selling house yourself

Discussion in 'Real Estate' started by bringmagicback, Apr 26, 2016.

  1. bringmagicback

    bringmagicback Well-Known Member

    Dec 3, 2009
    7,392
    338
    83
    Marketing
    CF Resident Dog Lover
    question, my parents are selling their house to move into a house they already own. How hard is it to sell the house themselves? They know nothing about real estate. Every house they have purchased has been w/ cash, when I bought a house, my bank handled evrything and the agent did nothing. Any insight?
     
  2. huntt26

    huntt26 Well-Known Member

    Apr 10, 2006
    9,327
    147
    63
    Male
    Instructional Technology
    po' dUnk
    We just sold our house in 8 days using FSBOhomes.com

    We had a very good experience. Details on this process is here: http://www.fsbohomes.com/sell-your-home/

    I realize this isn't fully selling on your own, but it cuts out the commission.
     
  3. bringmagicback

    bringmagicback Well-Known Member

    Dec 3, 2009
    7,392
    338
    83
    Marketing
    CF Resident Dog Lover
    Cool site, but doesnt apply much to them. I was more referring to the actual process as to someone comes and says Ill take that house. THen what? Does the buyers bank just handle all the paperwork and parents just have to sign here and here? They dont need help marketing the house, it should sell in a few days. Multiple people have already called dibs on the home.
     
  4. IAStubborn

    IAStubborn Well-Known Member

    Aug 16, 2012
    6,906
    67
    48
    Male
    Sold mine this way too. Not bad at all. While a pain to shown it isn't tens of thousands of dollars worth of pain.
     
  5. gardner

    gardner Member

    Mar 19, 2006
    34
    4
    8
    You can get an attorney to handle the docs very reasonably. If the buyer doesn't have an agent/attorney, the lender won't provide the purchase agreement. Plus you won't get guidance on the process or other requirements. (Eg, disclosure forms required by law before accepting offer.) If you need a referral in Iowa ...
     
    • Agree Agree x 1
  6. keepngoal

    keepngoal Jobless Jerk
    Staff Member Bookie

    Jun 20, 2006
    24,118
    956
    113
    Get an attorney to do the paperwork. Isn't hard for them and it should cost less than $1000.00. Hardest part in the process (IMO) is marketing and selling the house. Sometimes its worth it have an agent, other times it isn't.
     
  7. Schfinkter

    Schfinkter Well-Known Member

    Dec 3, 2008
    2,250
    86
    48
    Dandy's House
    An attorney can handle getting all of the necessary paperwork done. In my parts (North Central Iowa) we are seeing more and more people just selling their houses themselves and having us handle all the paperwork. It saves them thousands in commissions.
     
  8. ArgentCy

    ArgentCy Well-Known Member

    Jan 13, 2010
    6,210
    330
    83
    Male
    #8 ArgentCy, Apr 27, 2016
    Last edited: Apr 27, 2016
    Have them find and hire a good real estate lawyer to handle the transaction. I see lots of FSBO sales in our area and most go through just a couple local lawyers. Guess I was slow on the trigger as already pointed out.

    This should scare the realtors (personal note I HATE the NAR) as I have seen lots of people selling their homes just fine through Facebook or other social media connections. I also question the notion that you get higher prices by using a realtor (think its more marketing than reality). Maybe in some markets but not the lower end.
     
  9. bringmagicback

    bringmagicback Well-Known Member

    Dec 3, 2009
    7,392
    338
    83
    Marketing
    CF Resident Dog Lover
    THe marketing part is why I want to do it for them. THere are 2 agents in our town. Neither agent updates website, neither agent puts up pictures online other than maybe 1 picture of the outside. Im like I might as well just post to zillow and call it a day
     
  10. isucy86

    isucy86 Well-Known Member

    Apr 13, 2006
    1,818
    117
    63
    #10 isucy86, Apr 27, 2016
    Last edited: Apr 27, 2016
    I have just sold my home without using a realtor. So far the process has been pretty painless. As other people have mentioned, it is a good idea to hire a real estate attorney. They can take care of paperwork like the disclosure statement, closing documents, review the buyers purchase offer, provide general advice on process.

    From a marketing standpoint, I used FSBO and Zillow websites. I had a lot more views on Zillow than FSBO. Zillow is free, while FSBO's base package is $100. FSBO also has a $300 package which posts your home on MLS. I also created a yard sign, materials can be obtained in the hardware section of a Home Depot, Lowe's or Hardware Store and that cost $30-35.

