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Old 07-11-2006, 09:37 PM
 
1,126 posts, read 3,518,668 times
Reputation: 412

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Quote:
Originally Posted by mmdj43
We just sold ours. We sold it for a little less than the appraised value but that's not normal with today's market. Contracts should be wrapped up some time this week or next (hopefully). I am not a big fan of open houses with the exception that you hope a bunch of buyers come within the planned 2-3 hrs as opposed to last minute private showings. Stats show that only 5% of homes are sold as a result of open houses. Our closing is not until mid-September and our house won't be ready until then, or sooner, if things are ahead of schedule. So i'm guessing that we're gonna move some time end of August or beginning of September. Did you finally pick a realtor to list your house? You may not get many buyers during open houses, especially now because it's the summer time and people are not into going to open houses, but you may see a lot of private showing requests.

So what are you going to do if you don't sell in a month? I'm surprised you have a contingency; I've seen a lot of builders hesitating to doing that. If you have a lot of equity built in the house that will more than cover the mortgage on your house (if you have one), then you may need to sell below your expectations. The key is pricing it right. We priced ours right and I didn't have a huge amount of competition because the other houses were priced high. So I got a buyer when the other houses are still trying to sell theirs. Now they are dropping their prices and that's when it becomes a competition. Keep me posted on how you're doing.
Don't tell my neighbors that! I don't want an EBay going on here and no one wins then. This throws the "comps" off.
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Old 07-11-2006, 09:40 PM
 
1,126 posts, read 3,518,668 times
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Quote:
Originally Posted by eva-girl
I think realtors are shysters and try to avoid them at all costs. The current house we are in we bought from a person who was selling it themselves. They paid a lawyer-realtor $1,000 and that covered getting into the MLS, have a metal realty sign in the yard, him reviewing offers from buyers and then sharing it with the sellers and then tell us, the buyers, that it was a go.

$1,000 was all it costs the sellers. We got the house without an outrageous mark-up, the seller did not have to pay the middleman, realtor, an exhorbitant fee and everything went great. We sold my Mom's house FSBO and it went well, too.

Try help-u-sell or forsalebyowner.com if you think you need more visibility. Good luck!
Did you get it at market value or below since the seller saved money?
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Old 07-11-2006, 11:25 PM
 
170 posts, read 509,228 times
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Well, since I started this thread, I thought I'd give my 2 cents on how we did it. I think we got really lucky, I'm still holding my breath until we sign papers in escrow, but I really think everything is good. A man with an investment company came a knockin, and looked the house over, and said he'd take it- (like he was buying a loaf of bread!) at the price we wanted. (a fair price). He happened to drive by our house, saw our FSBO sign, and that was that. He's also a realtor, so he took care of the paperwork at NO cost to us. And it's an extremely fast closing (2 wks), because he's on a deadline. (something about a 10/31). He is going to rent it out to an older couple he's dealt with for 12 yrs, who want to be in our town. This is where their grandkids are. Oh, and no inspection even. He just said it looks good. Kind of crazy, if you ask me, but I won't argue. (and I was the one complaining!) So, I won't say FSBO is a bad way to go, it just takes a little patience. And a little luck.
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Old 07-12-2006, 05:02 AM
 
1,126 posts, read 3,518,668 times
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Quote:
Originally Posted by momof2boys
Well, since I started this thread, I thought I'd give my 2 cents on how we did it. I think we got really lucky, I'm still holding my breath until we sign papers in escrow, but I really think everything is good. A man with an investment company came a knockin, and looked the house over, and said he'd take it- (like he was buying a loaf of bread!) at the price we wanted. (a fair price). He happened to drive by our house, saw our FSBO sign, and that was that. He's also a realtor, so he took care of the paperwork at NO cost to us. And it's an extremely fast closing (2 wks), because he's on a deadline. (something about a 10/31). He is going to rent it out to an older couple he's dealt with for 12 yrs, who want to be in our town. This is where their grandkids are. Oh, and no inspection even. He just said it looks good. Kind of crazy, if you ask me, but I won't argue. (and I was the one complaining!) So, I won't say FSBO is a bad way to go, it just takes a little patience. And a little luck.
Right. A 10/31 means he has sold property and has to buy property to avoid taxes and has "x" amount of time to do so. You're right. I agree, FSBO isn't bad, it can just take awhile to be seen. GOOD JOB!
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Old 07-12-2006, 07:37 AM
 
Location: Waxhaw, NC
293 posts, read 848,664 times
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Quote:
Originally Posted by mmdj43
BTW, which real estate agency did you end up signing with?
We went with remax. They seemed pretty fair with their commissions.
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Old 07-12-2006, 09:12 AM
 
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Quote:
Originally Posted by slvrcts04
We went with remax. They seemed pretty fair with their commissions.
What was the commission?
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Old 07-12-2006, 11:02 AM
 
Location: Waxhaw, NC
293 posts, read 848,664 times
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Quote:
Originally Posted by TornadoAlley
What was the commission?
3% if listing agent sells.
4% if outside agent sells(both get 2%).
2% if we sell on our own.

It didn't seem too bad-I know some realtors charge 5-6%.
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Old 07-12-2006, 06:05 PM
 
483 posts, read 1,424,070 times
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Quote:
Originally Posted by TornadoAlley
Don't tell my neighbors that! I don't want an EBay going on here and no one wins then. This throws the "comps" off.
Well, it was only sold a couple of thousand below appraised value. But it is normal for houses on Long Island to be selling less than appraised value. Besides, when time is limited and the window of opportunity closes, most sellers will drop the price a little to reduce the competition. There are literally THOUSANDS of homes on the market right now. When we first listed our house mid-May, there were about 62 homes on the market. Now, there are 100. There is major competition and Long Island has definitely become a buyer's market.
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Old 07-12-2006, 06:10 PM
 
1,126 posts, read 3,518,668 times
Reputation: 412
Quote:
Originally Posted by slvrcts04
3% if listing agent sells.
4% if outside agent sells(both get 2%).
2% if we sell on our own.

It didn't seem too bad-I know some realtors charge 5-6%.
That it average. 4% is still around. If your selling ask what 4% gets you. Very important! The reason for the outside agent getting less, the Broker usually pay the "out of area" agents less since they don't belong to their MLS and are actually not entitled to get a dime. But, they usually will pay, but less. Sometimes the out side agent gets 1% and your selling/buying agent (Broker) will take the 3%. If your selling you get a copy of where the % went and to whom. Buying you don't.
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Old 07-12-2006, 06:13 PM
 
1,126 posts, read 3,518,668 times
Reputation: 412
Quote:
Originally Posted by mmdj43
Well, it was only sold a couple of thousand below appraised value. But it is normal for houses on Long Island to be selling less than appraised value. Besides, when time is limited and the window of opportunity closes, most sellers will drop the price a little to reduce the competition. There are literally THOUSANDS of homes on the market right now. When we first listed our house mid-May, there were about 62 homes on the market. Now, there are 100. There is major competition and Long Island has definitely become a buyer's market.
I agree 100%. Don't get me wrong. Most places as stated before are a buyers market. More houses than buyers right now. This is what worries me. My neighbor just listed his house. $212 a foot (we bought at $170). Well see how it goes for him. His is 2 years older than mine and 50sq ft less.
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