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What does FSBO mean?

For Sale By Owner is the process of selling your home without a real estate agent. Approximately 25% of all real estate transactions in Canada are completed without real estate agents. Selling your home privately has become a growing trend in Canada due to owners wanting to take more control of the selling process while saving thousands by not paying high real estate commissions.

When you sell your home privately you are in control of the sale of your home. You can decide when to show your home and to whom you show your home. Private sellers advertise your home, schedule your own open houses, and talk directly with the buyers. Most owners who sell privately contact a lawyer and have the lawyer write and review the contract before finalizing the sale.

Owners who sell privately do not have to pay 5-7% of their homes value to a real estate agent. For Example, if two neighbours have similar properties and one sells with an agent for $300,000 and the other sells with ByTheOwner.com for $300,000, then the home sold on ByTheOwner.com would result in the owner saving more than $15,000!!!

This entry was posted on Wednesday, December 13th, 2006 at 4:30 pm and is filed under Real Estate Market. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

5 Responses to “What does FSBO mean?”

  1. Julie Says:
    December 13th, 2006 at 4:35 pm

    Nice. I am selling in Jan and I look forward to using ByTheOwner.com

  2. ByTheProgrammer » Blog Archive » Tools to help you price your property Says:
    December 13th, 2006 at 4:36 pm

    […] Our paying customers also have access to a special report of similar properties in the Your account section. Consulting this report usually gives a pretty good idea of the price that can be asked for your home. I don’t know any other websites that gives those infos at the moment. This would be great for the fsbo trend in Canada! […]

  3. davidvogt Says:
    February 3rd, 2007 at 3:23 pm

    Your article is very informative and helped me further.

    Thanks, David

  4. joan doe Says:
    February 14th, 2007 at 10:57 am

    “Approximately 25% of all real estate transactions in Canada are completed without real estate agents”

    If you don’t mind me asking - where did you get this statistic from?
    who exactly performed this study?

    thanks, joe doe

  5. William Stynes Says:
    February 14th, 2007 at 1:14 pm

    Joe,

    This stat comes from a September 25th, 2004, Globe and Mail article, written by David Akin in the Report on Business Section. The article is entitled “Selling Your Home: Conducting the Ultimate Yard Sale.

    Regards, BTO

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