For Sale by Owner (condo, loan, lawyer)

[smaug20000]

We are thinking of listing our condo as for sale by owner to sell it. I am sure that realtors think this is a bad idea, but has anyone ever tried it? I am a CPA and do taxes for a living, so I read a lot of tax law. I think my husband and I can figure out how to sell our condo and save ourselves the commission. But I am willing to be persuaded otherwise, just wondering what everyone thinks about it.

[Margery]

Originally Posted by smaug20000

We are thinking of listing our condo as for sale by owner to sell it. I am sure that realtors think this is a bad idea, but has anyone ever tried it? I am a CPA and do taxes for a living, so I read a lot of tax law. I think my husband and I can figure out how to sell our condo and save ourselves the commission. But I am willing to be persuaded otherwise, just wondering what everyone thinks about it.

I bet you thought this would never happen, but here is a Realtor telling you to give it a try! In addition to conventional listings, I also work with FSBO's (I put the listing in MLS and on the internet, furnish all disclosures). Some people can handle it and some can't. A lot depends on your personality and where the condo is located. Good luck and keep us posted.

[barryhussein]

The final contract will be written by the title office, anyway. Find a buyer, make a verbal agreement, then meet at the title company, and let them tell the escrow officer, what deal and terms you agreed upon. Get earnest money (non-refundable), about 1-2%, and a letter of pre-approval from a loan originating company (if not paying all cash). Only give thme 30-45 days to close, if they can't, then it's penalty/forfieture time. Let the escrow officer hold the money. I've sold three myself, and it has always been easier. Get a copy of your CC&R's, and review that with them, before going to the title company. People are looking in well known neighborhoods. Maybe even suggest to them that you are willing to "split" the savings.

[JfromReston]

I've sold two houses FSBO when I lived in Georgia. Both times I hired a lawyer to write up a contract after agreeing to the conditions of the contract verbally with the buyer.

The biggest thing with going FSBO is to set a sellable price and have a marketing plan. I'm pretty sure in this market a sign in the front yard is not a suitable marketing plan.

When I did my last FSBO in a large metro area in a so-so market I interviewed three agents before putting it up for FSBO, telling each that I was going to try FSBO but that if I wan't successful in a short period of time I would be listing it. Each gave me their speil and recommended listing price. Once I had the house on the market FSBO at least 4 or 5 additional agents came around to see if they could get the listing too. I ended up getting a full price contract in about 10 days.

[barryhussein]

The title companies never charged me a fee for writing their contract. A contract written by a lawyer will unlikely be the final contract.

[smaug20000]

We changed our mind and decided to use an agent. She knocked the total fee down to 5% for us. I figure with 2 small children and us both working, we have too much to deal with anyway without trying to figure out selling a house without help.