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njtomato

Does FSBO turn people off?....

njtomato
16 years ago

We are prepping our home to put it on the market. DH wants to try FSBO. I am concerned that people are more comfortable going through realtors.

We are closing on our next home mid August.

Opinions/ Insights?

Thanks!

Comments (43)

  • terezosa / terriks
    16 years ago
    last modified: 9 years ago

    There are people who prefer to use and agents and others who believe that they will get a better deal working with a FSBO.

  • cordovamom
    16 years ago
    last modified: 9 years ago

    No offense to those selling FSBO, but we never look at FSBO homes. We like to keep a distance from the sellers and prefer that a realtor act as an intermediary. But there are many people that have no problem buying FSBO. I'm sure you'll get people on both sides of the issue. Go with what you both feel comfortable with. Lots of people on here can give you FSBO advice if you decide to go that route.

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  • c9pilot
    16 years ago
    last modified: 9 years ago

    I look at FSBO homes, but the last time we looked at them (last fall), everyone was asking too much money for their homes. I think they were all out-of-state snowbirds (homes in Florida) and they had no idea that the market was dropping out.
    I would also expect a discount knowing that they were not paying a commission, yet I think most FSBO folks want full price and they'll get to keep the commission.

  • simplifyingmylife
    16 years ago
    last modified: 9 years ago

    "I would also expect a discount knowing that they were not paying a commission, yet I think most FSBO folks want full price and they'll get to keep the commission." c9pilot- I think you miss the whole point of why some of us sell fsbo. Why would you expect a discount? If we could afford to pay the 7% (in my area) realtor commission, some of us wouldn't be trying to sell our homes ourselves. Are you saying you think most people who list with a realtor add 7% onto their sale price? I don't see it that way at all. As a fsbo seller myself, I'm willing to negotiate price, just like anyone else, but I'm not willing to automatically reduce my price by what the realtor would get if they had my listing. Also, in reply to the original question, fsbo doesn't turn me off at all. I'm not afraid or too timid to try and negotiate price with a seller if I'm interested in their home. I think the worst thing a fsbo seller can do is to follow a prospective buyer around the house giving them a tour and pointing out every little detail. I don't care about all the details, unless I'm seriously interested in the house. I like to walk through on my own, take it all in and get a feel for the home. Then, if I like it, I will ask questions about the details. I always let prospective buyers of my home wander through my house on their own. I go outside and stay out of their way, and I tell them to take as much time as they like, then come get me and I'll be happy to answer their questions. Most people get a look of relief on their faces when I tell them to go ahead and look around on their own. Probably some people are not cut out to sell their own homes. If they can't treat it as a business deal, and get to emotionally involved/easily offended, etc., they probably ought to have a realtor. I personally like having control of this whole process. I have a very good attorney, and don't need a realtor. Well, that's my two cents worth. What do the rest of you think?

  • saphire
    16 years ago
    last modified: 9 years ago

    I think you are setting yourself up to be robbed! Sorry but part of a realtors job is to keep an eye on the people wandering through your home. You still live there, do you actually lock up everything that may be remotely valuable? Note I speak from inexpereince since the last time I sold anything was 13 years ago and it was a small co op

    As for FSBO, I think it depends on price range. When I was looking midrange 13 years ago I happily contacted sellers directly. I am now looking in a higher range and in my area there are simply no FSBO advertised in that range or maybe I do not know where they are listed. So while I have been looking for a long time it is only through agents

    As for the commission, yes most people do add 6 or 7% to their listing or at least factor that in when setting their price with a broker

  • saphire
    16 years ago
    last modified: 9 years ago

    It also depends how likable you are! Seriously, there is one house I saw where the seller insisted on being there even though she had a broker. She turned people off by her manner because she is obnoxious. Meanwhile when we last looked, there was a a house that was listed FSBO that we almost bought (they ended up renting it out before we made an offer). I think half the reason was because we were so charmed by the older couple that owned it. I remember telling DH, the Belters do not come with the house

  • quiltglo
    16 years ago
    last modified: 9 years ago

    I didn't need to sell to "most" people. I only needed to sell to one. While I was money motivated to do FSBO, I was also willing to wait for a buyer who had a similar motivation. We do a real estate transaction on the average of every two years. In every transaction when an agent has been involved, there have been problems. Sometimes our agent (who quickly got replaced) and sometimes the other side's agent. I really didn't want to deal with agents. I'd rather deal with the person who's signing the papers.

