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Old 04-24-2015, 12:25 PM
 
Location: middle tennessee
1,926 posts, read 996,247 times
Reputation: 7007

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Quote:
Originally Posted by newenglandgirl View Post
The title company did the entire legal transaction? Wow.

I would be inclined to sell "as is," even though the house has been renovated...but not to modern upscale style, more to renovated vintage style. But listing "as is" seems like a red flag that something is wrong with the house (i.e., needs major repairs). It could also bring much lower offers. Not sure what to do about that, because when we're done with the renovations, we are DONE.
I did not entertain offers. I figured out what I thought it was worth and, more important, I put in the ad that the house was in need of major repairs and that the price was firm. Different situation from yours, but I think it would still work. It would cost nothing to try. Figure what selling it the usual way would cost and deduct that from your asking price.

In the end, I gave the boy $500 off because he said he just couldn't pay full price

Again, location was key in my sale.

And I just wanted a nest egg and to get away. I didn't mind that the buyer got a good deal...... or thinks he did

As to the title company doing the transaction, what do lawyers do? I bought the place on a land contract. No lawyer that time either. If I had it to do over, I wouldn't have had a lawyer for my husband's will and probate.

But again, my affairs are simple, small scale, and easily dealt with.
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Old 04-24-2015, 02:26 PM
 
Location: Wisconsin
21,549 posts, read 44,115,619 times
Reputation: 15165
Quote:
Originally Posted by DaveinMtAiry View Post
I'll be curious to see the responses here. I have spent time on the real estate board and all the figure point to a listing agent getting a higher selling price and more for the owner, even after full commissions, FSBO.
I sold real estate off and on for 20 years. I would often see FSBOs sell for market value, but not more. That said, more often than not, FSBOs were overpriced and eventually needed to list - and then would finally sell - again at market value. I can honestly say the seller would NOT net more by listing than FSBOing - at least not in my experience, not around here. Market value was market value - whether listed or FSBO'd.

However, occasionally, a FSBO would snooker a buyer - big time.

Case in point........

Neighbor across the street sold last year a 100 y/o property (in which she was raised), which had been more or less unoccupied for 20 years after her parents died and while she worked overseas for the DOD. Only came home summers. When she retired at 69 three years ago, she lived there two years, did nothing at all except a small bathroom remodel (put in shower, laid a floor), a basement repair to the tune of $10k, and then later removal of an old oil tank.

City had FMV on the property of $229k which I thought was on the money - maybe even too high - given the age/no updates, small kitchen, hot water heat, no A/C, no pwdr room on first floor, tandem garage, frame, the list is long.

Neighbors in real estate do reduced commission selling, similar to what PhxBarb mentioned. They brought buyers through. Other agents did as well - all on one-party listings. I'm guessing they told her no more than $230-240k, tops for the place, probably a lot less - given nothing had been done there for fifty years.

Well, it turns out she "knew" someone - and after having a couple of real estate people over to tell her what was needed and another agent w/buyers - she cut off all contact with all the real estate people/and their buyers my real estate neighbor says ... wouldn't answer the phone or return their calls...... and then sold the property last July to this young family (30s, 1 child, baby on the way) she "knew" for -

Wait....For....It....
$280,000

"AS IS."

After new people moved in last July, for two months it was nonstop contractors - plumbers, heating - kitchen remodel, etc.etc. etc. Found lots of problems and had to rip out a lot of plumbing/radiators. Still have carpenters/plumbers/heating people over there all the time.

Now, it looks like they're planning to widen the drive. The view from my LR window is now totally shot b/c they've cut down the huge beautiful blue spruce that was in the front yard and all the shrubbery in front and side of house. Cars coming and going over there all the time - which also park at my house unnecessarily/illegally (plenty of unrestricted parking over there) every chance they get. I've called the cops numerous times.

Anyway - the real estate people my neighbor talked/dealt with were DEAD RIGHT - and she came out $60k better - AT LEAST - than she would have had she used a professional real estate person who "knew" the market. We learned the sale price before our real estate neighbors did - actually we told them - was in the newspaper as a closed sale - and shows the same on the City website. None of us could believe it, given the condition of the place.

Average price for the larger homes around here is about $350k - for ALL BRICK/STONE - with more square footage. Very special property around the corner sold last year for $650k; another on that same block easily worth $500k. So, these people didn't overpay for the area - but they sure did overpay for the major work that house needed. $100k easy, if not more, in updates. We think they're getting a lot of financial help from their family - who are over there all the time. It's my hope they plan to fix up and sell - way too much traffic to suit me ...but I'm not holding my breath b/c there's no way they'll make money on the place anytime soon, much less recoup their investment.

Like PT Barnum says......


Quote:
Originally Posted by TwinbrookNine View Post
How did you get a reduced commission? If even mention it, the realtor walks, despite the fact that my house is always staged to the max, and sells itself
I left real estate because the knowledge required and imparted FREE - and liability exposure wasn't worth the risk (you can be sued - I was - case dismissed) - income ups and downs - not to mention seller handholding, hands on from listing to closing. Real estate is a lot of work and lot of emotional energy invested. Which is why most do not want to work for nothing. In the end, paying job, for me, was more profitable monetarily - and a lot less exhausting.

