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Old 05-15-2018, 03:10 PM
 
691 posts, read 628,999 times
Reputation: 566

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Quote:
Originally Posted by inquisitive2 View Post
Has anyone used FSBO and been happy with their decision: or, is it better to use an agent when selling a property?
But did well just listing it as that on Zillow for free, sold it for about $20k more than the agents said, also saved the commission.

Know your prices, which is doable with all the data, especially on Zillow.
Also price higher then lower slowly if necessary. Like a set amount every two weeks.
If you price too low, you will know it when a bidding war breaks out.

It's ALL about price.

Last edited by SailCT; 05-15-2018 at 03:12 PM.. Reason: typos
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Old 05-15-2018, 04:41 PM
 
Location: northern New England
1,833 posts, read 746,862 times
Reputation: 7155
We sold both of our houses FSBO very easily. The first one was in southwestern NH, after going through a RE Agent who pressured us to take a low offer, we put an ad in the Boston Sunday Globe (yes, it was THAT long ago) and found someone from the city who wanted to move to the country.


The second one was an unusual property, very small house on large desirable piece of land. Put an ad on the local listserv and sold it to the second family who saw it. It was just what they wanted.


Total commission saved, about $20K.
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Old 05-15-2018, 05:18 PM
 
Location: Blue Ridge Mntns., NC
10,354 posts, read 14,234,944 times
Reputation: 8906
Quote:
Originally Posted by SailCT View Post
But did well just listing it as that on Zillow for free, sold it for about $20k more than the agents said, also saved the commission.

Know your prices, which is doable with all the data, especially on Zillow.
Also price higher then lower slowly if necessary. Like a set amount every two weeks.
If you price too low, you will know it when a bidding war breaks out.

It's ALL about price.




It is all about a qualified buyer #1.


It's all about a price which a qualified buyer and a ready seller can agree upon. #2


It's all about the path to a closing: inspections, title search, transferring the deed, getting your proceeds and moving on. #3


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Old 05-15-2018, 06:14 PM
 
Location: Fort Lauderdale, Florida
8,295 posts, read 7,576,957 times
Reputation: 17407
Quote:
Originally Posted by dontaskwhy View Post
I am guessing you have never heard of a buyer presenting a false prequalification/preaproval letter? As a former realtor with experience in sales I had seen it happen. Granted it is not common, but it does happen. A professional can usually smell a fake letter from a mile away.

.
This is such a stupid thing to fake that I've never even heard of it. What good would a fake letter do? You still need financing on the house and the agent isn't the one to run the credit check.

Quote:
Originally Posted by Diana Holbrook View Post
More than just being able to smell a fake, most buyer's agents have actually been in contact with the lender writing the letter submitted with an offer. The lender is usually known to us. We have discussed the lender, home, the loan type, have some expectation that the home will qualify and appraise for the loan... we've discussed the price limit and closing cost assistance needed and the time frame needed for closing, with the lender directly, before submitting the offer.

No.... fake letters wouldn't work with an experienced agent.
Very true, we know most people we are working with. In my farm area, dealing with so many cash deals, it is proof of funds.

To the OP, yes, if you know what you are doing absolutely FSBO. However, make sure cross your Ts and dot you Is.
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Old 05-15-2018, 06:32 PM
 
Location: Ocala, FL
3,126 posts, read 5,801,249 times
Reputation: 2644
Quote:
Originally Posted by blueherons View Post
This is such a stupid thing to fake that I've never even heard of it. What good would a fake letter do? You still need financing on the house and the agent isn't the one to run the credit check.
I agree it is a stupid thing to do but I have spoken with experienced agents in my area that experienced this. The buyers misrepresented themselves and it did slow down the whole process unnecessarily.
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Old 05-15-2018, 06:34 PM
 
Location: Phoenix, AZ
1,284 posts, read 509,085 times
Reputation: 2984
I have bought and sold through agents and I have bought and sold FSBO.


I have no issue with buying either way but would prefer FSBO for selling.


I've bought and sold enough houses in the past 40 years to know what I am doing.


Obviously, if a seller has an agent and I want the house, I will work through the agent but won't need one of my own.


