If you need to sell your Louisville house and want to sell your home yourself, you need to be aware of the for sale by owner problems you can face going the FSBO route. Selling a Louisville house FSBO has its disadvantages including the lengthy sale process that involves legal contracts and financial information, the extensive time involved, and ensuring you earn a reasonable profit and return on your investment.

For Sale by Owner Problems – Advertising, Managing Buyers

You are responsible for every aspect of the sale of your Louisville Kentucky house. This includes finding buyers. Advertising is predominantly performed online. You will need to create an eye-catching online advertisement with your home’s details as well as pictures and even a video of the home’s space. Keep in mind that advertising costs you money.

Managing the buyers that show interest in your home is also your responsibility. You will be responsible for hosting the open houses and scheduling the showings of your home. This is a very time consuming process and you will need to be knowledgeable of how to stage your Louisville home for maximum interest. Staging may involve numerous home repairs and renovations, costing you a significant amount of money.

Also, a difficult task to master is gauging the interest of the buyers and identifying the serious buyers. Often, scam artists take advantage of the for sale by owner home sale. A scam artist will offer you the “too good to be true” offer for you house and attempt to rush you through the sale process. You will need to be able to avoid scam artists and their detrimental tactics.

The for sale by owner problems don’t end there. You still have to negotiate with many parties simultaneously if you decide on an interested party to buy your Louisville KY home. Not only will you negotiate with the buyer and their real estate agent, but possibly their attorney as well. Further, your and the buyer’s bank/lender representatives are included in the process. Then you will add your and the buyer’s home inspectors and appraisers into the sale of your Louisville home. Being the liaison between all the parties of a FSBO takes a lot of your time.

For Sale by Owner Problems – Paperwork Headaches

Due to real estate industry regulations, there is a significant amount of paperwork involved in selling a home that causes a lot of problems with FSBOs. The paperwork required for a Louisville house sale is one of the biggest for sale by owner problems.

  • A disclosure statement is required and you will need copies to present to any potential buyers of your Louisville KY home. A disclosure statement outlines any defects or dangers of the property as well as your experience living in the property.
  • The initial paperwork you need includes (but is not limited to): property surveys, floor plans/blueprints, permits, plans, and warranties for any renovations, property tax statements, proof of homeowner’s insurance, HOA covenants/agreements, certificate of occupancy.

 

  • The contract is the most crucial part of the house sale. The contract includes all the details of the property and all the financial details of sale including (but not limited to): closing information, closing costs, contingencies, title clearance, financial responsibilities of each party, assessment of taxes and fees, borrower’s financing.

 

The paperwork for a home sale is a big headache and an extremely daunting task that requires time, knowledge, and money – all of which you would be responsible for should you choose to sell a house FSBO. If the paperwork and financials are not done correctly, the sale of your home will be a disaster and more than likely the sale will be unsuccessful.

For Sale by Owner Problems – Your Profits are Lower

Selling a Louisville house FSBO will greatly lower your profit. You must be knowledgeable of and have current data in the Louisville real estate market. Doing so will ensure you price your home appropriately and get the right amount of money for your home. Since you are responsible for the sale of your home, you also pay all expenses up front. Also, you must be extremely diligent during the contract and financials process of the sale so as not to pay more (or get less) money for your home.

You don’t want to lose money due to a scam, low-ball offers, constant extensions of the sale, paying costs that the buyer is responsible for, etc. In fact, according to many estimates, a home sold FSBO receives $46,000 less than a sale with a real estate investor.

There is a better way to solve your for sale by owner problems that keeps your home sale stress-free and doesn’t involve giving your money to a realtor. SnH Homes is a fast, fee-free solution to selling your home. Don’t make your Louisville house sale difficult. SnH Homes does all the work and pays you cash quickly for your Louisville home. Contact us today to learn how we can help!