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Hi Everyone! I am planning to sell my home around the end of August, but unfortunately when it was purchased it was during the bubble of 2007 and I paid way too much for it. When I sell, if I use a realtor I'll most likely end up PAYING out of my own pocket just to get out of the home I'm seriously considering the FSBO route, but I am totally new to this game.
So...tell me about your personal successes and/or failures if you've used the FSBO method and any advice you might have. The main takeway I see so far is to secure a good, qualified real estate laywer to draft up the paperwork, but otherwise I'd be responsible for showings, marketing, etc. What are we missing? Is it worth this route or should we just suck it up and rely on a realtor?
Interview several local-to-the-property agents and ask them for their opinions on what you need to do to get your house ready for the market and what price they would recommend. Then in July, bring back the top two to talk about their marketing plan.
Flat fee is great. Around $300 will get you on MLS but you'll need to pay the buyers agent. Just as fast as having a seller's agent.
Fsbo is very tough. People simply aren't geared to looking and many fsbo are over priced in my area. Not impossible to do, just very difficult to get traffic.
If you're still looking at bringing money to the table after 10 years, you're probably in a slow market, unless you kept borrowing against the equity you were building. So that's the first question. How is real estate moving in your location?
Hi Everyone! I am planning to sell my home around the end of August, but unfortunately when it was purchased it was during the bubble of 2007 and I paid way too much for it. When I sell, if I use a realtor I'll most likely end up PAYING out of my own pocket just to get out of the home I'm seriously considering the FSBO route, but I am totally new to this game.
So...tell me about your personal successes and/or failures if you've used the FSBO method and any advice you might have. The main takeway I see so far is to secure a good, qualified real estate laywer to draft up the paperwork, but otherwise I'd be responsible for showings, marketing, etc. What are we missing? Is it worth this route or should we just suck it up and rely on a realtor?
Congrats for hanging in there without walking away from your debt. I can't imagine the debates that occurred in your own head in the past ten years.
You need to decide if you are willing to pay the buyer's agent, and if so, how much? 3%? 2%? If you are willing to pay the buyer's agent, they will have a Board of Realtors contract for their buyer's offer - saving you some attorney fees to draw up the agreement. You would still need it to be reviewed.
As others have recommended, do consult a Realtor to see if you are being realistic on market value.
I'm in Kansas City, not exactly a sizzling market, and houses here are back up to at least 2007 levels.
I think that more important than the paperwork is finding a QUALIFIED buyer. We FSBOed a long time ago, and wasted a lot of time on two unqualified buyers.
If you're still looking at bringing money to the table after 10 years, you're probably in a slow market, unless you kept borrowing against the equity you were building. So that's the first question. How is real estate moving in your location?
True, but that assumes the OP didn't use one of the more creative loan types.
Given a typical 30 yr note and downpayment of 5%, OP should have 25% or so equity.
Unless they grossly overpaid for the home, which was happening at the end of the bubble.
Thanks to everyone for the advice so far. Yes, I was one of those young, naive people who purchased their first home on an interest-only loan. I put $15K down, so right now if I sold at the current comps, I'd make a bit of profit if I sold it myself. If I use a realtor, the 6% commission would put me in the negative at least looking at the current asking prices in the area.
I put my home on Zillow with a "make me move" price and have had a couple of realtors contact me. My question then would be: If I am approached by a buyer's realtor, and they find me a qualified buyer, I assume I only have to pay their part of the commission since I did not hire a realtor on my side? Is that correct?
Thanks to everyone for the advice so far. Yes, I was one of those young, naive people who purchased their first home on an interest-only loan. I put $15K down, so right now if I sold at the current comps, I'd make a bit of profit if I sold it myself. If I use a realtor, the 6% commission would put me in the negative at least looking at the current asking prices in the area.
I put my home on Zillow with a "make me move" price and have had a couple of realtors contact me. My question then would be: If I am approached by a buyer's realtor, and they find me a qualified buyer, I assume I only have to pay their part of the commission since I did not hire a realtor on my side? Is that correct?
Get documentation of buyers' agency status and commission request right up front before letting them see the property.
Yes, you should only have to pay them for serving their client, as long as you don't require services yourself. And at that, you should have an attorney to review documents.
Get documentation of buyers' agency status and commission request right up front before letting them see the property.
Yes, you should only have to pay them for serving their client, as long as you don't require services yourself. And at that, you should have an attorney to review documents.
Thanks Mike... appreciate the quick reply!
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