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Our free and impartial information service aims to provide you with the answers that are important to you when buying or selling property in Scotland.:

 

Information on Selling - FSBO (For sale by Owner):

 

When you are selling your home in Scotland the most common three choices are as follows:

Very important point number 1::

If YOU find a buyer for your home and you have a Sole Agency agreement with your estate agent then you may not have to pay your estate agents sales commission.

You will have to pay the selling agents pre-agreed set up costs for producing schedules, internet advertising and newspaper advertising as these are out of pocket expenses.

However, the point to remember is this - You must tell your estate agent that you will actively be promoting your property and you will only pay them their sales commission should they provide you with a buyer.  To monitor this is really quite simple. Tell your selling agent that viewing is by appointment only through the selling agent.  This means that any potential buyer that sees the estate agents marketing will call the estate agent directly and therefore the estate agent has a note of all potential buyers that they have supplied to you.

Very important point number 2:

Get your own For Sale board installed at your property with your telephone number/ contact details on it.  Why?  Well, if you pay an estate agent to install a board at a property and a passer by calls the estate agent to arrange a viewing - then you must pay the estate agent fee.  What you must tell yourself is this: "If I installed a For Sale board and a buyer contacted me first then I don't have to pay the estate agents selling commission".

So, by YOU spending approx £35 to have a For Sale board at your property - you could save thousands of pounds in selling commissions.

Very important point number 3:

Most estate agents charge a "Set - up " fee and this ranges from £100 - £250.  This is effectively an administration fee and usually covers the production of a property schedule, inclusion on the company website, sales COMPARISON value and For Sale Board.  So, the point about Very Important Point number 2 above is this:  If you erect your own For Sale Board then your estate agent cannot charge you for it and they should discount their fee accordingly                                    .Are they eyeing you up or your mobile phone? Get protected now!

For Sale by Owner - What do I do?

Not too much really!

There are many websites offering property sellers the ability to be an FSBO.  When choosing an internet option like this it is important to ensure that the internet exposure is maximised.  Also, are the websites that the FSBO site uses relevant to the Scottish Market?

By using internet providers that use the likes of FISH4 - then you can be assured that your property is reaching a massive audience however, in Scotland you must also consider publicising your property on the likes of s1homes and The Scotsman Newspaper publication as these are widely recognised property portals.

You must use a solicitor to handle the conveyancing/ legal processing of your property and again you can either use a local office or use an online company that will handle your conveyancing. Simply search for online conveyancing scotland in here and you'll see you have plenty to choose from!

Your solicitor will contact the mortgage lender in order to obtain the titles to your property and your solicitor will receive the offers made by potential buyers for your property. SO, you can see that the process for FSBO is exactly the same as if you were using a selling agent with the only exception being that as an FSBO you are responsible for marketing your property.  Please remember that advertising your property can be very expensive. However, even if using a selling agent any newspaper advertising or additional marketing that is outside the scope of your agreement with the selling agent will need to be paid for by you anyway.

So, the Very Important point number 4 is: If you, as a seller, are paying for your estate agent a fee for installing a for sale board, for the cost of newspaper advertising, for the cost of internet advertising and any other sundry marketing costs - why would you also want to pay them a commission?  What is your estate agent doing that you are not already paying them for?  Ask your estate agent this question and if they satisfy you with a response, great......but I've yet to hear one.

Selling your home, no matter what method you use, will probably involve stressful situations however the amount and intensity of these stressful situations can be reduced by being prepared.

 

                                                           

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