Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I will echo this statement. I'm a first time buyer and whenever I see FSBO I think it will be a hassle and probably not someone who is serious about selling their house. I'm sure there are many others that feel the same.
That's because you're a first time buyer. I have bought and sold many times. When I see a FSBO I see a smart, savvy seller who understands cutting out the middle man.
That's because you're a first time buyer. I have bought and sold many times. When I see a FSBO I see a smart, savvy seller who understands cutting out the middle man.
Really?
When I see a knucklehead seller, they are a knucklehead.
When I see a savvy seller, they are savvy.
They may be FSBO, Limited service listings, or full service listings. They all come from the same gene pool.
Some FSBOs are stone cold knuckleheads. Some are very savvy.
Some full-service sellers are stone cold knuckleheads. Some are very savvy.
Never prejudge. Let anyone prove themselves before jumping to confusions.
When I see a knucklehead seller, they are a knucklehead.
When I see a savvy seller, they are savvy.
They may be FSBO, Limited service listings, or full service listings. They all come from the same gene pool.
Some FSBOs are stone cold knuckleheads. Some are very savvy.
Some full-service sellers are stone cold knuckleheads. Some are very savvy.
Never prejudge. Let anyone prove themselves before jumping to confusions.
Mike, can't rep you again, but as a buyer, I'm in total agreement with you.
I'll add that we've had to deal with sine equally knuckledeaded Realtor on the seller's side, and wished we had known that in advance!
I was a first time buyer when we found a house on sale FSBO. We ended up buying it. It wasn't a hassle at all. If you have a good real estate attorney, home inspector, mortgage officer and title company, it's not very hard. My sister-in-law also bought FSBO as a first time buyer, and it went just fine. Neither of us were turned off by the fact that the house was FSBO. I also personally know many who bought FSBO, and none of them complained about the process. If you got what the buyer is looking for, FSBO is not going to be a deterrent, in my opinion.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,957 posts, read 22,311,234 times
Reputation: 6471
I had to laugh at the 2.4% as a "standard" offering for a commission. I wouldn't touch it unless it was 2.435672%. Love you NC guys, you open up a whole new dimension that us west coasters don't have.
I was a first time buyer when we found a house on sale FSBO. We ended up buying it. It wasn't a hassle at all. If you have a good real estate attorney, home inspector, mortgage officer and title company, it's not very hard. My sister-in-law also bought FSBO as a first time buyer, and it went just fine. Neither of us were turned off by the fact that the house was FSBO. I also personally know many who bought FSBO, and none of them complained about the process. If you got what the buyer is looking for, FSBO is not going to be a deterrent, in my opinion.
Mick
Posters are not discouraging the OP from trying it for a reasonable amount of time, nor discouraging a flat-fee agency. On the contrary, he/she has been given several tips and good advice to give it a go for about 60 days and if that doesn't work, to get a professional.
A subsequent sale, whether with a full service agency or not, will depend on the seller's motivation, price, condition and location. Oh yes, and the gene pool.
I had to laugh at the 2.4% as a "standard" offering for a commission. I wouldn't touch it unless it was 2.435672%. Love you NC guys, you open up a whole new dimension that us west coasters don't have.
I believe the 60/40, 3.6%/2.4% came about many years ago as people resisted buyers' agency and tried to keep both sides in house.
The 2.4% price fixing has created some hard feelings over the years. We have 16 counties and a few Realtor boards represented in our MLS.
2.4% began in the Raleigh Association area, and the Chapel Hill/Durham Board agents resisted mightily. Many still do. But, the 60/40 really put Listing commission in the crosshairs. Taking 3.6% in a sellers market puts a LOT of pressure on the listing agent's value proposition. With houses selling in hours, explaining the value added has to be fun.
10 years ago, it was common to see co-brokes on the MLS from Chapel Hill/Durham agents that looked like this:
D/CH: 3%, R 2.4%
Then, 7 or 8 years ago, NAR rules kicked in and the MLS enforced that the co-brokes had to be the same for all buyers' agents.
Then there was the short-lived firm that offered $1.00 to buyers' agents. Quoted in the paper as, "Because the MLS won't let me enter '$0.00.'"
That was before our BA Agreements confirmed a commission amount. Old school agents bragged that they "Never looked at the co-broke commission." (Price fixing made that unnecessary.) After the $1.00 mess hit, everyone looked at the co-brokes.
And that firm is history.
Briefly, a local guy would post co-broke as such:
"You get what you pay. You pay 3%, you get 3%. You pay 2.4%, you get 2.4%. You pay a dollar, you get a dollar."
LMAO, but that went away fast.
That's because you're a first time buyer. I have bought and sold many times. When I see a FSBO I see a smart, savvy seller who understands cutting out the middle man.
What do you care about the seller? Will you guys stay friends and visit during Thanksgiving?
All you want and anyone else wants, is the house.
Does the FSBO have a good relationship with the Title Company? Do they know they have a good track record about getting everything done, closing on time?
Does Mr. Seller/Buyer know about encumbrances, such as liens, deed restrictions, easements, and encroachments?
There are new rules coming out this year that affect loans, Is your's or any Buyers bank/lender up to date with these changes? How ill they comply, adjust? Will their closing be delayed? How many days?
Can you (Mr. Buyer) choose a good inspector? One that has a track record of providing good info and not killing the deal?
Does the FSBO know the difference in dealing with FHA, VA, USDA loans? Do they know what can be/should be negotiated in closing costs for these types of loans?
Do you think realtors pay for CE and optional classes just because they like spending money? No, there are many, many things constantly coming up that benefit Realtors and their Buyers when selling/buying a home.
Finally, is Mr. Seller/Buyer ready to take on the legal obligations that can arise from mistakes or lawsuits?
I will echo this statement. I'm a first time buyer and whenever I see FSBO I think it will be a hassle and probably not someone who is serious about selling their house. I'm sure there are many others that feel the same.
The problem is with the way the commission is paid, all by the seller. As a buyer there's no benefit to going FSBO, unless you're getting a good deal. And I agree, when I see FSBO my first thought is the seller is trying to be cheap, what else are they going to be cheap with. Although that's probably not warranted in a lot of cases. If commissions were split between buyers and sellers you'd see a lot more popularity w FSBO.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
