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I'm convinced at this point FSBO's don't usually save much. They usually involve a buyers agent so the owner may save half a commission. The problem is the FSBO want to get the home sold so when the buyer says "You aren't paying an agent so discount the home for me by the extra 3 or 6%" the owner does it. So the sale results in the same net proceeds to the owner, but now the owner ends up doing all the work with no savings.
Sometimes paying the 4-5% is worth it just because you don't have time or want to constantly show the place and explain everything yourself. Also time consuming doing all the paper work, finding out what you need, and having multiple meetings with buyer but I know every penny counts. (I'm considering FSBO myself)
Maybe you can negotiate with realtor and ask if they can lower the commission? Tell them you will use them for future sales or purchases.
Craigslist is big in CT and NY. People use it and search through it. Not sure about in Tennessee there.
I know some agents will lower their commission but then I’ve heard people say if they are willing to lower their commission will they really work to negotiate to get you the best price for your house ?
I know some agents will lower their commission but then I’ve heard people say if they are willing to lower their commission will they really work to negotiate to get you the best price for your house ?
One of the great Lie Scripts taught to new agents and clung to by some old dog agents.
One of the great Lie Scripts taught to new agents and clung to by some old dog agents.
Agreed. On my post above I feel inclined to add that a FSBO has the potential to save money. I just feel that they often don't end up netting any actual savings. I think getting on MLS with a flat fee or 1% or whatever commission to a list agent is better at this point than going FSBO.
Agreed. On my post above I feel inclined to add that a FSBO has the potential to save money. I just feel that they often don't end up netting any actual savings.
FSBOs come in all sizes and types.
I recently put buyers into a FSBO and I know the seller did OK.
Targeted neighborhood. We had lost out on 3 or 4 multiple offer situations already, and seen houses disappear without getting a shot.
FSBO was poorly marketed, so we were one of only two buyers.
Seller got full list price, full appraisal value, and my buyers got a house.
No losers.
She didn't pay a buyer's agent.
I guarantee you that I spoke with the FSBO as an equal, provided disclosure forms, and did not posture in arrogance as the "Pro from Dover," etc. Her defenses came down when she determined I was not trying to scam her. Nice lady.
Tried to get buyers into another FSBO last winter.
Seller was arrogant.
Buyers pondered, and in 3-4 days another, better, property came up, in a location they preferred.
Buyers jumped on it.
FSBO seller was disappointed when she tried to re-engage, and in a red hot market held the house for another 6 weeks and then sold for $5000 less than my buyers would have paid.
She probably did OK, but did not do as OK as she may have.
My buyers are happy as a dog eating poop.
My husband and I are going to sell our house within the next couple of months and the area we live in (suburb outside Chattanooga) is the second fasting growing area in the state of TN. We are thinking of listing with an agent based in our city but it’s very tempting to try and sell it ourselves and save the commission. If anyone had had experience with both what would you recommend and how much more difficult is it when you are doing everything yourself?
No clue, but just remember that you are asking a group of professionals this question.
I recently put buyers into a FSBO and I know the seller did OK.
Targeted neighborhood. We had lost out on 3 or 4 multiple offer situations already, and seen houses disappear without getting a shot.
FSBO was poorly marketed, so we were one of only two buyers.
Seller got full list price, full appraisal value, and my buyers got a house.
No losers.
She didn't pay a buyer's agent.
I guarantee you that I spoke with the FSBO as an equal, provided disclosure forms, and did not posture in arrogance as the "Pro from Dover," etc. Her defenses came down when she determined I was not trying to scam her. Nice lady.
Tried to get buyers into another FSBO last winter.
Seller was arrogant.
Buyers pondered, and in 3-4 days another, better, property came up, in a location they preferred.
Buyers jumped on it.
FSBO seller was disappointed when she tried to re-engage, and in a red hot market held the house for another 6 weeks and then sold for $5000 less than my buyers would have paid.
She probably did OK, but did not do as OK as she may have.
My buyers are happy as a dog eating poop.
If FSBO seller didn’t pay a buyer’s agent how did you get paid for the work you put into the deal ? Maybe I am reading it wrong .
The two issues are security (if you're a woman living alone, you may not want perfect strangers walking in off the street and into your house) and legality. Many firms now offer a "paperwork only" option to seal the deal after you've secured your own buyer. If you can maybe hold only open houses and/or have others in the house with you -- not that couples can't also be tied up and robbed/murdered -- and feel comfortable showing it yourself, you can save a lot of money on commission in a hot market. Also, for uncomplicated sales, a private contract can work; I've done this several times myself. But for a complicated sale, at least have a professional realtor dot the i's and cross the t's to ensure that you don't end up in financial or legal hot water.
My husband and I are going to sell our house within the next couple of months and the area we live in (suburb outside Chattanooga) is the second fasting growing area in the state of TN. We are thinking of listing with an agent based in our city but it’s very tempting to try and sell it ourselves and save the commission. If anyone had had experience with both what would you recommend and how much more difficult is it when you are doing everything yourself?
I think you need to add a qualifier to this: "A GOOD real estate agent." Those are a lot harder to find. A good real estate agent is all about creating value in the mind of your prospective buyer, not just glorified personal assistant who enters the home's details into MLS and prints up some flyers.
That person will take a long look at your home ahead of time and tell you what needs to be done to maximize value. That person will talk about market timing and realistic valuation. That person will have a plan to market your house, not just work it in between trips to the beach and their kids' soccer games and ballet recitals.
And, most of all, that agent will not be beating you up to lower the price if the house sits on the market two weeks without an offer. If I had listened to our realtor the first time we sold a house, we would have left close to $100,000 on the table.
I have no problem showing my buyer clients a FSBO, and in this area they often don't even pay a buyer agent commission. My biggest pet peeve with FSBOs is that they can't be shown when we want to look at them. We will be driving by one in a neighborhood where I just showed a house that was listed; I call and text the number on the sign and either get no answer (most of the time), or they need us to come back later because they are ay work. Not convenient.
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