FSBO listings or For Sale By Owner are homes sold by the homeowner without the help of a listing agent. In FSBO transactions, the seller assumes all of the responsibilities and legal risks of completing the sale.
Some of the additional tasks the seller is responsible for in an FSBO transaction:
- Determine the asking price.
- Make any necessary repairs to prepare the home for sale.
- Oversee marketing the listing of the home on the multiple listing service (MLS).
- Schedule and host appointments to show the house.
- Once an offer has been made and accepted, the seller will need to negotiate the price and terms of the sale.
- Prepare the legal documents, such as the sales contract, residential property disclosure form. Sellers may also need to provide loan documents, utility bills, property tax bills, homeowner association covenants and agreements, and the property title.
- Prepare the deed of the home and have it signed, witnessed, and notarized.