For those of you who don’t know what a FSBO is (pronounced “fizz bow”), it stands for: for sale by owner. The main reason people sell their homes by themselves is to save the commission they would normally pay a real estate agent.
The problem in our litigious society is that the FSBO will most likely end up in a lawsuit. That will cost far more than a realtor’s commission, not to mention the stress and tension the owner/s will endure.
In the State of California, realtors have to go through extensive schooling and testing in order to obtain a real estate license. Every four years, the realtor’s license has to be renewed by taking 45 hours of continuing education and testing. California is one of the toughest states to obtain a real estate license.
The huge amount of paperwork for one transaction is overwhelming to most people. That’s why mentoring programs have been implemented for new realtors. Most of the disclosures and legal documents are the results of lawsuits, so it’s imperative for realtors to know what they are doing.
Some folks think they know the in’s and out’s of a real estate transaction because they went through it…with a realtor I might add. The law looks at a lack of knowledge as ignorance of the law and therefore not an excuse.
My advice is to work with a good realtor, pay their commission as they work very hard for it, and relieve yourself and your family of as much liability as you can.
There is a saying, “Penny wise and pound foolish”.
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