FSBO stands for “for sale by owner.” It is a term that you may see when you are looking at real estate in Illinois. It basically means that you are selling your home without the help of a real estate agent. So, if someone wants to buy your home, they would deal directly with you. You also take on many responsibilities when you decide to go the FSBO route.
According to US News, many people decide to put their home on the market as a FSBO to save money. It can get costly to pay fees for real estate agent services. In fact, going this direction can save a person an average of $9,500.
If you are selling your own home, you need to take on all the duties an agent would normally handle. This includes figuring out your home’s value and what price to list it at. You also need to create the listing and ensure it gets posted online and in print advertisements. You will need to interact with everyone who shows interest and arrange showings. When you finally have a buyer, you will need to manage the closing process.
It can be difficult to sell your own home. It is a time-consuming process. However, it can save you money in the long run and enable you to take a hands-on role in the selling of your home, which may be something that is important to you. While this information should not be taken as legal advice, it can help you understand the process and what to expect.