property is sold, lawyers rely on the time they spend on your home sale to get paid. As a result, attorney fees are often far less expensive than real estate commissions. An attorney’s sole job is to protect your interests.
A Lawyer Helps You Manage All Parties Involved
An attorney can help you communicate with the various parties involved during the sale process. These parties may include the buyers, inspection companies, lenders, contractors, and appraisers.
Let Wynn at Law, LLC Help You Sell Your Home
Selling your home via for sale by owner in Wisconsin is one strategy for selling your home. FSBO helps you eliminate the listing agent and potentially save you thousands of dollars in commission. While FSBO may be the best option for maximizing profit on your sale, the entire process is complex. You need to know the process inside-and-out or hire an attorney to represent you. A lawyer protects your interests and helps you avoid legal liabilities. At Wynn At Law, LLC, we can help you with your FSBO in Wisconsin. For inquiries, contact us today at (262) 725-0175 or visit www.wynnatlaw.com. Wynn at Law, LLC has offices in Delavan, Lake Geneva, and Salem Lakes and serves all of Southeastern Wisconsin.