As for selling a house FSBO and the buyer bringing an agent, well, the price would go up to cover the agent's commission or the agent would negotiate the commission downward to get the sale, or a combination of both.
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Old 05-16-2018, 06:22 AM
 
386 posts, read 359,177 times
Reputation: 1019
If you do FSBO, I would suggest you hire an attorney, before you sign a contract. And, pay for a CMA and/or an appraisal before you put it up for sale.
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Old 05-16-2018, 09:14 AM
 
Location: middle tennessee
1,848 posts, read 872,730 times
Reputation: 6599
Quote:
Originally Posted by VTsnowbird View Post
We sold both of our houses FSBO very easily. The first one was in southwestern NH, after going through a RE Agent who pressured us to take a low offer, we put an ad in the Boston Sunday Globe (yes, it was THAT long ago) and found someone from the city who wanted to move to the country.


The second one was an unusual property, very small house on large desirable piece of land. Put an ad on the local listserv and sold it to the second family who saw it. It was just what they wanted.


Total commission saved, about $20K.

this


I think it depends on the property. I sold a place my husband and I had bought to fix up and never did. It was in a great area which had improved during the time we owned it. I gardened there and the yard was beautiful. I moved into the house after my husband died.


I put an ad in a local paper, had a contract in a week, and had to be out in 30 days. I sold it "as is" and used a local title company.


in my case, location was certainly a selling point.
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Old 05-20-2018, 03:42 PM
 
Location: Fredericksburg, VA
13 posts, read 4,876 times
Reputation: 37
I've sold my last two homes FSBO. The last on was 6-8 months prior to the housing bust. We had built another home and had moved into it. Cleaned, painted, patched every nail hole and had it looking like a model home. Paid $200 to an agency that posted my listing on MLS. I took my own pictures, made up info handouts, and placed my own sign in the yard. On the sign, I posted "Agent 3%". We also offered a 1 year aftermarket warranty.

Sold it at asking price. Another agent that I had interviewed about listing it, said we'd never get our asking price. She had suggested about 30k less. When talking to the buyers agent after he submitted their contact, he told us that ours was the nicest one they had seen, needing zero repairs and ready to move in. He even said he talked them out of a brand new home they had seen. Said it didn't have the upgrades or landscaping ours had. Perhaps our commission was higher. Lol

It was a lot of work, but I'd probably do it again. Most of my career has been in sales, and I'm a firm believer that first impressions are everything. I'm certain that helped our sales. If you're not ready to do all the legwork required, I wouldn't recommend it.
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Old 05-21-2018, 06:08 PM
Status: "ADOPT DON'T SHOP" (set 19 days ago)
 
Location: NY>FL>VA>NC>IN
1,988 posts, read 762,610 times
Reputation: 3766
Just sold my condo in Fort Wayne, IN (sixth place I've owned), and fourth place I have sold without agents on either side. I'd never use an agent again, no point.

First house I sold alone was Roanoke VA 2005; back then there was a FSBO "magazine", I listed it in there and I had a contract within 16 yes SIXTEEN hours HOURS not days and backup buyers; this was of course at the bubble height and it was in a fantastic 'hood and totally remodeled in 2002. I paid 94K in 2002 and sold it for 132K, asking price.

Second house, on SAME street as one above; bought in 2005 for 125K, listed it just on Zillow in 2014, had contract in 2.5 weeks for 129K, asking price. I hated myself for buying in 2005, lousy 4K profit.

Third house, an investment place, in a small NC city, 2014 paid 32K, sold in 3 weeks in 2016 for 69.9 asking price. Listed on Zillow.

Bought this wee 535sf condo in 2016 for 20k, just sold it by putting an index card on the lobby bulletin board, for 26K.


Me being an unemotional sort and skilled at manipulation makes me a natural at sales though I detest doing it and loathe people. Being a minimalist neat freak helps; my places show themselves.

I never hired an attorney; buyers did, and in one case used a title co. I have hired an attorney as a buyer, never as seller.

Last edited by VexedAndSolitary; 05-21-2018 at 06:56 PM..
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