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Anyone ever sell your home FSBO??

Discussion in 'The Lounge' started by Catslammer, Sep 13, 2005.

  1. Has anyone ever sold their home by owner? If so, what are the ups and downs to this? I am possibly thinking of selling later this year. When I bought my house, I used an agent. She did absolutly nothing. I was the one that found the house, and she didn't even show up to the closing. I just hate paying someone big bucks if I don't have to. It seems to me that a good mortgage broker or real estate lawyer would serve just as good a purpose. Would someone like National City have staff who would handle the closing for me? I live on a busy highway, so I would get quite a bit of exposure just from a sign in the yard.

    Any info would help.... maybe I'll just sell it on OGF.com :) ...the house does come with a new 24x40 pole barn!!!! Could be a popular piece of real estate around here!!!!!

    Catslammer out.
     
  2. Smallie Gene

    Smallie Gene Banned

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    I agree Catslammer, to frig with those frick'n realtors, they make too much money and don't so craps for what we have to pay them. If you're not in dire straights to sell, why not trying it yourself.

    Cons, people calling and wanting showings, and you having to take off work to show the house, you could hire a title agency to do the closing for about $800. Realtors do more than you think, you will still have headaches with home inspections, negotiations, etc, but in the long run, the realty companies make too much money. But, most people looking for houses have realtors and the realtor ain't going to show them your house, they'd have to do it on their own. If you have good highway exposure (house exposure that is) go for it!
     

  3. If you have time on your side, FSBO is the way to go. I'll never do it again another way. I've done 2 transactions this way and I've saved a bundle in real estate commissions. Advertise in the paper, host open houses, and put out signs. More people are buying this way now too. My strategy has been to split the proceeds of what would have went to the realtor. This way the price is more attractive to a buyer (you sell faster) and you still make more off the sale than you would have with a realtor. Find someone around you who has done it before and use a version of their purchase agreement (contract) so you don't have to draft another one.

    Good luck!
     
  4. Hetfieldinn

    Hetfieldinn Staff Member

    I've sold my share of homes. There are pros and cons to listing it with an agent. If time is not a factor, I would definately FSBO, but I would also recommend looking into a local real estate attorney for the final transaction. He will know all of the ins and outs of selling your home legally, and with all of the disclosure forms to protect you after the sale is final (disclosure forms, lead based paint forms, ect..)

    If you list with an agent, they will take 7% of the sale price off the top. As soon as your home is listed, it will hit the MSL list, and the CRS list, where it is available to about 180,000 realtors. If someone looking for a home has a realtor searching for them, and your area/price/square footage meets their criteria, their realtor will show them your listing, and most likely want to show them your home.

    I would try and sell it myself, and use an attorney to do the deal, and if it doesn't sell, and you are near your deadline on time, consider listing it. Then, I would only list it with an agent after interviewing at least four of them to find out exacly how they plan on selling your home in a timely manner. When an agent advertises a home in the paper, or anywhere for that matter, the costs usually come out of their own pocket, therefore, a lot of agents avaid advertising, and rely on the lists mentioned above for exposure of your home.
     
  5. UFM82

    UFM82 The one others want to be

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    When I sold my first house, I knew about where I wanted to list it. When we spoke to our realtor about the house, she gave me a list of excuses as to why we shouldn't list it where I wanted to. I was going to go with $119,900 but she was all goofy and said that $109,900 or $110,900 would make it sell faster. I told her I wasn't worried about a fast sell- I had time. She gives me a song and dance about IF the house hadn't sold in 6 months and IF we weren't getting any interest, we would have to look at reducing the price. Then she rambled on about how reducing the price can be bad because people think you were too high to start with and they want to bargain even more. Blah, blah, blah.

    Well, to make a long story short I held my ground and we listed at $119,000. The house was listed on Friday on the MLS and we had two people come through on Sunday. The second couple offered $118,000 Sunday around dinnertime and we countered with $118,500 and closed the deal. I told my realtor that I wasn't going to pay her any commission on the $8-$9 grand extra I made over what she wanted to sell my house for. Her demeanor got real nasty and I told her to pound salt.

    I may go FSBO next time unless I can find an agent that doesn't simply want to steal money from me.

