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Has anyone had any success with selling your house on your own? Also, how do I find a good real estate lawyer? Would a realitor know one?
No, only 13% of FSBO's manage to sell their home. Yes Realtors should know a good RE attorney, but if you're selling by owner Realtors aren't likely to help you much.
Has anyone had any success with selling your house on your own? Also, how do I find a good real estate lawyer? Would a realitor know one?
Yes, some people have had success selling their houses on their own, but the percentage who have had success, of those who try, is fairly low. Brandon says it's 13%, which sounds about right to me, and of those 13%, probably half ended up putting fewer dollars in their pockets than they would have if they had hired a good agent. Before you decide to try, perform an honest evaluation of your house, your knowledge, your marketing and negotiating skill set, and available time and energy to do all the work necessary. It's not rocket science, but it does require more knowledge, information and time than most people expect. If you honestly believe you are properly equipped, good luck to you.
If you call a local real estate brokerage, and tell whomever answers the phone that you are looking for a recommendation for a good R.E. attorney, you should be able to get one. I can't think of a good reason for them to NOT give you the name and phone number of one or two of their favorites.
I both bought and sold my previous home by owner. I am now a Real Estate Agent, so I can see it from both sides.
I think that you can successfully sell your home by owner if:
1. You do enough homework to see what similiar homes in your area are going for. You can see what they are listed for online if they are with an agent, but you can get the actual sales price from the tax records once it has closed (and made it into the system). You have to be objective about pricing your house. If you think it's worth XXX just because, I'd get an agent.
2. You live in a relatively populated area. There is no way you are going to put the $$$ into marketing your house that a realtor would, but if you live in a high traffic area, that's not as big of a deal. If your street is off the beaten path, I'd get an agent.
3. You have the time to wait. It generally takes longer to do FSBO. If you are in a hurry, I'd get an agent.
4. You have the time to field calls, show your home, etc. Alot of people don't want the hassle of having to set up showing appointments and the awkwardness that can accompany showing your home to someone. If you don't have a flexible schedule, I'd get an agent.
We ended up selling our home for 10-15k more than our agent friend told us it comp'd out at. But there were reasons for that. It took us almost a year from sign in yard to closing (on the selling side). Overall, it was a good experience and unlike alot of realtors, I'll tell you it can be done. But, it is CERTAINLY not for everyone.
I both bought and sold my previous home by owner. I am now a Real Estate Agent, so I can see it from both sides.
I think that you can successfully sell your home by owner if:
1. You do enough homework to see what similiar homes in your area are going for. You can see what they are listed for online if they are with an agent, but you can get the actual sales price from the tax records once it has closed (and made it into the system). You have to be objective about pricing your house. If you think it's worth XXX just because, I'd get an agent.
2. You live in a relatively populated area. There is no way you are going to put the $$$ into marketing your house that a realtor would, but if you live in a high traffic area, that's not as big of a deal. If your street is off the beaten path, I'd get an agent.
3. You have the time to wait. It generally takes longer to do FSBO. If you are in a hurry, I'd get an agent.
4. You have the time to field calls, show your home, etc. Alot of people don't want the hassle of having to set up showing appointments and the awkwardness that can accompany showing your home to someone. If you don't have a flexible schedule, I'd get an agent.
We ended up selling our home for 10-15k more than our agent friend told us it comp'd out at. But there were reasons for that. It took us almost a year from sign in yard to closing (on the selling side). Overall, it was a good experience and unlike alot of realtors, I'll tell you it can be done. But, it is CERTAINLY not for everyone.
The 13% success factor is dated information, going back to times when all one needed, in some areas, was a yard sign.
In my own 100 square mile area, only one FSBO has been successful YTD. That seller sold for 26% less than his original asking price and had the financial ability to sell for $100K less than he paid in 2006, while gifting the buyer with recent improvements.
During this 18 month saga, he received what he considered to be low ball offers from agents representing buyers. He refused to negotiate. He thought he could advocate for himself. The net associated with any of those offers was substantially more than what he eventually settled for.
His DIY mentality cost him out of pocket, about $50K and substantial market time.
The saddest part of all is that his closed sale comp impacts the value of his former neighbor's homes.
If you want to sell FSBO consider doing one of the limited representation companies (you know pay $299 to get on the MLS kind of thing). Then you offer a buyer agent compensation from there.
Oh, Silverfall, I knew I was forgetting something! I kept thinking, now what was number 5?? Now, in our area, the local association does not permit buyers to list on the MLS and there isn't a bargain broker office here. So, we weren't able to put our house in the MLS. But if you can, do it!
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