A for sale by owner property, or FSBO for short, is a property that is being sold by someone that has an ownership interest in the subject property and has decided not to use the services of a sales agent and broker. It is estimated that in 2014, less than 8% of homes sold in the United States completed the sales process as a for sale by owner.
In all states, there are restrictions on who can sell a property. In Idaho you must be an owner to sell property. You can own one percent and still be within the legal requirement. Without ownership, a person cannot market or sell a property, for compensation, for someone else unless they are licensed to do so.
The state of Idaho has enacted specific laws regarding marketing and sale of property that are designed to protect consumers from fraud. In Idaho, you must be a licensed real estate salesperson working under the direction of a broker to market and sell a home for someone else.
Some people begin the sale of their home as a FSBO and later seek the services of a Realtor®. Two of the leading reasons why FSBO properties are eventually sold by Realtors® are difficulty understanding and completing legal contracts and paperwork, and selling the property in time for major life changes. Setting the right price is another issue with for sale by owner properties. Generally, FSBO properties are listed too high to begin with, resulting in an unnecessary delay in receiving offers.
We can help you sell your home fast. Help me sell my home!