Forsalebyowner.com- anyone use this site? (for sale by owner, real estate, broker) - New Jersey (NJ) - City-Data Forum

marc515 · 09-29-2007, 05:10 AM

Just wondering if anyone has used this site to buy or sell a home, and what your experience has been?

Thank you,.....marc

Global Friend · 09-30-2007, 07:48 AM

Look on the real estate forum. There have been numerous posts about this.

Roselvr · 09-30-2007, 08:01 AM

I was in the market to buy a house and went there a few times but got discouraged and left. I didn't care for the site.

If you can use a site like Iggy's, they will list it on the MLS, which will then show on realtor.com

What area are you in? In this market, it may not be "worth" not using an agent. There was a post last Sunday from a guy whose sister was going FSBO and closing Thursday. The buyers tried to pull the "either lower $2,000 or give us $2,000 towards closing or we walk, losing the small $500 deposit we left" game. I can give a link if you'd like to read it.

You really need to weigh the options too. Are you ok with letting strangers in your house? Will you show to anyone or only ones that have a prequal letter? Then how do you know the letter is real?

While going FSBO sounds easy, there are good points and bad. You may get lowballed because people think that while you are being competative with price, since you aren't paying an agent can come down the price of the agents commission.

Roselvr · 09-30-2007, 08:17 AM

Here's a few links

Contract signed, buyer wants to change price - FSBO post I mentioned

FOR SALE...With or without a realtor?

Planning An Fsbo

Seller's question- pre-qual letter?

HOw to do a Brokers open when FSBO

Free MLS Listing - iggyshouse.com

Agent Questions for sellers - in case you decide to interview agents, gives you a place to start. If you need help deciding how to find an agent to interview, I just posted to a post yesterday, which can be found here

ching1698 · 10-02-2007, 06:47 PM

For Sale by Owner is good as long as the "price is right". Normally, the sellers has NO idea how much their property worth, and usually "over estimate" the price. It would be much better to call up 3 to 5 licensed realtors to do "free market analysis" and that way, sellers will get a better idea, and when listing at FSBO or other free sites like craigslist, you will get more response.

The best way to sell the property quick is, in fact, list at dozens of websites that you can find, many are free, some little cost, and at the same time, get a licensed to listing your property. The key is "commission".

1. Give 6% commission, rather than 5%, not to mention 4%, Foxtons gone is one good example, since there is cost on marketing your home, be generous to your realtors, they will have means to do it more powerful.

2. Do NOT let your listing agent just put 50% vs 50% for listing agents and selling agents. Put it 2% for listing agent and 4% for selling agents. That way you can motivate thousands of realtors to sell your home first. Your listing agents are going to say "Oh, my company's policy would NOT allow too low a commission..." well, don't worry too much, tell them that you will get more realtors to do market analysis, and if you could not find any will accept this, you will call them. They will be able to get their broker company to make exception for you for sure.

3. If your FSBO site or free site brought you buyer, you will give this 4% as discount to those buyers, otherwise, you give that to selling agent. Put that a clause to make sure listing agent know, no matter who brought the buyer, they got their 2%, that should be well cover their marketing cost. And, believe or not, they will be very happy that you able to sell it yourself while they get 2% commission.

4. You need to keep in mind, that in this world, if you do NOT listing your house with realtors, they will say bad things about your properties, NOT just not selling for you, so that 2% listing fee is sort of to keep them happy. Look at Foxtons, almost all licensed realtors said them bad and not refer any buyer to their lisitng, so it is out of business. What Foxtons's happenings will be the happenings of FSBO in the future, why? Because almost all realtors will say it bad. Have you ever heard any licensed realtor say FSBO is wonderful? no! same as Foxtons... But, Foxtons is wonderful if team up with craigslist which no realtors said it bad because most realtors also use craigslist which is free...

Jay682 · 10-10-2007, 08:39 PM

I actually worked for the company who runs that site.

Don't trust them. I worked for about 3 weeks and was never paid. I am still in the process of trying to get my money.

The company is all of 3 people... two authors and a "vp"... they hired me as the 4th. Small time company, horrible customer service too.. I couldn't tell you how many times I had to give customers a brush off because nobody else would talk to them and I was trained enough yet to help them myself.

John S. · 10-28-2007, 05:18 PM

realtors.com

DodgeViper01 · 10-28-2007, 07:53 PM

I am an agent and use this site for research and sometimes show homes listed on here. From what I can tell, almost all the listings I watch never really sell on there. They are usually listed within a month or two on average after appering on the website. I think it is a good concept but unless you have lots of free time, it is almsot impossible to sell a home For Sale By Owner, especially in this market.