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Old 06-26-2007, 02:23 PM
 
169 posts, read 460,971 times
Reputation: 62

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I am thinking about going FSBO to sell our house in Alpharetta. Anyone have recent experience either as buyer or seller? Any recommendations for real estate lawyers? Not sure whether to just put a sign outside or list with Iggys on MLS. Average time selling houses in our subdivision less than 20 days.

Last edited by Jomaark; 06-26-2007 at 03:05 PM.. Reason: Wrong name
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Old 06-26-2007, 05:23 PM
 
92 posts, read 600,854 times
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No harm in trying if you're not in a hurry to sell. If homes are selling quickly in your neighborhood I say go for it. One question though: How hidden is your home? Are you on a major street or deep in a subdivision? How much traffic does your community get? Are there a lot of other homes for sale around you?

If you get a lot of visibility then it might be worth a shot. If there are other homes around you for sale this can be good and bad. Good because other agents will be bringing people into the area that are specifically looking in your subdivision. Bad because if there are a lot of homes for sale than you have some competition.

You will have to be on your game though. It can be a pain since you won't have a lockbox and easily accessible contact info. You may get a lot of agents that call you on the spot because they are in the area with their client. As long as you're willing to work with that kind of "spontaneity," do it. You really need to treat it like you are the sellers agent, not just somebody selling their house. Get out and market it a bit.

Oh, and be willing to pay the buyers commision.

B
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Old 06-27-2007, 08:08 PM
 
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The neighborhood entrance is on a major street. There are 2 other houses for sale. We have a basement and the others don't.
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Old 07-01-2007, 05:06 AM
 
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But is there a fair amount of traffic through the neighborhood? I'm not talking about people that live in the neighborhood, they already own homes there. Is your neighborhood a shortcut for others?

Even with the basement it's going to be difficult for you to differentiate between the other homes on the block if you are not on MLS.

B
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Old 07-01-2007, 05:25 AM
 
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I agree with everything bbuch said.

Also bear in mind that people often plan on getting a "deal" from FSBO's, since they know you don't have a commission to pay- they expect to get the house for 3-5% less than they would have otherwise. So, in the end, you'll likely end up with the same money in your pocket that you would with a realtor selling your home for you.

We just sold our house in NJ, and we live in a subdivision of probably 300 homes that are virtually identical. At any one time, there are probably 10-15 homes for sale in the subdivision, and there's always a FSBO or two. Invariably, either the FSBO sign is replaced my a realtor's sign after a month or two, or the house stays FSBO for 6+ months, while the rest of the houses sell in 2-3 months tops. There's one house here that's been FSBO for over a year, which tells me they're not serious about selling, or something is wrong with the house or the price.

Just something to think about.

Bob
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Old 07-02-2007, 02:07 PM
 
169 posts, read 460,971 times
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All food for thought. We are on a main thoroughfare.
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Old 07-15-2007, 04:36 PM
 
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I'm currently a FSBO although with the market the way it is I'm thinking of waiting for another year. I would recommend going FSBO if your willing to market your home. I would recommend doing a virtual tour that was money well spent. I have my own web-site and can view the traffic. Have a professional do the virtual tour. I spent months doing my research if anyone is interested I have lots of suggestions.
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Old 07-15-2007, 08:41 PM
 
Location: Buford, GA
138 posts, read 544,629 times
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I agree with pretty much everything said here so far. You really have to be willing to pay the Selling Broker side commission (Buyers Agent) in order to get people working with a Buyer's Agent to preview your home. Unless of course you are willing to wait for someone who isn't working with an agent, then you don't have to worry about that.

Just make sure you price it right. The number 1 thing most For Sale By Owners do wrong is overprice their home. The market dictates what your home is worth based on comparable sales in your area/community/etc. within a certain time frame (the closer the better but up to 6 to 12 months).

Pricing a home right the first time is the most effective way to move it quickly. That and staging it right.

Bob (as usual) pretty much hit the nail on the head. We had a FSBO in my neighborhood who had his sign out for about 3 or 4 months. Then it was replaced with a discount broker's sign (Assist2Sell) and that sat there for about 3 months. Then he went back to the FSBO sign for another 2 months or so. Then I saw an agent at the house meeting with the owner and she had the sign up the next day. The house sold in 2 weeks for full list price, 10,000 more than he had it listed with Assist2Sell.

But generally I believe the reasons that FSBO's don't sell as well fast are 1) Incorrect pricing, 2) Not in MLS (no one knows about it since 80+% homebuyers use realtors), and 3) People are afraid to approach the FSBO (worried about them paying their buyers agents commission, therefore putting them on the hook for it and/or buyers don't like sellers to show them their house).

The last one may sound strange but most of my buyers HATE when the seller stays home while they are looking at the house. I don't think I've ever had a buyer that didn't complain about that when it happened.

My 2 cents
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Old 07-15-2007, 09:30 PM
 
169 posts, read 460,971 times
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Ciragon, I'd love to hear your suggestions and check out your website. I don't know if it's okay to post it or if you have to PM the link.

Thanks for the other advice. As far as paying a buyers agent I am planning on doing that.

On the point of not overpricing, I keep hearing about overpricing and am curious what is considered an overprice. From what I've read and heard most buyers in this market are not going to buy at list. More likely they will offer and buy at 3% less. So that means a seller adds 3% to the price they want. So adding another 3% for the buyers agent is 6% overpriced? Or if the buyers hits the seller up for closing costs is 10% too high?

Last edited by Jomaark; 07-15-2007 at 09:31 PM.. Reason: wrong spelling of too
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