FSBO- Advice

Need advice—We’re putting a bid in on a house tonight. Its FSBO, its priced super HIGH- $625. Ive done my research and found comps in the area- from Dec-now they have been selling between $540 & $580(w/ agents). The most comparable one I’d say is this one house in particular that sold in Dec for $570. Only difference is the one sold in Dec has a private driveway, 100 extra sq of living space & is also a corner property (curb appeal is better on this house) the one we are putting a bid on is semi-detached, & shared driveway. We have set a number that we will not go over, but just trying to get others opinions on what your 1st initial offer would be and your top #.

Also any advice/tips when presenting our offer to the sellers tonight? Thanks

FSBO- Advice

I would show the comparables to the owners. Print out whatever you found on zillow, trulia or redfin.

Re: FSBO- Advice

I hate to be negative- but FSBO are usually FSBO b/c they want more then the realtors are telling them the house is worth

Re: FSBO- Advice

No I know your right-- that's why Im not so hopeful about this going through. I'm just dreading us telling them our # sitting at their dinning room table, them becoming insulted and us walking out after that... AWKWARD!! lol Well see!

FSBO- Advice

I agree with Beth, usually FSBO are emotionally and/or financially attached and not necessarily reasonable.

But you didn't ask for my opinion on FSBO's :) you asked about your offer, so here's my 2 cents:

- have your comps printed out and ready. When you make your offer, explain where the number comes from. When the sellers react, ask to see what their number is based on and go from there

-look for basically two sets of comps, one set that are close geographically and one set that are close feature wise but not necessarily geographically. The only caveat is that they really need to be in the same school district.

-put yourself in their mind and scour the comps to see what they might possibly be using as a basis for their number. You need to be able to anticipate their argument. Then see if you can find comps that are more recent that refute that or features the home you are bidding on does not have that the other high priced home has.

In the end pricing is an art not a science. The house is worth whatever a buyer will pay for it. I would put my first offer at a number that has some relation to the comp and that way you can explain it. Since it's FSBO, maybe take 2-3% off the comp price because no agent is involved.

Good luck! Let us know how it goes!

Re: FSBO- Advice

Yup Beth & Lori we're both right!!! These people we're emotionally attached because the husband did the work. They were trying to pass redoing the 2 bathrooms as "the entire house has been GUT renovated". I had all my comps printed & my notes and these people were not on the same level. A house on their block that I didnt see for myself but by pictures online sold for $20k less than what we offered last night and that one had 4 bedrooms & that house looked "gut" renovated since they broke out walls and had more of an open area concept!!!

I told my DH I'm not even that upset about it because after hearing them trying to claim it as GUT renovated it really just turned me off! So my search begins again.

If anyone can recommend an agent here in Queens please pass along their info. Thanks

Re: FSBO- Advice

Re: FSBO- Advice

I have presented offers on houses that were over listed with comps and maps. Everything to support the offer price. Sellers are sometimes unreasonable.
If they turn you down tell them to keep your number because most of the time they will have to come to reality at some point.
One house in particular months later ended up lowering list price below offer I had presented.

FSBO- Advice

Sorry the FSBO didn't work out for you. I'm not an expert in Queens, but we do have agents who are. If you want to FM me with details of what you are looking for etc, I'm happy to pass along your info.