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Not sure if I shared my opinion on FSBO. For me to go this route, may as well put in retirement papers. Sure, insult the industry from which you earn a living?
What I have done and will do again: pay an MLS listing service ($$ up to 1%) and then pay 5% to the selling agent. Hit my database with the listing. No feelings slighted, peace is kept. If I needed an answer to a question, I would call my RE attorney (who would be handling my side of the transaction). Yes, I could easily save myself at least 2%, but it would cost me so much more.
Doing FSBO for an entry level home in Apex, NC (Raleigh-Durham area)
Looking for agency that works with FSBO sellers to list property on MLS for nominal flat fee. Someone in this post mentioned $200 flat fee?
Any recommendations?
Be very careful if you are not experienced in real estate. I have seen sellers unwittingly lose more than what they saved.......like the seller that said he would pay closing and didn't put a cap on the dollars. Or the seller that provided a seller disclosure filled out incorrectly and was told by his own attorney to repair the roof. There are just too many instances to list and chances are your sale would not be the time bad luck struck. But when it does strike, it is usually very expensive.
Doing FSBO for an entry level home in Apex, NC (Raleigh-Durham area)
Looking for agency that works with FSBO sellers to list property on MLS for nominal flat fee. Someone in this post mentioned $200 flat fee?
Any recommendations?
I think you can find them in Google. $200 is less than I've heard of - in our market (since I'm in Wake County like you).
Selling your home without true professional assistance can make sense for some people. For others, it does not. You are aware that you're talking about saving only about 1/2 of what you most likely think you're saving, right? When you get an Entry-Only firm, you still have to state the compensation that you're offering a Buyer's Agent.
I bought a FSBO years ago. After a couple of months of looking at properties with my agent, I found the perfect property that was a FSBO. My agent was angry with me and said that I went behind her back. TBH, she hadn't been entirely committed to the effort, but I felt like she deserved something, so I asked her to stay involved in the process and paid her a commission. The seller was knowledgeable and fair. I would do it again.
Several threads on the topic of FSBO - I shared my story selling FSBO once or twice (link below - my story was the final post). TL;DR version is I’d do it again under the right circumstances but it wound up being a ton of work.
No thanks. I am not a salesman. I don’t want to do all the required work. Having people roaming through your house. Who’s going to prequalify these people?
I have placed houses for sale this way, and I have bought houses this way.
Personally, I prefer to buy directly from the owner, and I am not afraid of missing something either in a contract or in an inspection. However, I don't have any kind of hard and fast rule, and there was one time that buying through the listing agent did help the transaction.
Selling by owner is another matter.
First of all, most people are scared to death to do this kind of transaction themselves without someone to guide them step by step. And honestly, seeing how some people conduct their business, a lot of them really do need a professional to guide them step by step.
The second issue is the incredible number of idiots you have to screen out yourself that listing with an agent eliminates. "Hey, how much would the payments be?" "I don't know, why don't you ask your mortgage company?" "Hey, would you do the financing and carry the note?" "Do I look like a bank to you?" and so on.
The third issue is that you feel like you can't ever have any control over timing of showings - it's like, any schmoe that shows up, you feel like you need to let them look through the house; listing with an agent you have the big outfit that organizes all the showings and you get some prior notice.
And the fourth issue, which is even more serious now than it was 20 years ago the last time I tried to sell a house by owner, is lack of visibility. Especially now that no one will get off their butt and drive their neighborhoods of interest, not even real estate agents, you need the maximum possible exposure which I believe is best achieved by a standard MLS listing.
So to summarize from my own experience, buying from an owner can be good; I have not been successful in selling by owner.
So here is my experience as an agent who shows lots of FSBO homes to clients.
About 10% of sellers (FSBO or not) are perfectly capable of doing a good to excellent job representing themselves without support.
Another 10-15% need some support to sell themselves (attorney or real estate agent to handle paperwork).
The rest really need help from start to finish.
Successful sellers that represent themselves do the following:
1) They know how to get their homes ready for sale.
2) They make it easy to show the home.
3) They know how to take decent photos/hire a pro to take photos.
4) They don't stalk you when showing their home.
5) They don't oversell their home. They point out the positives but don't spend hours trying to convince you their home is the best thing ever.
6) They answer all questions honestly and respectfully. They don't get offended when you ask about anything.
7) They are current on requirements for selling a home.
8) They take negotiations in stride and don't get dramatic and irritated when things aren't going their way.
9) They understand timelines.
10) They are flexible and willing to work together with agents.
So if you are a reasonable person who understands the real estate process, takes things in stride, is organized, and respectful, you will be fine selling your own home.
Was just reading over this thread, good information. On your point #10, offering 2.5%-3% buyers agent commission seems fair. Personally, I would always have an attorney on hand, the cost is absolutely worth it and not all that expensive, in my experience. Lastly, finding a reputable flat fee listing service, which I have been able to locate, with good reviews and straight forward services.
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