Call us to sell your own home or buy from an owner: (604) 725-1000
What is For Sale by Owner or FSBO?
FSBO is short of “For Sale by Owner.” In real estate, this term is used to identify a property that is being sold by the owner without help from a real estate agent. Owners advertise their property by means of websites, ads, and word of mouth.
The For Sale By Owner (FSBO) method can provide fruitful results even in today’s real estate market. The key is to have your property posted on the Multiple Listing Service (MLS®). Most buyers will look to their agent who has access to the MLS®, Multiple Listing Service to conduct property searches. This tool allows buyers’ agents to quickly search listings and their commission is indicated right on the property listing. Without agents, buyers usually search within Realtor.ca.
For Sale By Owner in BC
Owners look to online websites like Craigslist or Kijiji to advertise under For Sale by Owner or FSBO. Craigslist is a great tool, however, your listing gets easily overlooked with so many listings being added or renewed daily.
How OneFlatFee’s FSBO service works:
A real estate agent will list your home as in the traditional process. However, because you have paid the FSBO flat fee rather than the traditional commission, you will do some of the work that a traditional agent would do: you will show your own home, take your own photos and negotiate your own contracts… Basically sell your own home your way, but we provide the tools to help you. Of course, we are always available for consultation should you need any at any time
What we do for you:
Even if it is a “For Sale By Owner” mere posting the rules of the Real Estate Board require that a listing contract be signed with a real estate agent before the MLS® will accept your listing.
- Provide you with all the listing documentation to get your property on MLS® and Realtor.ca
- Make any changes and announce open houses
- Forward any inquiries and prospective buyers to you
- Promote and advertise your property
- Forward the Title of your Property
- Provide you with a free market evaluation with comparables.
How Much are For Sale By Owner commissions?
The typical traditional agent typically charges 7% on the first $100,000 and 2.5 % on the remaining balance. Of that, 3.22% on first $100,000 and 1.15% on balance is paid to a buyers’ agent.
With OneFlatFee.Ca FSBO Package 1:
– FOR SALE BY OWNER and NO buyers Agent involved: $1,499
– FOR SALE BY OWNER WITH Buyers Agent involved: $3,999 at completion plus buyer’s agent commissions.
What happens when I get an offer?
If there is a buyer’s agent involved in the sale then the contract is prepared by the buyer’s agent and there is usually date for subject removals and a definitive completion and possession date. In our For Sale By Owner package 1, you would be responsible to do the negotiations. Should you use our Package 3 we would be there to help you and represent you in the sale.
Things to look for:
– Purchase Price: This is the price agreed to by both parties.
– Deposit amount and when it’s paid: The norm is between 5% to 10% of the purchase price which is usually paid to the buyer’s brokerage in trust within 48 hours after all subjects are removed or waived.
– Date and Time of acceptance: This is the amount of time the potential buyers have given you to decide which way you would like to respond. You can either counter, reject, or accept the offer.
– Date of Completion, Adjustments, and possession: These dates are very important. The completion date is the date all is completed at the land title office. Be sure not to have this date during a business day and not a holiday as lawyers and land title offices are usually closed. The adjustment date is when the buyer assumes and pays all the taxes, rates, local improvements assessments, utilities, etc. The possession date is the day the keys are handed over.
– Included Items: Make sure that there is nothing listed in the contract that was not agreed to. For example your 60’ inch TV.
– Contract of Purchase and Sale Addendum: This page is very important and will have all subjects of the offer and the subject removal dates. Often you will see clauses such as Subject to financing, inspection, and property disclosure approval. Make sure to read carefully what you are agreeing to before signing the acceptance.
Of course, we are here to answer any questions you have at any time. Ready to try the FSBO method and save thousands in commission?
Once all the subjects are removed we report the sale to the board and complete all the Conveyancing documents to provide to your lawyer, buyer’s lawyers and the co-operating brokerage.
With over $ 700 million dollars in Real Estate sales, we are confident that we can sell your property for you.