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    Any advice? Selling House FSBO

    Any advice about selling a home? Any procedures, self-help books, resources or anything else that might be helpful? Anyone sold their own home? Would you do it again? Any pointers, things to avoid? Thanks!



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    Re: Any advice? Selling House FSBO

    I would recommend using a Realtor, but that's just me.



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    Re: Any advice? Selling House FSBO

    Well, usually I would agree, but I know I'm going to sell my house and I have a person interested. I figured I might avoid the 7% realtor's fee.



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    Re: Any advice? Selling House FSBO

    I am curious for pointers on this as well. I don't like the idea of signing away 6% of my sales price for simply listing the house on the internet, taking some pictures and hiring an attorney's office to write up some paperwork.

    Getting ready to sell our place in the spring.



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    Re: Any advice? Selling House FSBO

    Quote Originally Posted by isugcs View Post
    Any advice about selling a home? Any procedures, self-help books, resources or anything else that might be helpful? Anyone sold their own home? Would you do it again? Any pointers, things to avoid? Thanks!
    The one constant I have seen in this down market is that alot of FSBO's have a false sence of the actual market and are pricing their house too high. If you are truly looking to sell you house, and you need to sell your house - you are moving out of state, new job, lost job, etc - be prepaired to price it below market level. If you are just listing it to see if it will sell - then it won't.

    I have stopped looking at FSBO just because most of them are priced to high and of course human nature being what it is - everyone thinks their stuff is worth more than everyone else's.

    The thing of it is houses are selling. The house that are not priced are still sitting which tells me alot of listers really do not need to sell.

    Google is your friend, plenty of free articles and advice out there.

    Good luck


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    Re: Any advice? Selling House FSBO

    Quote Originally Posted by isugcs View Post
    Well, usually I would agree, but I know I'm going to sell my house and I have a person interested. I figured I might avoid the 7% realtor's fee.
    You find the lawyer who will do the paperwork for 1 per cent fee.


    Mosrt people that buy fsbo are there for one reason - rock bottom price. I tried fsbo, I tried 4 per cent fee with a bank, and I sold using 6 per cent realtor. Basically, people think it is safer buying though an RE firm or if they are willing to gamble and not go agent, they want a dirt bag price. You must price below comparables if FSBO. Of course, there may be an exception somewhere.

    The main thing to sell is to put away most of your stuff and look plain jane inside.


    Last edited by Wesley; 12-11-2010 at 04:18 PM.
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    Re: Any advice? Selling House FSBO

    I bought a house on a private sale last year, went pretty good. We still had a lawyer involved to keep things smooth. The mortgage officer at our bank had a list of things that she sent to the seller that pretty much told them everything that needed to be done. I would talk to your bank, they might have some good ideas.



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    Re: Any advice? Selling House FSBO

    Just went through this 1 year ago. I would consider having your home inspected. That way it looks as though you are not trying to hide anything and it might uncover any problems you are unaware of. Buyers today are wanting to nickle and dime the seller I thought I knew everything about my old house but the inspector found some serious problems I was unaware of, we fixed them and it went very well. Also most buyers today are already working with a Realtor and you drastically reduce the eyes on your property, so I would try it for 2 months fsbo, then list with an agent. Just my two cents. We listed with an agent and had an offer in 30 days and tons of traffic. Good luck!



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    Re: Any advice? Selling House FSBO

    Quote Originally Posted by acgclone View Post
    I would recommend using a Realtor, but that's just me.
    I don't like to deal in absolutes so I will say this. MOST realtors are like MOST insurance agents: Shallow and uneducated people who do what they do because it's one way to make a lucrative living without a college degree. And I say that knowing full-well I'd like to be a realtor someday. If you've got four hours and a book you can get your realtor's license.

    My advice to the OP is, go ahead and give it a try. We have sold our own home three times and had no problems and saved a ton of money. When someone wants to make an offer you say here's our attorney's card and wash your hands of it. A good real estate attorney (easily found in the yellow pages) will handle everything for you from that point on for a few hundred bucks. Piece of cake.



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    Re: Any advice? Selling House FSBO

    I have a unique situation where my neighbor (owns 90 acres of hunting timber) wants to buy my house to complete his hunting paradise. Thanks for the advice guys!



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    Re: Any advice? Selling House FSBO

    Quote Originally Posted by ruxCYtable View Post
    I don't like to deal in absolutes so I will say this. MOST realtors are like MOST insurance agents: Shallow and uneducated people who do what they do because it's one way to make a lucrative living without a college degree. And I say that knowing full-well I'd like to be a realtor someday. If you've got four hours and a book you can get your realtor's license.

    My advice to the OP is, go ahead and give it a try. We have sold our own home three times and had no problems and saved a ton of money. When someone wants to make an offer you say here's our attorney's card and wash your hands of it. A good real estate attorney (easily found in the yellow pages) will handle everything for you from that point on for a few hundred bucks. Piece of cake.
    Winner!



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    Re: Any advice? Selling House FSBO

    Here are some things I would suggest:
    -Inspection (already mentioned) - don't expect your inspection to keep the buyer from having their own inspection.

    -Find a good real estate lawyer in advance and have some idea of their fees and what you'll have to pay at closing (taken from the proceeds of the sale). If you are in Iowa, remember our property taxes are paid in arrears, so you will have to pay the taxes up to the sale date.

    -If you are in Iowa, find your abstract and be prepared to sign it over to the attorney. This has to be updated when the house is sold. If you don't have this, good luck - depending on the history of the land, you could easily spend $1000 to have it replaced.

    -Know the market, and find some recent sales that compare to your home to price it at fair market value (same # of bedrooms, similar square footage, walkout basement vs non-walkout, within one mile of your home). The sales need to be within 3-6 months if possible, with nothing older than a year. Appraisers don't use assessed value, the look at recent sales.

    -Be prepared to give up some time. You will have to be there for showings, let the appraiser in, let the buyers inspector in, let anyone else involved with the transaction in the home if needed.

    -Are you planning on collecting earnest money? If so, you need to have a way to track the money, because it will need to go to the attorney at closing. Depending on the amount of money collected, you may consider opening up a short term account for this money vs. putting in your regular bank account, then just close the account after the house is sold.

    -I would not accept any offer without a letter from the buyers lender stating they have been pre-approved for a mortgage of x number of dollars. Pre-approved means they have been approved based on the assets/income/liabilities, all they need to do is find the house within their price range.

    -I would not accept any "subject to sale" offers either, if they don't have their house sold the last thing you want to do is have to wait for them to perform in this market.

    -Are you planning to accept offers from buyers with FHA or VA financing? If so, they have stricter appraisal standards. Both will require repairs to be made on the home before the appraiser will sign off on it, you can't give them money to fix the repairs after the home has sold.

    -Are you prepared to give money for closing cost assistance? Most buyers are going to ask, and this could make/break a deal.

    From my days in the mortgage world, low appraisals were what killed most loan applications. Either the house was priced to high, or there were so many repairs needed, it lowered the value of the home, and the seller didn't want to fix it.

    Best of luck, it can be done, just keep yourself organized, and don't be afraid to ask questions.



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    Re: Any advice? Selling House FSBO

    Use a real estate attorney.


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    Re: Any advice? Selling House FSBO

    Besides the two options already mentioned here, FSBO and with a Realtor, there are companies that sell FSBO "packages" that help you with some of the things a Realtor would. It's all personal opinion, and it can depend on where you live too.



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