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Unread 01-22-2008, 08:54 PM
 
Location: Point Loma
24 posts, read 52,390 times
Reputation: 13
Default SD Housing Market...doing a FSOB?

Although it's not the best time, we are itching to get out of our condo (we have an energetic two-year-old). We have a Realtor whom we love, but paying 6% in fees is steep when we are just hoping to get what we paid four years ago. What do you guys think about doing a For Sale by Owner in this market, or perhaps even a discount firm (help-u-sell or something)? Think we have a chance? The Realtor knows we are looking, so I feel pretty bad even thinking about this, but we could price our condo cheaper without factoring in those fees, you know? Opinions? TIA!
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Unread 01-22-2008, 09:21 PM
 
566 posts, read 1,172,116 times
Reputation: 303
I tried to sell by-owner a couple of times and it did not work. Buyers are more comfortable dealing with an agent and a typical seller is not skilled at assisting the buyer with financing, inspections, escrow, etc, etc.. I do not think you will come out ahead by doing the job yourself.

I heard of an approach that might be worth trying. Find an agent who will list your house with the usual 6% comission but insist on 2% for the selling agent and 4% for the buying agent instead of the usual 50:50 split. Agents respond to financial incentives. I've not had an opportunity to try this yet, but it sounds like a good idea. Even a 2 1/2% and 4% (6 1/2%) may be a good approach. The idea is to sell the home asap, get your money out and stop making mortgage payments. If your home has gone down in value you'll just have to come to grips with that. Get it sold.
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Unread 01-22-2008, 09:25 PM
 
Location: Urban San Diego
1 posts, read 1,937 times
Reputation: 10
I agree with cobmw- negotiate with your REALTOR on the commissions. Put a higher commission on the buyer's agent side. Don't forget however that your REALTOR will be working longer and harder and spending more money to sell your house in this market . . .
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Unread 01-22-2008, 11:15 PM
 
Location: North of the hood, south of the valley
2,874 posts, read 6,047,733 times
Reputation: 2080
In a higher priced market like San Diego, I would think that 5% would be more the norm rather than 6%. I've heard realtors openly discuss 5% commissions, so in negotiating down to that amount you really shouldn't encounter much resistance, so feel free to ask the realtor you love.
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