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Research shows that 43% of homebuyers begin their home search by browsing properties online. About 41% find photos to be useful in the process. Your home’s visual online presence is important, which is why even the best cell phone pictures can’t compete with professional images.
When selling a house by owner in Texas, the seller needs to arrange for photography services on their own and budget for them as part of their listing expenses. When working with a full-service real estate agent, professional listing photography is almost always going to be included — and many agents offer aerial photography and 3D tours as part of their listing package.
“FSBO sellers often believe they’re eliminating the fees by doing it on their own, but they’re going to have to do their own marketing,” explains Maribel Frey, a top real estate agent in San Antonio.
Step 6: Market your home to buyers
When it comes to marketing your home, you’ll do yourself a favor by posting across multiple platforms for visibility. List your property on popular real estate sites, social media, and local classifieds to reach a wider audience. The more places potential buyers see your listing, the higher the chances of attracting serious offers quickly.
The MLS can increase your property’s visibility. As a FSBO seller, you can choose to have it listed on the MLS for a flat fee or employ a listing service that charges a percentage of the sales price for services that include MLS access.
Step 7: Field and negotiate offers
Your strategic marketing efforts would eventually lead to one or more offers on your Texas property. But not every offer is a good offer. As a FSBO seller, you’ll be responsible for negotiating a contract you’re satisfied with.
Price is a major factor, as are other details of the agreement, such as whether you’ll cover any of the buyer’s closing costs, when you’ll move out, and which contingencies will be included in the contract.
Let’s review some of the top points of negotiation you may encounter:
Contingencies
Buyers may ask for the offer to be contingent on other factors, such as the sale of their existing home or their ability to obtain financing. They are also likely to include a home inspection contingency, which is a stipulation in the purchase agreement that says the buyer can inspect the home, top to bottom, and then decide whether to move forward with the purchase.
Finally, FSBO sellers should be aware of the home appraisal contingency, which buyers often add as protection if the appraised value comes in lower than the purchase price. A contingency-free contract is rare, but in a seller’s market, buyers are more likely to waive one or more to strengthen their offer.
Closing costs
Both buyer and seller will have costs to cover at settlement. However, some of these costs, such as title fees and escrow fees, can be negotiated in many instances.
A buyer may request that you pay a portion of their closing costs, but in a seller’s market, it’s more likely for sellers to either pay nothing or even ask that the buyer cover a portion of their costs as a condition of the sale.
Repairs
Following the inspection, a buyer may ask you to make necessary repairs or provide monetary compensation based on an estimation of repair costs. You can either accommodate the request or do nothing. However, the buyer can choose not to continue with the purchase if the results of the inspection aren’t satisfactory, unless they waive the home inspection contingency.
