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Frequently Asked Questions

1) What does FSBO mean?

FSBO means for sale by owner. It is pronounced FIZZbow. It means a homeowner is selling their home without an agent. Many FSBOs want to save on the commission, usually commissioned to the agents, so they can put that money into their own pocket. FSBO’s put a lot of time and money into selling their home. They have to learn how to handle offer, documents, and all kinds of little things. Just because they are saving money by not paying an agent to market their home, doesn’t mean they will discount the price by the amount of commission an agent would charge — otherwise, they would hire an agent!

2) What is a Multiple Listing Service (MLS)?

A multiple listing service is a computerized listing of the homes for sale in an area listed with a realtor. Agents are granted access to the MLS and can use it to find a house in a particular price range or area. It’s an association of real estate Brokers who agree to share Listings with one another. The listing broker and the selling broker share the commission. The MLS usually distributes a book with all listings to its members, updating it frequently. Prospective buyers benefit from the ability to select from among many homes from any member broker.

3) What are closing costs?

Closing costs are expenses incurred by buyers and sellers in transferring ownership of a property. Examples of typical closing costs might include: Attorney (Lawyer) fees, Title service cost(s), Recording fees, Document or Transaction Stamps or Taxes, Survey fee, Brokerage Commission, Mortgage Application Fees, Points, Appraisal Fees, Inspection Fees, Home Warranties, Closing, Pre-paid Property Insurance, Pro-rata property taxes, Pro-rata Homeowner Association Dues, and Pro-rata Interest just to name a few.

4) What is a REALTOR®?

A REALTOR® is an agent or agency that belongs to the local or state board of REALTORS® and is affiliated with the “National Association of REALTORS® (NAR).  They follow a strict code of ethics beyond state license laws and also sponsor the Multiple Listing System (MLS), which is used to list houses for sale.

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