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Old 01-04-2008, 01:47 PM
 
Location: Wake Forest - New Light
1,259 posts, read 4,626,732 times
Reputation: 975

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Hi,
I am not sure if I am posting in the correct forum. I only see a Real Estate Professionals Forum. Anyway, I was wondering if anyone has had any experience selling their home with forsalebyowner.com....they have various packages to choose from and was considering this in the next few weeks. I would appreciate any feedback (good and bad) if you have used this method to sell or buy a home. I have a real estate attorney and he is stating that's all I need. I attempted to sell through a realtor (4 month listing) with no luck. I feel I would like to attempt this route.

Thanks in advance for your help.
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Old 01-04-2008, 01:53 PM
 
Location: Fort Worth, Texas
10,751 posts, read 33,507,806 times
Reputation: 6909
The house I own now, I purchased from someone using the Buyowner system. Thankfully we had a really good realtor because the people who were selling the house had no idea what they were doing.

I would have gone elsewhere but this house was what we really wanted. They were hard to work with and them having a realtor would have been alot easier.

I looked all over and decided on this ONE neighborhood. I asked to see every house for sale in this development. They were all very nice houses but only one had a good sized back yard. I wanted a back yard big enough to add a pool at a later date and still have room left over for a play are for my daughter who was only 4 at the time.
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Old 01-04-2008, 02:28 PM
 
Location: Out there somewhere...a traveling man.
41,917 posts, read 54,617,647 times
Reputation: 118199
Are you good at negotiating, arbitrating, handling the various paperwork. If the answer is yes, you probably can save attorney's fees as your escrow/title companies do all the paper work.
But if your answer is no, then I'd get a good realtor that will represent and negotiate for you. It will save you a lot of time and money in the long run. Then after you move in you can rest in peace without worrying about problems arising or complcated lawsuits. Remember attorney's are out to make the most money they can. Unless you feel it's necessary to use one, I wouldn't. A good realtor is cheaper.
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Old 01-07-2008, 09:36 AM
 
Location: Wake Forest - New Light
1,259 posts, read 4,626,732 times
Reputation: 975
thank you...keep the comments coming
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Old 01-07-2008, 10:36 AM
 
5 posts, read 52,777 times
Reputation: 11
I sold FSBO and all I had was my basic conrtact that I drew up with the pre-qualified buyer. Then I turned over to real estate lawyer to do the legalities and he set up date for closing. It was easy to do. Even easier if the buyer brings in an agent then you tell them the price plus what ever percent so that it covers commision. Good luck.
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Old 01-10-2008, 01:21 PM
 
Location: Tucson, AZ
1,222 posts, read 4,764,610 times
Reputation: 863
We sold our house in Maryland FSBO in late spring/early summer. We bought a couple For Sale and Open House signs from Home Depot, put them at the main intersections in our neighborhood. We had 2 open houses and had 3 or 4 offers within 10 days. We were selling a nice starter home in a desirable area where there aren't many starter homes at all. I think that helped us a lot.

We drew up a simple contract and had a lawyer look it over. The woman that bought our house didn't use a realtor either and had her title company work with our lawyer and arrange all the inspections, etc. It was remarkably easier than I thought it would be. Good luck to you.
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Old 01-10-2008, 03:30 PM
 
Location: Marietta, GA
857 posts, read 4,682,402 times
Reputation: 837
I have sold all of my rental properties this way over the past many years. Of course, it helps that I was a RE Broker up in NY so I know what I'm doing, but it isn't rocket science, and it may give you a little more wiggle room if you don't have to pay a commission. However, if you don't know much about RE and are inexperienced with the laws in your state it would be smart to get some help from an agent.
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Old 01-10-2008, 07:18 PM
 
Location: Visalia, CA
22 posts, read 112,018 times
Reputation: 24
If you are going to do it, post a sign in the yard that says "Realtors Welcome, will pay 3%" or something like that. Then, if a realtor brings the buyer, which they usually do, they will handle all the paperwork and monitor the transaction. If you give up and decide to use a realtor again, ask for a shorter listing period. Let them know that if you are happy with what they are doing, you will agree to continue the listing but you want to see them work hard for you. I am a realtor in CA and I hear about a lot of agents who take a listing for six months, then they do nothing for their client until the sixth month. But nothing sells a home like PRICE. A Realtor can keep you up to date on the market and help you price your home competetively. There are also a lot of Realtors who will put together a comparative market analysis for you and give you comparables without hiring them. They will help you in any way they can so that if you end up using an agent, they hope you will use them. Good Luck!
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Old 11-30-2017, 05:30 AM
 
4,691 posts, read 8,939,216 times
Reputation: 14789
Price is the biggie... my experience, as a buyer (4 homes in the last decade and I've shopped 2 more areas then I've bought, it's a sickness that needs to stop), FSBO indicates an asking price WAY above comps. I'm not sure I've seen even one single FSBO that wasn't an easy 10% above the comparables, most were much farther above. It also means no or terrible photos and bad communication/organization. Even telling a real estate agent that WE would cover their payment if the seller didn't, and having them hound some FSBO's, it took way too long to get into the house, and the state of the house was much lower than average.

Now, I'm the first to say this is just my own experiences and there are certainly cases that are the exact opposite. If you want to list FSBO, these are the pitfalls to avoid. It's bad enough trying to sell a house when you list with an agent, I can't even imagine the headaches of trying to field the billion stupid phone calls (I had to do that even With an agent, people would just knock on the front door and ask to come in ~ thanks, no) and coordinate showings. Not my cuppa tea...
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Old 11-30-2017, 07:48 AM
 
11,252 posts, read 6,126,057 times
Reputation: 31827
As a seller, here are some of the negatives I experienced in attempting (and failing) to sell by owner.

1) Idiots who confuse you with a bank. "What kind of payments do I need to make?" "Can you finance this?" Etc.

2) Totally unqualified tire kickers.

3) People who think because it's by owner that you don't know what you have and will sell at 40% lower than market price.

4) There are a large number of qualified buyers, who are simply too scared to do negotiation on a large financial transaction without assistance from a real estate agent. These people will not consider your FSBO because of this.

Although I have bought more than once by owner, I have never been successful at selling a house by owner.
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