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Old 05-13-2019, 12:21 PM
 
276 posts, read 278,483 times
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Quote:
Originally Posted by beach43ofus View Post
Our last 3 transactions:

Sold a home FSBO by placing a sign in the front (agents protected) yard w/in 24 hours, paid the buyer broker 3%

Bought a home directly from the listing agent w/o any buyers agent. Got the listing agent to give up nearly 1/2 of her commissions to make the deal work, plus got entire interior of 5,000 sq ft home repainted.

Sold the same home above through discount flat fee broker for $300 up front and .0025. Saved us $17,000

We saved tens of Thousands of Dollars on these 3 transactions by doing some of it ourselves. On the 2 sales, we hired a pro photographer, and a real estate attorney.

We'll go flat fee discounter for all future listings. We'll contine to buy w/o Buyers Broker. I would not recommend our strategy to 1st of even 2nd time home buyers/sellers. It takes a few real estate transactions to know the ropes. Even then, a real estate attorney is too important to pass on. For most, an Appraiser should also be utilized.
That is good news for you! Hoping for the same, will have appraisal in hand by May 24th, utilizing a great real estate attorney that we used on 2 former transactions.
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Old 05-14-2019, 07:58 AM
 
20 posts, read 19,337 times
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to answer the original post/question... its highly unlikely a buyers broker would boycott an FSBO listing if your offering a competitive buyers agent commission, 2-3%. This is the same amount they make regardless whether its FSBO or listed with an agent.



maybe you will lose a very small portion of buyers who for some reason dont want to deal with a FSBO. however its your job to market your property well enough that even that small portion of the market cant refuse to see your property. Do so with proper staging, professional photos, and most importantly, competitive pricing.
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Old 05-14-2019, 09:07 AM
 
24,325 posts, read 26,719,696 times
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I think the number of people who won’t consider FSBO is higher than you think. For me, there are a few different reasons I ignore them. I automatically think the seller is “cheap” which makes me think any repairs to the house was done by unlicensed craigslist people in order to save some money. This is most likely not true, but I have to question it when someone is trying to save 2-3% on commission by doing it themselves. I don’t want to deal with non-professionals, where I have to triple check the contract, verify everything about the home. I believe most people want to see a big discount on a FSBO because of the perceived sense of greater risk, more due diligence, etc and that discount is more than 2-3%. These days buyers look for properties in addition to their realtors, so I wouldn’t worry about realtors blacklisting FSBO properties. If a buyer wants to see a property, a realtor will not say no and there are plenty of traditional sales that do 2.5% splits.
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Old 05-14-2019, 09:38 AM
 
20 posts, read 19,337 times
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Quote:
Originally Posted by bmw335xi View Post
I think the number of people who won’t consider FSBO is higher than you think. For me, there are a few different reasons I ignore them. I automatically think the seller is “cheap” which makes me think any repairs to the house was done by unlicensed craigslist people in order to save some money. This is most likely not true, but I have to question it when someone is trying to save 2-3% on commission by doing it themselves. I don’t want to deal with non-professionals, where I have to triple check the contract, verify everything about the home. I believe most people want to see a big discount on a FSBO because of the perceived sense of greater risk, more due diligence, etc and that discount is more than 2-3%. These days buyers look for properties in addition to their realtors, so I wouldn’t worry about realtors blacklisting FSBO properties. If a buyer wants to see a property, a realtor will not say no and there are plenty of traditional sales that do 2.5% splits.

i'd have to disagree with thinking just because they are FSBO that they are cheap. we are talking thousands even tens of thousands of dollars here. however what your saying is certainly possible. I think it depends on how you present the property. if its dark, uncentered iphone photos of a messy house i might be inclined to think the way you do. but if its staged nicely, clean, professional photos, proper description, etc then i dont think buyers would think that way.
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Old 05-14-2019, 05:24 PM
 
390 posts, read 391,887 times
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Quote:
Originally Posted by bmw335xi View Post
I think the number of people who won’t consider FSBO is higher than you think. For me, there are a few different reasons I ignore them. I automatically think the seller is “cheap” which makes me think any repairs to the house was done by unlicensed craigslist people in order to save some money. This is most likely not true, but I have to question it when someone is trying to save 2-3% on commission by doing it themselves. I don’t want to deal with non-professionals, where I have to triple check the contract, verify everything about the home. I believe most people want to see a big discount on a FSBO because of the perceived sense of greater risk, more due diligence, etc and that discount is more than 2-3%. These days buyers look for properties in addition to their realtors, so I wouldn’t worry about realtors blacklisting FSBO properties. If a buyer wants to see a property, a realtor will not say no and there are plenty of traditional sales that do 2.5% splits.
Sometimes people sell FSBO to avoid taking a huge loss on a property and/or not have to pay up to 6% total. That really drives up the cost of the home and depending on what the owner has invested in the property and/or if if they just purchased it and having to list it again due to any number of reasons (divorce, job transfer or loss, sick parent out of state, etc.), the property values will really not have gone up in most cases to cover that 6% increase. Sometimes FSBO listings will offer a commission to buyer's agents so people shouldn't just write them off without getting a better idea of the home's value. Sure, there are many cases where the owner is just crazy and lists at way higher than what it's actual market value is, but that is not always the case. Others have had poor experiences with listing agents, myself included, which make one leery about spending so much on so little in return because all agents aren't created alike.

