FSBO How do you make an offer? (Lexington: for sale by owner, real estate market)

[Micah Girl]

If we look at a For Sale By Owner house in Lexington, what are your recommendations as far as handling the offer? I know realtors are more than happy to help you, but you might end up footing the bill for their services if the seller isn't willing. Can a regular real estate attorney handle everything? What things might be forgotten or danger zones that we wouldn't see if we were not working with a realtor on a FSBO house?

Any thoughts or suggestions?

Thanks.

[cynthia007]

Originally Posted by Micah Girl

If we look at a For Sale By Owner house in Lexington, what are your recommendations as far as handling the offer? I know realtors are more than happy to help you, but you might end up footing the bill for their services if the seller isn't willing. Can a regular real estate attorney handle everything? What things might be forgotten or danger zones that we wouldn't see if we were not working with a realtor on a FSBO house?

Any thoughts or suggestions?

Thanks.

Hi Micah Girl,

In my experience, and humble opinion, most FSBO are willing to work with a realtor to get their house sold. It may influence how much they are willing to negotiate a different price though. I would just flat out ask first, "Are you willing to work with a realtor?" Go from there. It really is so much easier to work with someone you trust who knows what to do. (PS I'm not a realtor)

[Micah Girl]

Originally Posted by cynthia007

Hi Micah Girl,

In my experience, and humble opinion, most FSBO are willing to work with a realtor to get their house sold. It may influence how much they are willing to negotiate a different price though. I would just flat out ask first, "Are you willing to work with a realtor?" Go from there. It really is so much easier to work with someone you trust who knows what to do. (PS I'm not a realtor)

Thanks! That's helpful.

[cynthia007]

Originally Posted by Micah Girl

Thanks! That's helpful.

You're welcome. And I want to say thank you to you too. I've been reading your posts for what seems like over a year now, and as I plan a move to Lexington soon, the information I've gained from your questions has been valuable! Thanks again for keeping us posted on your journey!

[Carrie Abfall]

Originally Posted by Micah Girl

If we look at a For Sale By Owner house in Lexington, what are your recommendations as far as handling the offer? I know realtors are more than happy to help you, but you might end up footing the bill for their services if the seller isn't willing. Can a regular real estate attorney handle everything? What things might be forgotten or danger zones that we wouldn't see if we were not working with a realtor on a FSBO house?

Any thoughts or suggestions?

Thanks.

Dear Micah:
I'm a realtor - and if you don't want to pay the fees associated with a realtor - here is what I would advise. Ask the FSBO seller if they would be willing to split the "fee" of a buyer's agent. For example, if you coordinate with a local realtor to handle your paper work - you might be able to negotiate for a $1000 paperwork charge. Ask the seller to split that charge with you - therby only costing you $500. That's cheaper than a lawyer's time!
Here's why I sugges that:
The realtor will not only handle the paperwork... our contracts are written to Protect YOU the buyer from any possible circumstance, but will also recommend qualified home inspectors, lenders, and appraiser. Further, the realtor can do a quick MLS scan to let you know what is the best offering price/sales price for this home. What if the house you are buying has been on the market for say 12 months at 150,000...but the fsbo is asking for 155,000 - you need to know this. You could be overpaying for the current market conditions - or our you could be overpaying for the neighborhood. That is where a Realtor can REALLY help you.
I'd be happy to help you find a realtor in your area - that would be agreable to help you for a Set fee.
Good luck!
Carrie

[Micah Girl]

Originally Posted by Carrie Abfall

Dear Micah:
I'm a realtor - and if you don't want to pay the fees associated with a realtor - here is what I would advise. Ask the FSBO seller if they would be willing to split the "fee" of a buyer's agent. For example, if you coordinate with a local realtor to handle your paper work - you might be able to negotiate for a $1000 paperwork charge. Ask the seller to split that charge with you - therby only costing you $500. That's cheaper than a lawyer's time!
Here's why I sugges that:
The realtor will not only handle the paperwork... our contracts are written to Protect YOU the buyer from any possible circumstance, but will also recommend qualified home inspectors, lenders, and appraiser. Further, the realtor can do a quick MLS scan to let you know what is the best offering price/sales price for this home. What if the house you are buying has been on the market for say 12 months at 150,000...but the fsbo is asking for 155,000 - you need to know this. You could be overpaying for the current market conditions - or our you could be overpaying for the neighborhood. That is where a Realtor can REALLY help you.
I'd be happy to help you find a realtor in your area - that would be agreable to help you for a Set fee.
Good luck!
Carrie

That sounds like it might really make sense. The thing about FSBO is that everyone involved is trying to get a "great deal". However, I want to be sure that we are fully protected, especially since we are new to the area and come from a more inflated real estate market. I want to be sure a "great deal" actually is!

[nlschr0]

So Micah Girl - does this mean you've found a house?

[Micah Girl]

Originally Posted by nlschr0

So Micah Girl - does this mean you've found a house?

Not at all. We are still "pre-searching." If we saw the perfect thing we might jump, but I think we'll have better luck in the spring. We are renting in a great place, so we can afford to take our time.

If we were more deeply involved in our search, I think I might have more questions posted!