Homes For Sale By Owners? (Asheville: flat fee, real estate, HOA)

[Ricky2303]

Has anyone every sold their own home successfully? I find it a bit horrifying to think about some of the legal situations that a for sale by owner (FSBO) can get into all in the name of saving 6% (and most of the time it is 3% because many will pay such).

If you are a for sale by owner--how is it working for you thus far? I have been thinking about doing it myself.

[cassy1]

My brother has tackled this many times on his own, with the help of an attorney. Of course, none of his homes were "as is" but rather showcases that had ownership pride and talent. Myself, I have always trusted the talent and knowledge of a realestate agent. I guess it is all in how much time you wish to put into selling your home. Remember it is all about "exposure", how much are you willing to put into advertising your home?

[Ricky2303]

Yeah, I ran into a guy like this recently as I stopped to look at his FSBO. He had put a TON of work into this home and wasn't ready to fork over 6% to an agent

His approach was also that Asheville is a hot market--I should be able to do this

When i questionend him about the paperwork he should fill out--property disclosures--he assured me his attorney was handling it for him--an attorney isn't allowed to fill the disclosure out--

A few days later I noticed they had taken their sign down and were listing for a "flat fee" with some really unknown kind of firm that takes a one time fee to list.

[cassy1]

We actually sold our home in Michigan back in 2005 with one of those little unknown companies. Worked real well for us. But back to FSBO, brother never had any problems, knowing him he was well prepared for everything, myself just never wanted the hastle. It is done all the time. Not sure what you are saying about the disclosure, why couldn't an attorney not draw up a disclosure? Maybe realestate is different (of course it is) in Michigan and in TN as opposed to NC.

[Tony1790]

FSBO is fairly straight forward, I sold my first home FSBO and nearly all of my other homes that way.

There are what 2 forms that a realtor is involved with, the Purchase and sale agreement and the Disclosure form. I usually fill out the purchase and sale at the coffee table with the buyer and give them the disclosure form then or at a agree to later date.

As to the disclosure form, it's filled out by the seller, it's your disclosure of what you know about your property. It asks questions like does the roof leak, etc.

As to exposure to the market, there is a website called Iggy's house that will list your house on the MLS for free, there are other straight fee places that will list it as well.

A good realtor can help a novice seller with suggestions on cleaning up, making the home shine and steer him toward realistic price, etc. But a large number of realtors just have you sign the listing agreement, plop down a sign, enter a description into the MLS and that's the last time you see them. They get paid their money when some other realtor brings a buyer to your property.

If you are nervous about selling, and want to hire a realtor, negotiate a lower listing fee, etc.

Me I'd rather sell the place myself, but I enjoy buying and selling real estate.

Have fun

Tony

[cassy1]

Okay, I remember disclosure, is that not just a form that is filled out? It asks specific questions regarding mold, leaks, wet basements, etc? I guess in Michigan it is just a set form that probably is updated, but from what I remember about the ones I filled out they were pretty straight forward. Anyone would be a fool not to disclose a problem with a house, guess I am just more honest than some. Anyway, FSBO is great if you are in for the hard work, although in brothers case the market was hot in Michigan and all sold fast. Now he has one for sale in TN that has been on market for 9 months, funny how the market changed in that time. By the way, this is the first house in quite a few years that he has a real estate agent working on. He choose to go this way because of the market being soft by him, last I heard he was making 2 house payments!

[CharlotteAgent]

Do not forget HOA addendum as well as Lead Base if you have an older home.
Remember you will also need to be there when ever someone wants to take a look at the home etc. Get a run down on your fees as a seller so when you get ready to accepts a contract you know how much your netting etc.

[Njrover0216]

6% may not sound like a lot to you, but for me my house can sell for around 310,000...6% of that is over 18,000 dollars. I do not know about you but that is A LOT of money that I could use on a new home.