Example: If someone wants to get $400k for their house, 6% commission will drive the price up to $424k if both agents get 3%. Cutting the listing agent out will drop that to $412k. Me, I would rather say skip all the agents and let's do a deal so I can get that house for $400k as I'm capable of finding listings myself, arranging for inspections and appraisals, reading contracts, etc. And if I wasn't, it's much cheaper to hire a real estate attorney than to essentially fork over thousands of dollars to someone to show up at closing to pick up a check if I did all the work myself.
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Old 05-15-2019, 06:19 AM
 
8,005 posts, read 7,123,826 times
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Quote:
Originally Posted by lovetotravel15 View Post
.Our suspicion still exists that local realtors are boycotting waiting for the full service listing, want their profession to get "both sides".

This is slightly crazy. None of us would deprive ourselves of a possible paycheck because we wanted our "profession" to get both sides. If I have a buyer looking in your area and price range I am going to show your house in hopes of getting a sale. Who gets the other side is of no concern.

I can say with virtual certainty that no agent has boycotted your listing over concern that another broker is not getting the listing side of the commission. You are offering a fair buyer's broker commission so unless there are other things affecting your flat-fee listing there is no reason to think a full service listing will change anything. You may want to scrutinize your listing and make sure there are no errors that may be affecting it. Check that you are listed in the correct area and subdivision, correct size and number of bedrooms, etc. Unless you're substantially overpriced your house will sell barring some other detail we don't know about.
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Old 05-15-2019, 03:24 PM
 
276 posts, read 278,483 times
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Thank you for your replies. Appraisal is tomorrow; report promised by next Friday. Will be very insightful.
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Old 05-21-2019, 06:04 AM
 
24 posts, read 25,621 times
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Quote:
Originally Posted by Bellamouse View Post
Get an appraisal. You're most likely overpriced. A few hundred dollars on an appraisal will tell you a LOT. Totally worth it.
Excellent advice. Basing a price based on aquisition + updates over a 9 year holding period does not take into consideration current market values, preferences, and market conditions. Spending $400 (or whatever the fee is) could save you dozens of thousands of dollars. That's a pretty good ROI, and could very well be the best money you ever spent. Who here would knowingly refuse to spend $400 that very possibly could save themselves from a $40,000 mistake? Any other response other than "I sure as heck would" is at best ignorant, and more likely a flat out lie. No shortage of liars in the RE industry.
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Old 05-21-2019, 06:14 AM
 
276 posts, read 278,483 times
Reputation: 461
Looking forward to Appraisal Results on Friday.
Anyone know why Zestimate keeps increasing? It increased about $18K over the last 19 days of list.
Is it tied into views or saves? Additionally, if the appraisal for example comes in say $10 or $15K over Zestimate, is there a way to contact Zillow?
Thanks!
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Old 05-21-2019, 06:58 AM
 
24 posts, read 25,621 times
Reputation: 39
Quote:
Originally Posted by lovetotravel15 View Post
Looking forward to Appraisal Results on Friday.
Anyone know why Zestimate keeps increasing? It increased about $18K over the last 19 days of list.
Is it tied into views or saves? Additionally, if the appraisal for example comes in say $10 or $15K over Zestimate, is there a way to contact Zillow?
Thanks!
If you are looking for an accurate, precise value estimate, do yourself a favor and forget you ever heard of this trash called "Zestimates". They are only good for ballpark, whereas a professional appraisal is required by state law to conform to and comply with very strict and exacting requirements. They are performed by educated, trained, experienced, vetted professionals, and held to very high standards of completeness and accuracy. Their reports must withstand scrutiny up to and including a court of law. Anyone who tells you different is lying. Anyone want to guess if "Zestimates" are held to the same standards? You get 3 guesses and the first two don't count.

If you are concerned about the results of the appraisal, you can have it professionally reviewed or you can order another one. Money well spent. Do you want accuracy, or do you want someone to tell you what you think you want to hear?

Please understand I'm not directing the sarcasm towards you personally, I am simply trying to give you good, reliable information so you can make the best decision for yourself. Best of luck with your move. :-)
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