    UFM82
     
  6. UFM82,

    That's another reason I didn't like my realtor when I bought my house. I found this place that was listed at 103,900. It had alsready been reduced from 110,000 ish. When I got done doing my figuring, I told her I wanted to offer them 87,000. She about fell out of her chair. She blah, blah, blahed, about how most houses get asking price in this area and so on. But I knew that this place had been on the market for a long time, and the owners had a home pending. It made sense to me after that. If you're selling a house, they will try to get you to lower your asking price, and if you're buying, they will try to get you to raise your offer. Increases the chance of making the sale.

    I ended up buying the place for 93,000 and they paid all the closing costs!!!! I love the negotiation process. If I sell, it is because I'm moving out of state, but I may have atleast a few weeks of trying to find a buyer on my own. I know the odds are against me, but it only takes one buyer who really wants a 24x40 shop!!!!!


    Catslammer out

    Also, thanks for all the feedback.
     
  7. Just some friendly advice here, if your selling FSBO, and you do have open houses, be sure to write down every License plate of all the folks who come through, some may be casing your place for a future late night evening visit,

    also when I sold my house ( or tried to)FSBO, when ever someone wanted to drop by to look at it, I plainly told them "By Appt. Only" and also when people called, wanting to look at the house, I always told them to look at the house they must be Pre qualified ( house loan)and for them to bring there statements wit them, This cut my showings in half but I didnt want neighbors being nosy to come through my house. This will also allow only serious folks to come through.

    Another thing ( if your interested)is to openly mention on your adds that you will consider Co-OP with a realtor for 3%, basically when a realtor places you an offer, you can stay firm on your price and be right at the same place cost wise.

    I just bought my house where the owner co-oped with us,

    Salmonid
     
  8. I guess I am prejudice when it come to realators. My wife's grandmother is the office manager of a local realator's office and she has done me good ths far. For example, I bought a mobile home 5 years ago for $29,000. It was FSBO. It wasn't the best of places, but it was a start. Well I decided to sell because I got all my finances in order. I put very little money into it and she ended up selling the place for $39,900.

    I know the reason I go the place so cheap was because the guy didn't have to any commission, but I she sold it for me, in two weeks and I made $10,000 off of the place. Granted she did not take a commission because it was for me, but I was overwhelmed with the amount of paperwork, surveys, septic/well testing, and apprasials. If it would not have been for her, I would have been in way over my head.

    Just a couple of months ago, we told my grandmother-in-law that we were looking to get a new house (previously we were living in an apartment) She told of this 3 year old home just down the street from her parents that was forclosed on and the bank wanted for he to list it. She told the bank to hold off for a moment, that she may already have an interested buyer. The house apprased at $109,900, but she had access to what the bank actually had to pay on the forclosure. I offered them $70,000, and they accepted with the provision that I did my financing through them.

    I know they are expensive from time to time, and I am lucky because I am related to one, BUT they can provide you with a lot of information and help with all offers, closings, and paperwork. And I know that my grandmother-in-law is an honest lady. she is not in it for the money, she does it for something to do.

    If you happen to be in the columbiana, carroll, mahoning, stark county areas, PM me and I will put you in contact with her. She is wondeful lady who always has went above and beyond.

    Just my 2 cents.
     
  9. Smallie Gene

    Smallie Gene Banned

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    Salmonid made a good point, most (again most) people who are serious about buying soon have already prequalified. Nosey arses and people who are just trying to get a feel for the market are not usually prequalified. I wouldn't worry too much about fingerprinting, DNA, and stool samples from prospective buyers unless you had an "open house." Because if you sell it yourself, you are going to personally be with the people where as if its an open house you could have 3-4 parties in there at once and the next thing you know all your dirty movies are missing :(

    I wouldn't Co-op with another realtor unless you can't sell it, in that case you might as well get your own realtor.
     
  10. Catslammer;

    I've been renting a small house that the landlord is selling. It's been nothing but a pain. To cover myself, I hired a realtor with a buyer's agreement, meaning that I payed a flat fee, not the 7% commision. in this case it came in handy as the landlord has been a real stinker.

    I also sold my last condo FSBO, but I used Next Home to help advertise and represent me. It was worth the 1000 dollars, but I still did most of the work. i paid no commission, and at least got out of it what I put into it. I only owned it for two years.

    Just be sure any purchased agreement you have is looked over by a lawyer, and get a home inspection. Just my opinion.

    Shari
     
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