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  1. #1
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    For Sale By Owner?

    Looking to sell my house and would like to save 6-7% by doing it on my own. Anyone had any luck selling on their own? Any words of wisdom? I am considering doing a flat fee with an agency to get it in the MLS to get the additional exposure. I'm fortunate to have the luxury of waiting it out until it sells. Any insight would be greatly appreciated!



  2. #2
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    Re: For Sale By Owner?

    Quote Originally Posted by CycloneKC View Post
    Looking to sell my house and would like to save 6-7% by doing it on my own. Anyone had any luck selling on their own? Any words of wisdom? I am considering doing a flat fee with an agency to get it in the MLS to get the additional exposure. I'm fortunate to have the luxury of waiting it out until it sells. Any insight would be greatly appreciated!
    I bought two houses and sold one so far without Realtor.

    Pricing is definitely the key: I kept my price relatively competitive with other listings in the neighborhood. If they were selling house for 150G in my neighborhood for similar house, I would list at 5G-8G less than what they are offering. If its 150G house, everyone is typically selling houses in 95-97% (at least where I live) of listing price. If you sold your house for 142G (which is about 95% of listing price), you are walking away somewhere around 135G after Realtor is paid. Realistically, you can probably list your house for 145G if its for sale by owner. You are still making $$$ and being competitive with your neighbor listings. Do the research as much as you can.

    For me, I didn't get MLS. I am not sure if that really helps. Try to advertise whatever you can online. That seems like where people look for houses anyway. Besides Craigslist, I put an ad in the paper about having an open house. I thought having an open house helped little bit.

    As soon as you have an offer, go to title company. They can certainly help you with $$$ and paperwork part (contract etc).

    It's extra work, but work pays off at the end :)

    I can give you more tips if you like. PM me if you have any questions.


    Last edited by greatshu; 06-01-2011 at 06:42 PM.

  3. #3
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    Re: For Sale By Owner?

    http://www.cyclonefanatic.com/forum/...ouse-fsbo.html

    Getting really close to putting our house on the market. I really don't want to give up 6% of the cut, but I'm concerned about something going wrong during the process. I need to have someone else to blame it on other than myself.



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    Re: For Sale By Owner?

    Sold two homes by owner and everything that greatshu said was great.

    Other things to think about is post an ad on as many websites as possible to get the word out on your sale (militarybyowner.com, forsalebyowner.com, etc...) and put for sale signs up in your yard to advertise. Also, don't be affraid if the buyer wants to use a realtor. We had that happen and the only thing we told them was that if they wanted to use a realtor, they would have to pay their own realtor fees b/c that was the reason we were selling by owner. They agreed to those terms and the house got sold.

    Also, start looking now on your state's laws on selling your house by owner and start looking now for who you need to take all the paperwork to get it filed correctly with the state so that your sale is legit.



  5. #5
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    Re: For Sale By Owner?

    Quote Originally Posted by CycloneKC View Post
    Looking to sell my house and would like to save 6-7% by doing it on my own. Anyone had any luck selling on their own? Any words of wisdom? I am considering doing a flat fee with an agency to get it in the MLS to get the additional exposure. I'm fortunate to have the luxury of waiting it out until it sells. Any insight would be greatly appreciated!
    We've done it three times, piece of cake.

    Asked around, found a good real estate attorney. When someone looked at the house we said here's our lawyer's card, call him if you want to make an offer. They called, he drew up the papers, sold. Cost us like $500 (and I found out later could have been free if I'd signed up for my employer's group legal plan).



  6. #6
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    Re: For Sale By Owner?

    I do have my real estate agent liscence and still hired another agent to sell my home. To me the personal time savings and connections the agent has to the buyer was worth the fee(particuarly in this overall slow market). I got one of the best agents in town and only paid a 5% commision. Got it sold in 6 months. Each to his own. I see a lot of sellers try it on their own for a while.


    Last edited by Bobber; 06-01-2011 at 07:55 PM.

  7. #7
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    Re: For Sale By Owner?

    I've sold two in the past year (one rental and one primary residence) through IAhomesforsale.com. Both sold in less than one month. They also hooked me up with lawyer (to review purchase coontract) and a closing company that was VERY reasonable. Nothing to loose.



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