    A big thing to consider when selling, are you willing to pay a buyer's agent commission. Commissions typically range from 2.5%-3.5%, but as the seller you can negotiate what ypu are willing to pay. If you are willing to pay a buyers agent commission, make sure to indicate that in the FSBO/ Zillow ad. I found it beneficial being willing to pay abuyers agent. They aren't going to waste their valuable time, so they will screen buyers on how much they can afford and are likely to have serious buyers. Otherwise be prepared to show your home to people who are "just looking", haven't seriously marketed their current home yet, etc.

    I was nervious to sell my home myself, but I would do it again. Pretty easy.
     
    • Like Like x 1
  11. cyson

    cyson Active Member

    Jun 24, 2007
    995
    58
    28
    Much easier and cheaper than you think. I'm in the process of selling off rental houses I've had for years, (one down, two to go). I've used Craigslist. Can't imagine a scenario where I would ever again use an Agent.
     
  12. chadly82

    chadly82 Well-Known Member

    Sep 10, 2009
    1,880
    37
    48
    In a market like this FSBO is the way to go to avoid 9-10k minimum commission to a realtor. If youre not using FSBO and its already basically sold just get an attorney and the fees will be minimal for closing.
     
  13. erikbj

    erikbj Well-Known Member

    Aug 31, 2006
    7,252
    214
    63
    compliance officer
    hiawatha, ia
    I used the http://www.iahomes.com/ and sold it in 6 days for full asking price. I had an attorney put all the docs together and do the closing for $1000.

    They also have a flat rate deal to use a realtor for $2500 - which i am actually considering to use with my mom's house.
     
  14. cycloneworld

    cycloneworld Facebook Knows All

    Mar 20, 2006
    20,643
    553
    113
    Civil Engineer
    NE Oklahoma
    The market is right for hit and as others have said, a RE attorney should be able to do your side of the closing for under $1,000. Because most buyers are working with an agent, I'd highly recommend considering paying 3% to the buyer's agent (you can advertise this in your Zillow description) or you'll have a MUCH more difficult time getting people through.
     
  15. Jambalaya

    Jambalaya Well-Known Member

    May 29, 2008
    4,373
    67
    48
    An escrow/title companies can handle the transaction. Another closing company can also handle the buyer's side

    ~ Call an escrow company to get information

    ~ Make sure your parent's representation and their pricing includes the final closing numbers, as well as the deed package, payoffs, etc

    ~Call FSBOHOMES.com . Their closing department might offer just closing services separately (not listing) . The office in CR area does offer closing-only services

    ~FSBO closing dept.and a few others will supply:

    -Purchase Agreement form
    -Seller property disclosure

    Non-cash deal? Have your parents get a
    1) pre-approval letter from buyer's lender. 2) earnest money check

    After these items are signed/initialed/dated, a closing company will:

    -Order an abstract continuation
    -Abstract goes to buyer's attorney for a title opinion

    Typical seller closing costs?
    Abstract continuation, Revenue stamps, Closing fee, Tax proration credit to buyers

    Typical buyer costs?

    Title opinion, closing fee, recording fee
     
  16. Jambalaya

    Jambalaya Well-Known Member

    May 29, 2008
    4,373
    67
    48
    H#ll no. Not necessary. 100% not recommend if they already have a buyer. They just need a closing service
     
  17. clone52

    clone52 Well-Known Member

    Jun 27, 2006
    5,057
    140
    63
    We use ia homes for sale. I think for about $1000, they took care of all the paperwork when we sold.
     
  18. cycloneworld

    cycloneworld Facebook Knows All

    Mar 20, 2006
    20,643
    553
    113
    Civil Engineer
    NE Oklahoma
    Obviously if they have a buyer, then that doesn't apply. But if you are starting from scratch - you'll get 5-10x the traffic than you would without offering 3% to a buyers agent (at least in the DM area).
     
    • Agree Agree x 1
  19. intrepid27

    intrepid27 Well-Known Member

    Oct 9, 2006
    3,306
    182
    63
    Executive Recruiter - Ag
    Marion, IA
    We used Iahomesforsale.com. Before if hit their website we already had a buyer. But they were a great resource. They had real estate contracts and other forms we could use. And they have relationships with attorneys, escrow companies, etc. All were very reasonalbe. They helped walk us through the process. I think is cost us $450 (5 years ago) and it was well worth it. Saved us $10K.

    Biggest challenge to selling it yourself if picking the price. IMO
     
  20. chuckd4735

    chuckd4735 Well-Known Member

    Mar 29, 2006
    23,019
    1,216
    113
    Male
    MO/KS
    Yeah I was going to point this out. When we were looking for our first house, we had found a house that was FSBO, and the people were not willing to give our realtor anything. Our realtor wasn't willing to show it to us if he wasn't going to get paid, so the only option we had was to agree to pay him ourselves if we liked the house. We ended up looking at it, but didnt like it, so it really never became an issue, but our plan was to knock the 3% off our offer if we did like it.
     

Share This Page