Selling for-sale-by-owner does not remove legal risk, since the purchase contract, the title transfer through Information Services Corporation and possession terms all still have to be handled correctly whether or not an agent is involved. A lawyer's closing fee, typically $800 to $1,500, is not optional either way.
Where for-sale-by-owner tends to work is a highly desirable property in a fast-moving pocket of the market. Where it tends to cost a seller money is pricing, since an owner without daily access to comparable sales data often prices from feeling rather than from what has actually closed nearby.
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