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Old 04-24-2015, 04:34 PM
 
6,764 posts, read 1,408,480 times
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Just from a buyer's standpoint, I would not consider buying an FSBO home because I would be afraid of steps not being taken. When making such an expensive and life-altering purchase, I prefer to deal with a professional.

I'm not saying that most, or even many, people are like me, but I am just offering one person's point of view.
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Old 04-24-2015, 04:39 PM
 
Location: Wisconsin
21,554 posts, read 44,134,462 times
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Quote:
Originally Posted by whocares811 View Post
Just from a buyer's standpoint, I would not consider buying an FSBO home because I would be afraid of steps not being taken. When making such an expensive and life-altering purchase, I prefer to deal with a professional.
Well, had that buyer across the street dealt with a local professional, they would not have overpaid by at least $50k. How the place appraised, I have no idea - unless parents provided the difference. The property buyers had just sold was breakeven - sold it for what they had bought it for seven years earlier. Will say, given where both adults work, the location is convenient - but $50-$60k worth of convenient - plus all the unexpected plumbing issues??

Last edited by Ariadne22; 04-24-2015 at 04:49 PM..
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Old 04-24-2015, 04:58 PM
 
Location: State of Being
35,885 posts, read 67,256,245 times
Reputation: 22402
This is a good topic!

We are getting ready to put our house on the market. I have a broker's license (inactive) and I can do every aspect of marketing my home. In fact, I have had clients who were realtors and did their marketing pieces.

My last home - I worked with the realtor on photos and copy for our listing - staged my home myself - and it sold within 72 hours of the time the sign went out on the front lawn - at nearly a full offer.

I feel very confident about setting my price on my home, based on comps . . . in my profession, I create and maintain client websites, handle social media, etc.

And despite feeling totally capable of handling everything from contract to closing . . . I will be listing my home with an agent.

Yes, the more expensive your home, the bigger that commission and it does make me weak in the knees to see that chunk of the proceeds go out the door. However, I have seen too many things occur with contracts, vacillating buyers, mortgages, title insurance, inspection reports, and appointment setting to do this on my own.

When I sold our last home, yes, I had an offer in my hands within hours of listing. But at closing, the buyer went bananas b/c I had taken down the Welsh cabinet hanging on a wall. She said she would not buy the house unless I returned the cabinet, which was an heirloom furniture item and anyone would know it was not staying with a home. But her contention was . . . it was hanging on the wall when she made her offer, so it must be a fixture.

Oh boy. I had already moved out of state by closing! I was to go to closing and then the next morning, hop on a plane. But I told my realtor, you know what . . . I will sue her for non-compliance. Obviously, that Welsh cabinet went with the server, and one HAS to hang a Welsh cabinet . . . I wasn't backing down. All my female friends said - Sue her! Do NOT give in! My husband and all his friends said - Give her the damn thing and don't take a chance on losing the sale!

My realtor worked with her realtor and they calmed her down . . . and her husband promised to buy her a Welsh cabinet. Now mind you, no damage to the wall! You could not tell there had ever been a cabinet hanging on that wall. So this was just a matter of her seeing it and wanting it.

We had to move closing, change our flight times, etc. but the house closed.

Too often, things such as this happen. This was NOT the situation for me to handle directly as I would have just told the lady to go right ahead and breach this contract - I have plenty of friends who are real estate attorneys, so get ready to rumble. I was that infuriated. And I meant it.

So knowing all the situations I had to handle when I was in real estate (decades ago!) and knowing what my friends have gone through . . . plus this last experience . . . I think it is in my own best interests to let a professional handle the sale of our home.

PS. I have already removed my Welsh Cabinet and another hanging item this go round! We are still living in our home but I am taking NO CHANCES on another episode like last time!
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Old 04-24-2015, 05:14 PM
 
Location: Wisconsin
21,554 posts, read 44,134,462 times
Reputation: 15177
I sold one of my investment properties years ago - and listed w/an agent I knew. No way I wanted to deal w/buyers for MY property directly. I agree with you. I, personally, wouldn't do it. And, yes, deals have been lost over chandeliers. Anything unique - remove it - before the house is listed. What buyers don't see they won't want.
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Old 04-24-2015, 05:49 PM
 
1,706 posts, read 1,234,150 times
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I don't know if I would do it myself; it would depend on the circumstances necessitating the sale and whether I had the time to devote to the process.

When I sold my last house- a unique bungalow- I interviewed 3 realtors. I chose the one who was clearly heads and shoulders above the rest, a real go-getter. I told her what I wanted and what my expectations were. Within 24 hours of my initial meeting with her she had a marketing plan and brochure done. She marketed heavily through her network. The house was in contract for the asking price-no concessions- within 48 hours of it hitting the market. There were 9 showings and 3 offers. The only way I would have been happier is if it had gone to a bidding war.

That said, I researched agents carefully, looked up their listings, and tried to match my property to an agent who knew that particular market. Another example, a friend just bought a house; their agent was very disinterested, my friend was very passive and just went along with whatever the seller wanted because she didn't want to make waves. She way overpaid for the property..... AND it was a FSBO.
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Old 04-24-2015, 06:12 PM
Status: "0-0-2 Game On!" (set 15 days ago)
 
Location: The beautiful Rogue Valley, Oregon
7,331 posts, read 15,390,630 times
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If I lived in a hot buyers market in a larger area, I'd think about it. The realtor I bought this house with was a great guy and I had no trouble paying him his commission, moving to an area that I was only moderately familiar with. He was invaluable. The realtor I sold the other house with was not worth $100 - I could have done a better job all the way around, and since the buyer was all-cash it would have been straightforward.
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Old 04-24-2015, 09:12 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,703 posts, read 40,093,605 times
Reputation: 23860
Quote:
Originally Posted by whocares811 View Post
Just from a buyer's standpoint, I would not consider buying an FSBO home because I would be afraid of steps not being taken. When making such an expensive and life-altering purchase, I prefer to deal with a professional.

