Should You Sell Your Home by Owner in New York?

When you’re selling your house in the current New York market, you want to make sure that it’s a lucrative transaction. However, this goal comes with many challenges and decisions to make. One such choice is whether you want to sell your home without the assistance of a realtor. While some sellers think that it’s less stressful and will save you money, there are things to consider if you decide to go down the “for sale by owner” (FSBO) path. Read on to learn more information to help you decide if this is the way that you want to sell your New York home.  

Like several states, New York requires sellers to hire a real estate attorney. While the lawyer will help you with documentation and the legal requirements of the transactions, their role doesn’t include assisting you with finding a buyer or helping you negotiate a favorable deal. This is why some sellers choose to work with a realtor. However, you may want to explore the option of not using one.

Pricing Strategy 

This is a one critical aspect that you must deal with if contemplating a FSBO sale. It involves a delicate balancing act: If your listing is too low, you end up losing money. But if you price it too high, then the listing gets cold, and then you must drop the price, which can make buyers suspicious and reluctant to purchase. 

What Are the Advantages of a FSBO Sale?

One of the most positive aspects of a FSBO sale is the sense of control that comes with it. You don’t have to pay commission to a realtor when you work by yourself. This, of course may end up saving you lots of money. Additionally, when you have eliminated the middleman, you’re in the driver’s seat when it comes to exploring all of your options and choosing the way that you want to advertise and market your house.  

What Are the Disadvantages of FSBO Sale?

The sales process can be overwhelming because you have to do everything for yourself. That includes conducting research on how much your home is worth. After determining this, you then have to get your home ready for the market. When you’re ready to put it up, you will have to determine how to advertise and market your home. You will also have to conduct open houses. Finally, when you do get a buyer, you will have to negotiate and have to research their finances to ensure that they can actually purchase your home. Not only is this a lot to do, but everything may not go smoothly. For instance, if there are problems such as with the title search, you don’t have the realtor to assist with this, and you must resolve it yourself. 

Connect With a NY Real Estate Lawyer

There are a lot of things to consider when you’re selling your home. Whether you decide to go with the FSBO route or not, you will need a reliable New York real estate lawyer to complete your home sale. You can connect with an experienced MOWK Law attorney to handle the legal aspects of the transaction. Don’t hesitate to contact us right away to get started.