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What FSBO type of property deals implies
FSBO, or “For sale by owner,” most often refers to real estate for sale. The FSBO is a real estate offering handled directly by the seller, which does not involve a real estate agent, but allows homeowners to take control of the sale process. The most important reason to choose it is to save real estate agent fee and to bring in some kind of a control in the process. Direct sale is not a rarity, although it is too few owing to lack of support and knowledge abou
t the entire process. This is a common and popular concept in the U.S., slowly catching on in other parts of the world. Currently, only 20 per cent of transactions in India are of the FSBO type, but the scope is vast. In India, although the real estate agent’s role is still prominent in property dealings, people do want to directly interact with clients. Most of the FSBO transactions pertain to residential properties. It allows direct contact with the buyer and saves the agent commissions. The homeowner opts for different ways to advertise his property — signboards, web listings, newspaper classified ads, flyers, word of mouth, and open houses — but the money spent on working with realtors is eliminated. FSBO sellers can now reach their global clientele through the Internet.
Why it is the best option for owners?
Owner knows his house better than anyone.
Owner can highlight the advantages and discuss its faults and surroundings.
Owner also knows his financial expectations.
How does FSBO help the seller? Money paid as commission is saved; Seller decides about the advertising; Seller determines the price after selecting the buyer; Property negotiations are by mutual understanding of seller-buyer, hence saves time; Stronger negotiation position; Lessen dependency upon agents.
R. BALAJI
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