Last edited by Ariadne22; 04-24-2015 at 02:45 PM..
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Old 04-24-2015, 02:54 PM
 
6,871 posts, read 3,892,813 times
Reputation: 15660
WOW! I would never have the confidence or stamina required for a FSBO, especially not now. Did you have a lawyer write up the contract? Did you have to stay home waiting for calls? No lockbox?

We followed all our realtor's advice regarding clearing out and making the house clean and spacious. In fact I just got rid of everything we no longer needed, including some large furniture and antiques. I was glad to get her advice, because the house seemed larger and more modern.

We went on vacation for the first 2 weeks in order to avoid the initial influx of lookers and our realtor kept us informed via email. The house sold in 6 weeks, and I was soo glad to have done so much of the work ahead of time. We got more than our asking price, which helped with the commission.

Good Luck with your sale! I'll be interested to hear what route you decide to take.
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Old 04-24-2015, 03:06 PM
 
Location: Mount Airy, Maryland
10,489 posts, read 5,955,007 times
Reputation: 16215
I found the story about the old house interesting because we live in a farmhouse built in 1900. Now it's dated but we plan on upgrading the kitchen and baths (because that's what matters) when we sell in about 10 years. But because our home is so unique comps are not easy to obtain. We also realize not everyone wants to buy a house built 115 years ago on 5 acres. So for that reason we understand it will take a while to sell and even though I'm in sales and no real estate a bit I'll probably hire an agent. I'm not too sure I could handle the pain of prospective buyers going through our house and laughing or going "gross" or whatever. I'd probably say something that would ruin the sale.
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Old 04-24-2015, 03:22 PM
 
Location: McLean, VA
790 posts, read 1,613,576 times
Reputation: 556
Putting the shoe on the other foot....I purchased a FSBO years ago. I'll never do that again! The guy was too emotionally charged during the process. Having a realtor for him would have provided a filter and maybe another venting mechanism. I've known people who have done FSBO and they usually think their property is worth more than it is (or the market is stronger than it is, etc).
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Old 04-24-2015, 03:23 PM
 
Location: Fort Lauderdale, Florida
9,274 posts, read 8,346,319 times
Reputation: 20216
Considering almost half of all South Florida sales are cash and over 70% of houses under $225,000 are cash deals, cash isn't that big a deal here.

Being a newly licensed realtor and knowing what I know about the industry, no, I would not bother with a FSBO.
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Old 04-24-2015, 03:23 PM
 
Location: Near a river
16,042 posts, read 19,011,439 times
Reputation: 15649
Quote:
Originally Posted by Harpaint View Post
WOW! I would never have the confidence or stamina required for a FSBO, especially not now. Did you have a lawyer write up the contract? Did you have to stay home waiting for calls? No lockbox?

We followed all our realtor's advice regarding clearing out and making the house clean and spacious. In fact I just got rid of everything we no longer needed, including some large furniture and antiques. I was glad to get her advice, because the house seemed larger and more modern.

We went on vacation for the first 2 weeks in order to avoid the initial influx of lookers and our realtor kept us informed via email. The house sold in 6 weeks, and I was soo glad to have done so much of the work ahead of time. We got more than our asking price, which helped with the commission.

Good Luck with your sale! I'll be interested to hear what route you decide to take.
To whom is this post directed—me?

If so, I had a lawyer and the bids went directly from lawyer to lawyer, not to me.

I only have a cell, so it was easy to reach me. No lockbox, as I was the one showing.

I was honest with the 3 realtors giving me a ($) market analysis, telling them I may sell on my own. They were really good about it. No one gave me a stellar marketing plan.
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Old 04-24-2015, 03:51 PM
 
Location: Beautiful Rhode Island
6,860 posts, read 11,143,976 times
Reputation: 6852
I know someone who lost $24,000 in two weeks by not putting up a FSBO sign. Turned out a woman in the neighborhood had been waiting for said house to come on the market for several years and immediately paid asking when the realtor's sign went up. If the sellers had known, they would have saved themselves an enormous commission!
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Old 04-24-2015, 03:58 PM
 
Location: Cochise County, AZ
1,324 posts, read 840,911 times
Reputation: 2874
I purchased FSBO many years ago but I was lucky enough to have an aunt who was a retired RE agent. I asked the owners if I could come back and have my aunt walk through it with me. If I ever have the $ to look at another home (doubtful!), I would certainly look at FSBO.
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Old 04-24-2015, 04:24 PM
 
Location: Near a river
16,042 posts, read 19,011,439 times
Reputation: 15649
Quote:
Originally Posted by Hollytree View Post
I know someone who lost $24,000 in two weeks by not putting up a FSBO sign. Turned out a woman in the neighborhood had been waiting for said house to come on the market for several years and immediately paid asking when the realtor's sign went up. If the sellers had known, they would have saved themselves an enormous commission!
Maybe I'll ask around the n'hood before doing anything. The guys next door, who have many friends over, may want to make a bid, or maybe one of their friends. They could have a compound, lol. The son of the guy who owned our house drove by one day and stopped, praising us for our outdoor renovations (he would be blown away by the indoor renovations, but we did not invite him in). He said he always liked this place.... Perhaps a combo of FSBO - 3 mos, and then some time off, and then to a realtor.
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