I'm not saying that most, or even many, people are like me, but I am just offering one person's point of view.
I have never found a residential realtor that I would call a professional (one who knows the ins and outs of transactions. Certainly they are weak at negotiations.)

I had to buy a place from a realtor in Dec, due to a 'retired' couple insisting on using their 'friend' to handle the transaction. Their 'Professional' listed it for 30% less than I was prepared to pay for it. While I got a great deal, I feel SO SORRY for the retirees and their 'professional' friend. The closing / transaction was a nightmare and very drawn out (as is usual for me and realtors). The buyer got their funds (from me) 8 months later than the cash offer I have made them if they would have let me do the transaction direct with title company and lawyer. They had to fix up and 'Stage' the house and deal with open houses and all that hassle. I gave them full price, cash.

I closed 4 complicated FSBO transactions in the time their 'professional' was contemplating how to market / sell their home for 30% under value.

I have done 33 transactions FSBO and 2 with realtors... I hope NEVER again to do one with a realtor. Too slow, too complicated, too expensive, ALWAYS a legal hassle.

FSBO... 1 hr for showing / negotiation and 20 minutes at title company to close. Done deal. I do all the paperwork / inspections / transfers. It is EZ and fun and saves my thousands (time well spent).

I bought 3 places in USA remotely when I was working / living in Thailand. Only one was a problem... you guessed it.. the one with the paranoid, control freak, and ineffective realtor.

YMMV... I hope so!

Big deal is the price and the marketability / desirability / condition of your property.

I only buy what I can resell in a heartbeat for 10% more that I paid (view / unique / park / rural properties).
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Old 04-24-2015, 10:20 PM
 
Location: Sierra Nevada Land, CA
8,423 posts, read 9,176,185 times
Reputation: 13159
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?

.
Quote:
Originally Posted by newenglandgirl View Post
To whom is this post directed—me?



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

I.
This not 1990. I have my home phone in my pocket. If you want you get ahold of me. Just call. I am not stuck at home. I can be anywhere, even in Europe and am reachable. I do not have to be sitting at home all day to receive a call regarding my home for sale.
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Old 04-24-2015, 10:45 PM
 
Location: Southeast Michigan
1,189 posts, read 980,967 times
Reputation: 1346
Not quite at retirement age yet. But...having sold a home not long ago, I am very glad that we didn't attempt a FSBO. There were many complications that I was grateful to have had handled by a third party. Moving was difficult enough! If it were a small condominium where we hadn't lived for more than a few years--in a hot market--perhaps it might have been worth a try.
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Old 04-25-2015, 04:40 AM
 
Location: Mount Airy, Maryland
10,497 posts, read 5,959,828 times
Reputation: 16259
Quote:
Originally Posted by brokensky View Post
This is a good topic!

We are getting ready to put our house on the market. I have a broker's license (inactive) and I can do every aspect of marketing my home. In fact, I have had clients who were realtors and did their marketing pieces.

My last home - I worked with the realtor on photos and copy for our listing - staged my home myself - and it sold within 72 hours of the time the sign went out on the front lawn - at nearly a full offer.

I feel very confident about setting my price on my home, based on comps . . . in my profession, I create and maintain client websites, handle social media, etc.

And despite feeling totally capable of handling everything from contract to closing . . . I will be listing my home with an agent.

Yes, the more expensive your home, the bigger that commission and it does make me weak in the knees to see that chunk of the proceeds go out the door. However, I have seen too many things occur with contracts, vacillating buyers, mortgages, title insurance, inspection reports, and appointment setting to do this on my own.

When I sold our last home, yes, I had an offer in my hands within hours of listing. But at closing, the buyer went bananas b/c I had taken down the Welsh cabinet hanging on a wall. She said she would not buy the house unless I returned the cabinet, which was an heirloom furniture item and anyone would know it was not staying with a home. But her contention was . . . it was hanging on the wall when she made her offer, so it must be a fixture.

Oh boy. I had already moved out of state by closing! I was to go to closing and then the next morning, hop on a plane. But I told my realtor, you know what . . . I will sue her for non-compliance. Obviously, that Welsh cabinet went with the server, and one HAS to hang a Welsh cabinet . . . I wasn't backing down. All my female friends said - Sue her! Do NOT give in! My husband and all his friends said - Give her the damn thing and don't take a chance on losing the sale!

My realtor worked with her realtor and they calmed her down . . . and her husband promised to buy her a Welsh cabinet. Now mind you, no damage to the wall! You could not tell there had ever been a cabinet hanging on that wall. So this was just a matter of her seeing it and wanting it.

We had to move closing, change our flight times, etc. but the house closed.

Too often, things such as this happen. This was NOT the situation for me to handle directly as I would have just told the lady to go right ahead and breach this contract - I have plenty of friends who are real estate attorneys, so get ready to rumble. I was that infuriated. And I meant it.

So knowing all the situations I had to handle when I was in real estate (decades ago!) and knowing what my friends have gone through . . . plus this last experience . . . I think it is in my own best interests to let a professional handle the sale of our home.

PS. I have already removed my Welsh Cabinet and another hanging item this go round! We are still living in our home but I am taking NO CHANCES on another episode like last time!
If I were making an offer on a house and you pulled down the cabinets that were hanging in place when I saw the house and made the offer I would be pissed too. Why do you make her out to be the bad guy here? Your line that the cabinets "was an heirloom furniture item and anyone would know it was not staying with a home" is complete nonsense.

Last edited by DaveinMtAiry; 04-25-2015 at 05:58 AM..
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