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Jen2999
Baby girls & beagles rock!
Member since 8/06 10356 total posts
Name:
Jen
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for sale by owner?
Has anyone had success in doing this?
The value of our house is finally up a bit to where we could feasibly "break even" with what we owe. If we go through a realtor, we would prety much have to pay the commission out of pocket, and we really cant afford to do that when we would be buying another house etc.
Our close friends' mom is an agent and said she would help us through the whole process should we decide to try and do this.
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Posted 2/15/10 7:49 PM  |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: for sale by owner?
just as an FYI- for sale by owners sell for 12% less on average
and most people will take off 6% since you are not paying comission when they make an offer
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| Posted 2/15/10 8:00 PM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: for sale by owner?
My BIL and his wife are buying a FSBO and closing this week. They found the house in a Pennysaver listing. The woman was going through a divorce and didn't have the money to deal with a REA.
You would have to arrange your own open houses, etc, but it's an idea to try and if you have no luck, then list with a REA as a last resort.
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| Posted 2/15/10 8:32 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: for sale by owner?
would your friends mom being willing to lower her comission if you agree to buy a home thru her as well?
I know my broker is always willing to do that!
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| Posted 2/15/10 8:41 PM |
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Jen2999
Baby girls & beagles rock!
Member since 8/06 10356 total posts
Name:
Jen
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Re: for sale by owner?
Posted by Beth
would your friends mom being willing to lower her comission if you agree to buy a home thru her as well?
I know my broker is always willing to do that!
Yea, we bought our current house through her and would probably buy our next one with her help. She would lower it , but I really just dont have an extra 10/15k to pay out of pocket if we just break even with the selling price.
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| Posted 2/15/10 9:04 PM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: for sale by owner?
We tried to sell our condo FSBO. We had a mixed experience.
Just a few things in my experience:
~ it doesn't matter how much/where you advertise, you just don't get the traffic that MLSLI does. period. we got very lucky in that our open houses were packed, but that was only because we were in a condo complex and pretty much every weekend someone was having one so we poached a lot of people. on the weekeneds we had our own, much less traffic.
~ realtors will call you day & night to list your property. I would say 75-80% of the phone calls from FBSO were from realtors. the good news is they are willing to negotiate their commission. a lot.
~ like Beth said, people WILL lowball you, knowing you don't have to pay a commission. this is where we messed up. we declined an offer because we thought it was low. signed on with a REA, the same buyer called the REA and had $10k more all of a sudden. now we owed the realtor $$. in the end, we actually lost a small amount of $$, which was annoying.
~ your weekends will be very busy and you need to be very flexible in showing your house. it's definitely a hassle and you need to be comfortable with people walking through your house.
I hope that helps!!
Message edited 2/15/2010 9:14:03 PM.
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| Posted 2/15/10 9:13 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: for sale by owner?
Posted by Beth
just as an FYI- for sale by owners sell for 12% less on average
and most people will take off 6% since you are not paying comission when they make an offer
They can take 6% off all they want. That doesn't mean the FSBO seller has to agree to that.
As far as the buyer is concerned, they are paying the money regardless. If a FSBO seller refuses to budge on the price, is a buyer really going to pay 6% more for a comparable house just because there are realtors around?
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| Posted 2/16/10 8:23 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: for sale by owner?
Posted by ave1024
Posted by Beth
just as an FYI- for sale by owners sell for 12% less on average
and most people will take off 6% since you are not paying comission when they make an offer
They can take 6% off all they want. That doesn't mean the FSBO seller has to agree to that.
As far as the buyer is concerned, they are paying the money regardless. If a FSBO seller refuses to budge on the price, is a buyer really going to pay 6% more for a comparable house just because there are realtors around?
Of course they don't have to take but as you can see from an above post this is the reality and time is money...the longer your house sits...the less the offers are going to be
I have seen numerous people on here post the same thing about offering less on fsbo
And it's a proven fact that fsbos sell for less...I didn't make that up
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| Posted 2/16/10 8:55 AM |
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Jen2999
Baby girls & beagles rock!
Member since 8/06 10356 total posts
Name:
Jen
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Re: for sale by owner?
Posted by Beth
Posted by ave1024
Posted by Beth
just as an FYI- for sale by owners sell for 12% less on average
and most people will take off 6% since you are not paying comission when they make an offer
They can take 6% off all they want. That doesn't mean the FSBO seller has to agree to that.
