Can I Sell My House in Florida without a Realtor?

With a massive number of buyers looking for all types of properties and sellers eager to find the best deal, Florida offers fertile soil for real estate agents to thrive. However, while many, if not most, transactions occur through real estate agents, some sellers prefer to work their way through the process and find the ideal buyer for their properties by themselves.

In this article, you will find out all you need to know about “for sale by owner” closing transactions.

The Basics of “For Sale by Owner”

The term “for sale by owner” (FSBO) refers to a method of listing and selling a property in which the owner willingly forgoes the services of a professional real estate agent.

Sellers usually opt for a FSBO transaction to avoid paying real estate agent commissions on the sale of a property. The costs incurred by using the services of a real estate agent may constitute a significant percentage of the property purchase price (typically around 6%).

Selling a property FSBO requires sellers to prepare a checklist detailing the procedure to be followed. A standard FSBO checklist would include tasks such as:

• Researching the value of properties with similar characteristics in the same neighborhood;
• Determining the asking price for the property;
• Making any necessary repairs to the home;
• Staging the home for sale;
• Marketing the property (i.e., online listings, flyers, brochures, etc.);
• Scheduling showings and appointments;
• Meeting with prospective buyers;
• Negotiating the purchase price and the terms of the sale; and
• Preparing the purchase and sale documentation (i.e., purchase and sale contract, disclosure forms, necessary addenda, etc.).

In short, the seller must be on top of the many requirements and processes that are involved in Florida real estate transactions and must also ensure compliance with Florida law.

The Services a Seller Cannot Waive: Title, Escrow, and Closing

Ultimately, selling a property via FSBO does not mean waiving all forms of professional guidance. Instead, homeowners looking to sell their properties on their own should still seek other expert help to close the transaction. Specifically, to undergo an FSBO transaction properly, a title company must be hired to assist with title, escrow, and closing services.

Before transferring the title to a property to the buyer, there must be a title search performed to ensure clear and marketable title to the buyer. A title search is an in-depth examination of the ownership history of the property to identify any defects on the title (e.g., liens, judgments, unpaid mortgages, issues with past deeds, etc.). After identifying any issues with the title, the title examiner will prepare a title commitment report to help the seller resolve these items before closing. The title agent will also prepare all the documents necessary for the closing transaction, including the closing statement and transfer deed.

Another crucial task is to ensure both parties to the transaction will fulfill their responsibilities before receiving their share of the bargain. Hence, before the transaction is complete, the buyer usually deposits the funds to be paid at closing in an escrow account. Held by an independent escrow agent, the funds held in escrow are only released upon the fulfillment of the contractual terms. Therefore, it is crucial to work with an expert title company that offers all these services under a single roof to ensure a streamlined closing process.

Do You Need Help With a For Sale By Owner Transaction in Florida? – Work with Marina Title

With or without a Realtor, a seller will need professional title, escrow, and closing services to facilitate the closing transaction, hold escrow, prepare the closing documents, and issue a title insurance policy to the new buyer.

Marina Title offers efficient title, escrow, and closing services all under one roof, and all under the supervision of experienced real estate attorneys. We have over a decade of expertise with real estate transactions of all kinds, including FSBO transactions.

For a smooth and hassle-free FSBO transaction, contact us by calling (800) 604-1871 or email us at Info@MarinaTitle.com. We will provide you with a free closing cost estimate and consultation on the closing process in Florida. Marina TItle provides title, escrow, and closing services throughout the State of Florida.