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Actually, I thought he was straightforward and honest. It's no secret that he's a real estate agent, everyone knows that and can take what he says with a grain of salt. This is the conversation I wanted to have with him and others on a previous posting, but it didn't happen. True, I'm not crazy about any kind of salesman, but he wasn't being slick here. To answer his suggestion that the delays I experienced were the likely the fault of the attorney: To my knowlege, it was the title co dragging their feet, every step of the way. I do not recall all the details, but my attorney was a real estate attorney, a very meticulous one, recommended by a family friend in real estate, who has dealt with him quite a lot. Whenever I called to inquire about the progress, it was always someone waiting for the title co to do this or that, or to respond to this or that, or, what sticks out in my mind in particular, the bank attorney was waiting for a fax from the title co. I was told when it would be sent. Since I was fed up with the chronic delays, I went to the bank's attorney's office at 12 noon to see if they got the fax. They hadn't, so I called my lawyer, told him to call the title co, and demand that they send the fax immediately, that I was there and waiting. Finally, things got moving, and soon we had a closing date. My only recourse (apart from complaining to my lawyer)against the "we will do it when we feel like it" title co was to not tip the title co rep at closing, with the admittedly small hope that she would go back to her employer and inform them that their laziness and incompetence cost her $100. Small chance, I know, but short of finding thier office and causing physical disruption, it was all I could do. If I did my job like they did theirs, there would be hell to pay. Since I'm paying them, I don't think it's unreasonable to expect that they do their jobs in a timely manner.
TomMoser is a valuable contributer on this forums. He input is always great to me & I always appreciated it. Below his name states his job & its no secret. Its up to readers weigh his words for what it is worth to them accordingly
Keep in mind that eight years ago it was a sellers market. It was pretty easy to stick a sign on the lawn and get your home sold. At the time, for agents, listings were valuable and buyers were "a dime a dozen". Today, it's just the opposite and buyers are more valuable then sellers.
Most people need all the help they can get finding serious qualified buyers. In addition to being able to list on MLS (through which the vast majority of homes are sold), most good agents have serveral buyers under exclusive buyer broker agreements, and several more that they know are looking for specific types of properties or in specific areas. They also actively network through their own offices and others so they have a much higher probabilty of finding a buyer for your home then you do.
Also, back then, the banks were much more eager to lend, appraisals were loose, certificate of occupancy issues were overlooked, etc. Again, today the pendulum has swung the other way. A good agent can negotiate all of these issues because he or she does it every day and knows exactly what to do.
Your advice about finding an attorney who specializes in real estate is sound. I've seen more deals screwed up by attorneys that "also do real estate" then by anyone else. BTW - if you think the title company was dragging it's feet, your attorney was probably lying to you. Where title issues become problems is when the sellers attorney waits until close to the closing to order title (happens all the time). Then they get the report and there is an issue that has to be dealt with, delaying the closing and frustrating everybody.
These issues come up on this board all the time. Everyone, including RE Agents here usually advise against going in on homes with CO issues. I've never seen you or anyone advise that a good realtor can save the day in these situations. The bolded statement serves to suit your agenda and justifies Mr Bitterness' stance, IMO.
For what it's worth, I would certainly recommend using an agent as opposed to doing a FSBO. I just don't think a RE agent should be sticking his/her nose in this specific thread, especially when they are pointing out the advantages of using one. To me it is advertising, ESPECIALLY when they list they are an agent underneath their name. To me that is no better than the trolls who advertise on here.
Not knocking Tom's contributions to this forum, just this one specific thread.
I've bought a house that was FSBO, and I've sold a house that was FSBO. Both times, I hired a real estate attorney to handle the paperwork.
What problems did I come across? With the house we bought as a FSBO, and this took a long time for the problems to show up, the seller did not fully understand how important it was to be firm in your decision making and then to abide by those decisions. They pulled a fast, last minute change that was difficult to remedy. If there was a real estate agent involved, I think the seller would have had a source of guidance that they should have had in place (since they didn't understand what they were doing).
When we sold a house FSBO, it went smoothly because they buyer felt uncomfortable without having a realtor watch out for their interests as a buyer. So they hired a realtor, who did a great job, and in the end we all benefited. Looking back on how much easier it was when a realtor was involved, as compared to my first experience, I'd hesitate to do a FSBO transaction again.
You might be smart as can be, but the other person in a FSBO transaction might not be so sharp.
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I once sold a house in Newsday by myself in less than two weeks (I used a great RE attorney). It went through without a single problem. This was about 15 years ago, though.
__________________ ******************
People may not recall what you said to them, but they will always remember how you made them feel .
I bought my house from a FSBO, that was 13 years ago. Took over 7 months to close not sure if that is a normal time frame but other then that everything worked out.
Keep in mind that eight years ago it was a sellers market. It was pretty easy to stick a sign on the lawn and get your home sold. At the time, for agents, listings were valuable and buyers were "a dime a dozen". Today, it's just the opposite and buyers are more valuable then sellers.
Most people need all the help they can get finding serious qualified buyers. In addition to being able to list on MLS (through which the vast majority of homes are sold), most good agents have serveral buyers under exclusive buyer broker agreements, and several more that they know are looking for specific types of properties or in specific areas. They also actively network through their own offices and others so they have a much higher probabilty of finding a buyer for your home then you do.
Also, back then, the banks were much more eager to lend, appraisals were loose, certificate of occupancy issues were overlooked, etc. Again, today the pendulum has swung the other way. A good agent can negotiate all of these issues because he or she does it every day and knows exactly what to do.
Your advice about finding an attorney who specializes in real estate is sound. I've seen more deals screwed up by attorneys that "also do real estate" then by anyone else. BTW - if you think the title company was dragging it's feet, your attorney was probably lying to you. Where title issues become problems is when the sellers attorney waits until close to the closing to order title (happens all the time). Then they get the report and there is an issue that has to be dealt with, delaying the closing and frustrating everybody.
I agree with this. As a buyer 2 times in the last 10 years and a seller, I actually found Tom's response very on point.
Many thanks to all who replied to my question about experiences in selling home without a broker. Your points are valid ones, and well taken. This is our 4th home; first two we sold by ourselves, the 3rd was sold by realtor, but then that was 10 years ago when the market was better. We'll list it again in a month or 2, with a realtor. Since this is a "move up" home and not entry level, we will need buyers with a need for more space. Meanwhile, we are happy to have the house back to ourselves over the holidays, not "on call" to show it every weekend. Somewhere out there is our buyer - someone who wants a newer home with high ceilings, lots of sunshine, kid-friendly cul de sac, good walkability, and a quaint main street. General store, anyone?
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