Monday, March 12, 2007

FSBO vs FSBUS

Just when you think you know the lingo, they decide to change it! However, in this case, I think it’s a good thing. Most people recognize the acronym FSBO as being short for “For Sale By Owner.” In the real estate industry, this phrase has been used for a very long time to differentiate between owners who choose to sell their real estate without representation by a real estate agent, and those who do have representation. However, this phrase really isn’t being used appropriately as EVERY home, building, or land parcel is being sold by its owner whether or not they choose to employ the services of an agent.
In September 2006, the National Association of Realtors (NAR) announced a change to the term FSBO. Rather than call properties being sold without the services of a real estate agent, “For Sale By Owner,” they will be called “For Sale By Unrepresented Sellers,” (FSBUS, for short). The term “unrepresented seller” means exactly what it says: The owner is choosing to sell the property without being represented by the service of a real estate agent. It may take a while for this term to have the recognition that FSBO has, but it is the term that will be used on contracts, so everyone should be familiar with it.
Click here to read the article