When it comes to selling your house, there are essentially two options: the seller can hire a real estate agent or do everything themselves. This second option is what’s known as ‘for sale by owner’ or FSBO, which means that the homeowner is handling the sale directly. FSBO sellers do not work with traditional realtors. However, they often work with companies that offer FSBO packages to help them list their properties on the MLS. Here at Real Estate Corners, we offer such services to provide a way for homeowners to sell MN homes for sale by owner quickly and effectively.
Now, you might be wondering: Is buying an FSBO home in Minnesota a good idea? Wouldn’t it be tricky dealing directly with the seller? We’re going to dive into those questions in this blog post, exploring exactly what FSBO homes are all about and helping you decide if they’re the right fit for you.
Why home sellers go the FSBO route
You might find that MN homes for sale by owner aren’t as common as those listed through traditional real estate agents. However, this way of selling is definitely becoming more popular because it lets homeowners keep more of their money and potentially earn a larger profit from the sale.
A major reason people choose to sell MN homes for sale by owner is to avoid paying the listing agent commission — that’s the commission paid to the seller’s real estate agent, which is typically 3-6% of the sale price.
While it was common for listing and buyer’s agents to share a commission, the National Association of Realtors has implemented new rules that increase transparency and negotiation around agent compensation. These new rules specifically address how buyer’s agents are compensated. Sellers now have more flexibility in offering compensation to buyer’s agents, and these offers will be negotiated outside the MLS. In an FSBO situation, the seller avoids paying a listing agent’s commission. And while negotiating who pays the buyer’s agent’s fees has always been possible, the new rules make those negotiations more clear-cut.
Ultimately, these changes create more opportunities for buyers and sellers to save money. And that’s where we come in. At Real Estate Corners, our flat-fee MLS solution starts at just $399. For that small, fixed fee, we’ll list ‘MN homes for sale by owner’ on the local Multiple Listing Service.
More control over the home sale
Homeowners who want more control over the home selling process find the FSBO route to be appealing — because they won’t be working with an agent, they get to handle everything, from setting the price to marketing, negotiations, paperwork, and closing.
However, for some sellers who lack experience, all that work may be overwhelming. That’s why we offer a flat-fee MLS listing service that can help them in marketing a home. Our solution lists MN homes as for sale by owner on the MLS for 6 months, with up to 24 photos and unlimited changes or edits. Plus, we forward the buyer leads to the seller and provide home-showing electronic services that allow buyers like you to request showings and give feedback.
Should you buy an FSBO home?
Statistically, MN homes for sale by owner cost less than agent-listed ones. This means you could get the home you want for less. According to NAR, these properties sold for a median of $380,000 in 2023. Meanwhile, agent-assisted homes sold at a median of $435,000.
That said, it’s important to be cautious when buying an FSBO home. Remember to do the following:
Research and inspect the house
Take the time to do your due diligence to ensure that it’s the right home for your budget and needs. You want to invest in a property that won’t surprise you with major problems down the road. Arrange a title search and a home inspection to ensure that there are no hidden issues.
Hire a real estate attorney
You will be working directly with the seller, so it’s important to have a real estate attorney review the contract and other paperwork before closing. Our agent can also go over the paperwork to ensure that you don’t miss a thing.
Check agent-listed homes
Looking for MN homes for sale by owner? You’ve come to the right place. When homeowners use our FSBO package, we showcase their full listing right on our website. And to make your search easier, we can even recommend listings that are carefully selected to match your specific needs.
We have a home buyer service
We want to make buying MN homes for sale by the owner even better for you, so we offer cash rebates! Just have us represent you as your buyer’s agent, and you’ll get a rebate when the deal closes.
Found your dream FSBO home in Minnesota? Great! We’ll act as your buyer’s agent and give you a 1% rebate of the home’s selling price (up to $4,000) at closing. And if you’re also looking to sell your current home, we can help with that, too. We’ll represent you on the buying side and give you a 0.5% rebate on the new home, check our rebate page for details.
We can help you buy an FSBO home in MN
At Real Estate Corners, we take the time to understand your unique needs when buying a home. We look into various factors, from your budget to family size, community, and location, so we can identify your requirements and recommend the right MN homes for sale by owner. Additionally, we want to ensure a smooth-sailing home-buying experience in Minnesota.
Let the pros streamline your home-buying journey
Although you can buy MN homes for sale by owner without a realtor, having one can give you more edge in negotiations. At Real Estate Corners, we can help you navigate the legal paperwork and contracts for a safer and smoother transaction. If you’re interested, call us today at (612) 483-1230.
