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Old 05-02-2013, 08:36 PM
 
64 posts, read 70,433 times
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So with the limited inventory on the market here in Las Vegas, and many homes receiving multiple offers within 24-48 hours, is it a good time to venture into the For Sale By Owner route? Anyone have success doing this? On a 1-10 scale how difficult would you say this is? Any good books or websites you can recommend? Or is a realtor really worth their 6% even in a "sellers market." Real Estate Agents responses are welcome also.
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Old 05-02-2013, 09:33 PM
 
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It is very easy to do.

Establish a relationship with an escrow officer; they can do all the paperwork. Scoop does it quite a bit and I am sure he will chime in with good advice soon. I've done it before and it was actually easier than using a realtor.
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Old 05-02-2013, 10:34 PM
 
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First off it is 3% you can save. If you don't cooperate with buyers agents you make it about 10 times harder to sell.

Second you lose about 70% or more of the available buyers when it is not in the MLS. While there are FSBO sites they tend to appeal to a narrow range of people many of who are even cheaper than the FSBO seller.

Third FSBO sellers virtually always over price. I have never really understood this...but it is a self evident truth.

Scoop is licensed...so he can play the game both ways. It is not a bad strategy. The costs are really in joining the MLS. So you do that only when you are going to do something. You leave your license on ice or with a non-MLS broker the rest of the time.

We have recently dealt wit two FSBOs - both in Sun City Summerlin. Both ended up folding and listing with someone. Had good contacts with one and hoped to get the listing if he changed his mind. No such luck. Went with an office mate of ours.
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Old 05-02-2013, 11:09 PM
 
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Better idea is to pay $300 to Congress Realty (flat fee broker) who will put your home on the MLS for you. You do all the work though.

Like lvoc said, you'll still pay the 3% to the buyer's broker. Trying to save that 3% by leaving it off the MLS entirely, will cost you far more than 3%.
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Old 05-02-2013, 11:12 PM
 
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Quote:
Originally Posted by lvoc View Post
First off it is 3% you can save.
Touche, I forgot about the 3% owed to the buyers agent. So it may be easiest to attempt to raise the potential asking price by 3% and have a real estate agent list. I'm just throwing some ideas around...
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Old 05-03-2013, 12:22 AM
 
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When I sold my house the market was similar to what it is now. Not only did I not have a realtor, but neither did my buyer. She was really wanting to buy a house and had been outbid on every offer. We just put it out there by word of mouth.
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Old 05-03-2013, 01:08 AM
 
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Quote:
Originally Posted by SGtoLV View Post
Touche, I forgot about the 3% owed to the buyers agent. So it may be easiest to attempt to raise the potential asking price by 3% and have a real estate agent list. I'm just throwing some ideas around...
List it with an agent and put the asking price up another 3% and go get a drink while your agent works to earn their money. Try selling small stuff on Craigslist and experience people flaking, not showing up with enough money or just plain wasting your time. Now try that with a house and you'll kick yourself for not simply getting an agent.
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Old 05-03-2013, 02:57 AM
 
Location: Sunrise
10,869 posts, read 13,675,929 times
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Quote:
Originally Posted by Everdeen View Post
It is very easy to do.

Establish a relationship with an escrow officer; they can do all the paperwork. Scoop does it quite a bit and I am sure he will chime in with good advice soon. I've done it before and it was actually easier than using a realtor.
This.

I'm at the point where I don't even really need my license anymore. It has been on ice for quite awhile. I'll activate it if I really need to, but I don't think I will. Perhaps when I go into "sell mode." But we'll see. I may just become a FSBOer myself. When you get down to it, the house sells itself if you price it correctly. Knowing HOW to price it correctly is everything.

Once you have a good relationship with escrow and a title company, the rest is quite easy. It's a real estate transaction. Not rocket science.

The biggest problem with FSBOs is that most of the sellers want WAY too much for their house. Like $15-30 per square foot more than the going rate. Even saving the three percent, it doesn't work out very well. I have a few irons in the fire with some trustee sales where I'm paying a flat fee to a realtor if I get the house. It's less expensive than dusting off my license and rejoining GLVAR. The realtor is happy because I'm a very easy client. I'm happy because I'm getting the deal done for less than the GLVAR dues.

I miss being able to directly access the MLS, though. When average Joes can get their hands on real-time MLS information, the *** is up for realtors. They'll go the way of travel agents. The niche agents will have a future. But nobody else will. The National Association of Realtors is shoveling money at Congress to make sure that never happens.

EDIT -- Why is j-i-g auto-censored? What kind of slur is that. Never heard of j-i-g as a pejorative before.
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Old 12-14-2013, 12:22 PM
 
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I saw a house I really like and it's FSBO, I don't have an agent now so it works out. However this is my first time buying a house so you guys said hire an escrow officer and a title company? how about a real estate attorney for all the details in the contract?

So just look up on yellow pages for an escrow officer and a title company to help me to buy FSBO? this is my first time getting a house so using an escrow agent or attorney will they cover everything? I want it done perfectly and no troubles since it will be a cash transaction. I don't know much actually as it's my first time, do you guys recommend that I get an agent?
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Old 12-14-2013, 02:00 PM
 
12,973 posts, read 12,176,275 times
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Quote:
Originally Posted by LVguy View Post
I saw a house I really like and it's FSBO, I don't have an agent now so it works out. However this is my first time buying a house so you guys said hire an escrow officer and a title company? how about a real estate attorney for all the details in the contract?

So just look up on yellow pages for an escrow officer and a title company to help me to buy FSBO? this is my first time getting a house so using an escrow agent or attorney will they cover everything? I want it done perfectly and no troubles since it will be a cash transaction. I don't know much actually as it's my first time, do you guys recommend that I get an agent?
Go hire an agent. Get one for 1 or 1.5% to handle a single quicky. You don't know enough to go it alone.

A lawyer can also do it but they generally are not skilled at basic contract work.

You also need basic agreements on who pays for what. That is established by customs on a normal transaction. But if you are both agentless no one knows. Escrow generally can't tell you...though they may point out errors if you do it wrong.
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