As far as the buyer is concerned, they are paying the money regardless. If a FSBO seller refuses to budge on the price, is a buyer really going to pay 6% more for a comparable house just because there are realtors around?
Of course they don't have to take but as you can see from an above post this is the reality and time is money...the longer your house sits...the less the offers are going to be
I have seen numerous people on here post the same thing about offering less on fsbo
And it's a proven fact that fsbos sell for less...I didn't make that up
Well, I think you are looking at it from a real estate agent pov and while you may be right, I think that in my case, where I just don't have the money to pay the commission, I dont have many other options other than to try.
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| Posted 2/16/10 9:01 AM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: for sale by owner?
we purchased a FSBO and found it not as easy as it sounds. Paper work that was necessary to push through we had to fight to get pushed through. But for selling - your not going to get as much traffic as ML but if your in a decent traffic area, you put stuff on craigslist, local papers get it somehow on trulia you will get hits. Just know what your house style/area is selling for stick with your number (have your low set) and try it out. If it doesn't work with in a few months then list with an agent.
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| Posted 2/16/10 9:05 AM |
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NoStressMom
My Heart and Soul
Member since 5/05 11122 total posts
Name:
D
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Re: for sale by owner?
I say give it a shot and see what happens
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| Posted 2/16/10 9:32 AM |
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jenheartsrob
LIF Adult
Member since 5/06 1861 total posts
Name:
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Re: for sale by owner?
I was just looking at fsbo.... if you put it there with the MLS and realtor.com package for 6 months it's $629. I don't think I'd do FSBO without that to generate the traffic
If you opt to pay the 2% commission on FSBO to an agent, I imagine that that ups your chances of them bringing people to your house, right?
Also, DH discovered redfin.com for searching for houses and the FSBO ones pop up on there, too
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| Posted 2/16/10 11:50 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: for sale by owner?
Posted by NoStressBride
I say give it a shot and see what happens
I think you should too
I understand you position but I am just trying to give you realistic info
so you are prepared
paying to be on MLS will help
making your house available to see on the weekends and even evenings
when you get an offer- ask for a pre-approval and proof of funds on a cash deal to protect yourself
did your friends mom tell you what she would list it for? and what similar properties are selling for?
I would list it with room for negioation- if you need $300k...list it for $325k
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| Posted 2/16/10 12:02 PM |
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Jen2999
Baby girls & beagles rock!
Member since 8/06 10356 total posts
Name:
Jen
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Re: for sale by owner?
Posted by Beth
Posted by NoStressBride
I say give it a shot and see what happens
I think you should too
I understand you position but I am just trying to give you realistic info
so you are prepared
paying to be on MLS will help
making your house available to see on the weekends and even evenings
when you get an offer- ask for a pre-approval and proof of funds on a cash deal to protect yourself
did your friends mom tell you what she would list it for? and what similar properties are selling for?
I would list it with room for negioation- if you need $300k...list it for $325k
Yes, she printed out a bunch of comparable houses in the area and told us we should request the interested buyer be prequalified etc. She said she'd help us with all the steps and tell us what to do when we start getting offers (if we do)
I know it is kind of a long shot, but I think that we have to at least try so then we can justify listing with an agent if necessary
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| Posted 2/16/10 5:11 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: for sale by owner?
Good luck Jen! I think the most important this is going to be pricing it right. Hopefully you can scoop up a first time homebuyer!
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| Posted 2/16/10 5:24 PM |
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SweetCin
My green-eyed boy
Member since 5/05 13499 total posts
Name:
Cin
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Re: for sale by owner?
Jen, I say you have nothing to lose. I had a great experience when I sold my first home on our own (w/ a little help from my friend who was a PT realtor). She was there for the open house. We had 2 offers from that 1 open house & sold the house a week later; no issues. The house was in great shape & in a good location & the timing was right too (this was in 1998).
We actually made a profit on it from when we bought it a year earlier.
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| Posted 2/16/10 7:25 PM |
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Re: for sale by owner?
I just went through this during the summer. Honestly if i had went with a real estate agent i probably would have sold my place by now. We would have recouped the money we were losing every month by paying the mortgage. (we are moving back in with the inlaws to recoupe money we are losing anyway)
Its alot of work the FSBO
i did not have as much traffic until i went with a REA and on MLSLI
and you must be prepared for all offers if you need to move.
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| Posted 2/16/10 8:26 PM |
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