Looking for advice on how to sell home by owner
- Thread starter jeneisen
- Start date
FSBO
Legally, I have to disclose that I am a licensed agent.
First, unless you plan on buying a FSBO home, it can only hurt you to go without a realtor. If you purchase a house that is listed with a realtor, and you don't have one, it won't get you a better price. The complete commission the seller pays is already contracted, it will simply mean the listing agent gets the entire amount that is contracted instead of splitting it an agent representing you. The net result is simply that you don't have anyone looking out for your best interests, and they do.
The best way to sell FSBO is advertise, advertise and advertise.
People don't buy homes without seeing them, so your main priority is getting people there to look.
There is a little free magazine of FSBO houses that comes out twice monthly (?), I believe it's actually called FSBO. I would suggest that as well as the local newspapers, flyers at grocery stores, etc.
Hold an open house, and offer refreshments, and advertise it.
You might also want to consider offering realtors a co-op, or half commission, for finding the buyer for your home. That agent would also then take care of all the paperwork for you.
If the buyer is already working with an agent and signed an agreement with them, the buyer will be obligated to pay the realtor's commission anyway, which means your house must be priced lower than the similar houses for sale, to actually cost the buyer the same.
Legally, I have to disclose that I am a licensed agent.
First, unless you plan on buying a FSBO home, it can only hurt you to go without a realtor. If you purchase a house that is listed with a realtor, and you don't have one, it won't get you a better price. The complete commission the seller pays is already contracted, it will simply mean the listing agent gets the entire amount that is contracted instead of splitting it an agent representing you. The net result is simply that you don't have anyone looking out for your best interests, and they do.
The best way to sell FSBO is advertise, advertise and advertise.
People don't buy homes without seeing them, so your main priority is getting people there to look.
There is a little free magazine of FSBO houses that comes out twice monthly (?), I believe it's actually called FSBO. I would suggest that as well as the local newspapers, flyers at grocery stores, etc.
Hold an open house, and offer refreshments, and advertise it.
You might also want to consider offering realtors a co-op, or half commission, for finding the buyer for your home. That agent would also then take care of all the paperwork for you.
If the buyer is already working with an agent and signed an agreement with them, the buyer will be obligated to pay the realtor's commission anyway, which means your house must be priced lower than the similar houses for sale, to actually cost the buyer the same.
Snow Shovel
New Member
Call the bank or whoever holds your current mortgage. They will be able to guide you through whatever paperwork/actions are required (home inspection, survey, interaction with local authorities, . . .).
Personally, I would start with some research to see how much money I would be saving, and weigh that against the headache of handling the paper myself.
Good luck.
Personally, I would start with some research to see how much money I would be saving, and weigh that against the headache of handling the paper myself.
Good luck.
Buyer's Agents
In the past both agents were legally operating for the seller, but that's not true these days. Many laws have been passed regarding these issues. In your first scheduled meeting with an agent, you should be given an agency disclosure form to tell you exactly who the agent is working for. If not...ask for one.
Absolutely use a buyer's agent, which is exactly what I was referring to. It should cost you nothing, if it does, seek another agency, however beware of how long the contracts last, some are exceedingly long. Personally we dont' require you to sign any sort of contract until you're ready to bid on a home.
In the past both agents were legally operating for the seller, but that's not true these days. Many laws have been passed regarding these issues. In your first scheduled meeting with an agent, you should be given an agency disclosure form to tell you exactly who the agent is working for. If not...ask for one.
Absolutely use a buyer's agent, which is exactly what I was referring to. It should cost you nothing, if it does, seek another agency, however beware of how long the contracts last, some are exceedingly long. Personally we dont' require you to sign any sort of contract until you're ready to bid on a home.
SmallTown
Football season!
A buyers agent is the best way to go (as has already been stated). One thing to watch out for is using a buyers agent when buying a new home. Builders here (and probably most other places) are greedy little people and will try to get every last cent out of you. Buillders here typically pad in closing costs and even a 3-4% bump for realtors fees on top of what they would normally sell the home for (which is why you see so many adds for builder pays closing costs. He is not really given you anything, you are just paying for it in the mortgage itself). Ofcourse, if you decide to not receive closing costs help nor use a realtor, the builder more than likely will not reduce the price accordingly. so if you show up with a realtor and it seems like he has bulked the price up even further because of it, just walk out. Find a builder with a little less greed (good luck here)
When I recently asked a sales rep about why the prices on their new homes have been going up over almost 20,000 per year I made the comment that the builder was pretty greedy. Her response (though I thanked her for her honesty) was "Do you know any builders that aren't that greedy?"
When I recently asked a sales rep about why the prices on their new homes have been going up over almost 20,000 per year I made the comment that the builder was pretty greedy. Her response (though I thanked her for her honesty) was "Do you know any builders that aren't that greedy?"
Lilly
The Original Lilly
Jeneisen-
My advice would be to contact a lawyer that usually deals with real estate matters and closings. They should be able to let you know more about the process and help you write up dummy contracts and let you know what you need to do concerning the title search, home inspection etc.
Personally I think FSBO is a great way to go - with the market the way it is right now there is no reason that you can't sell your home this way and the money saved will definitely be worth it!
Also, as far as Buyers Agents go - I don't think they are worth as much as has been said earlier. When there is that much distance between the seller and the potential buyer there is a communication breakdown. There are too many people in the middle passing questions and answers back and forth that both parties are likely to get frustrated. While I know that they are there to look after the buyers best interests everytime we have used one (twice now) they have turned out to profit from very little work. And I guarentee that our best interests were NOT thier priority! One even left in the middle of closing because of conflicting appointments! How was that our best interest? - and another purposely witheld information about the home UNTIL closing because he knew it would affect our decision. They are just like the rest of the agents - looking for thier commission!
My advice would be to contact a lawyer that usually deals with real estate matters and closings. They should be able to let you know more about the process and help you write up dummy contracts and let you know what you need to do concerning the title search, home inspection etc.
Personally I think FSBO is a great way to go - with the market the way it is right now there is no reason that you can't sell your home this way and the money saved will definitely be worth it!
Also, as far as Buyers Agents go - I don't think they are worth as much as has been said earlier. When there is that much distance between the seller and the potential buyer there is a communication breakdown. There are too many people in the middle passing questions and answers back and forth that both parties are likely to get frustrated. While I know that they are there to look after the buyers best interests everytime we have used one (twice now) they have turned out to profit from very little work. And I guarentee that our best interests were NOT thier priority! One even left in the middle of closing because of conflicting appointments! How was that our best interest? - and another purposely witheld information about the home UNTIL closing because he knew it would affect our decision. They are just like the rest of the agents - looking for thier commission!
SxyPrincess
New Member
I've got some questions about interior remodeling. Does anyone have any ideas on a good contractor to tear down some walls and re-position a staircase?
Looking for someone that has reasonable rates and does a great job.
Looking for someone that has reasonable rates and does a great job.
SxyPrincess
New Member
Thanks for your help, Bch. It is very much appreciated. 
Y