    FSBO isn't for the faint of heart. It takes effort. Our last sale was FSBO and I really thought the deal was going to fall apart. But we stuck with the process. The pay was really good and worth the time. FSBO is popular here.

    Gloria

  • ma28
    16 years ago
    last modified: 9 years ago

    I think their are misconceptions about FSBO.....They are known to overpriced their homes ( in my town anyway). I think if you sell FSBO way, then I should get an appraisal or RE to give you a price they think its worth and have it in writing so if any homebuyers are looking at your home, you can show them that the house is priced correctly....

    You can always try out FSBO for awhile, if you are not in a hurry to sell and if you don't see any movement than you should look into a RE..

    Good luck-
    Keep us posted
    Maria

  • akkw
    16 years ago
    last modified: 9 years ago

    Right now we're on a very tight timeline to move (working with a relocation company) so I am veering away from fsbo's, because I think things will go more smoothly with agents on both sides. Also, I'm finding it really difficult to find information on fsbo homes at least in the area we're moving to. We don't know the area that well and it's a big enough city where it's hard to just "happen" to drive past a house with a fsbo sign in the yard. And most of the fsbo's don't list with the mls, which really limits my ability to find them. They don't seem to list online with local fsbo sites either, or if they do, they only post one picture. I'm trying to do most of my house research from 500 miles away, so obviously I need as much info online as I can!

    I also have noticed that the fsbo homes that I have managed to find seem to be overpriced, at least in the area where we're looking. I just don't have time to deal with that kind of thing.... easier to look at houses that are priced right and on the mls.

  • tom418
    16 years ago
    last modified: 9 years ago

    "think most FSBO folks want full price and they'll get to keep the commission"

    Will the house be any different after being sold "FSBO" so as to warrant a discount? I don't think so.

    I had a good experience, selling "FSBO" about 10 years ago. Instead of advertising in a paper, I placed a sign on an airline crew lounge bulletin board. Sold the house in a few weeks to one of my fellow employees, without dealing with the bargain hunters .

  • marys1000
    16 years ago
    last modified: 9 years ago

    I've been trying to look at FSBO houses on-line in the location I'm moving to. The huge increase in numbers of websites makes it very hard to find all the homes you might be interested in and also the FSBO websites typcically have crummy search functions (as does realtor.com) which is irritating.
    That said - I'd like to try to buy FSBO just as a reaction to how irritated I am by realtors. I'm one of those who if I don't like something try to vote with my pocket book.

  • herus
    16 years ago
    last modified: 9 years ago

    I tend to side with the feelings of quiltglo and marys1000, that realtors can be a lot of trouble and they will often muck up a situation. There is no question, and no one can convince me otherwise, that they are looking out for #1, and that is NOT the client. Accordingly, they will twist and steer the deal in directions you may not appreciate.

    My experience with realtors also is they talk too dang much and don't know when or how to shut up. Sometimes silence is the best negotiation tool. Apparently they don't teach them that.

    We are almost ready to market our home in the N. Atlanta suburbs and would like to go FSBO. I also truly believe that I will be pricing competitively, which does not mean bargain btw.

    Anyone here who has sold FSBO in this area (home is in Roswell), I'd appreciate any input you had as to what worked for you, particularly which services/websites you utilized. Home price is going to be around $500K, just to provide a perspective.

  • quirkyquercus
    16 years ago
    last modified: 9 years ago

    Who wouldn't be more comfortable buying thru and agent? They hold your hand thru the entire process and they accompany you while you venture into stranger's homes. They make it so you don't have to do any direct negotiation.
    They also get paid a hefty sum to do this. I am one of the people that tries to avoid the middle man if possible to save money and to have a better level of communication. I realize that while realtors may be nice and hold my hand and guard me against the strangers and tell me what I want to hear, I will be paying dearly for this convenience for the next 30 years!
    People often feel very strongly for one way or the other. I don't but I do try to get a good deal. It is value... what I get for the money that interests me the most. And to be honest, I don't like having a realtor standing over me pointing out all the great things about houses. I get annoyed with that. "Laminate counters.... ooooh!" or "Popcorn ceilings, ooh wow... how... je ne sais quois"

  • terrig_2007
    16 years ago
    last modified: 9 years ago

    I very rarely look at a FSBO. I don't like touring people's house when the owners are present. It's very intimidating, even if they go outside and leave you alone. Plus, I feel most FSBOs are likely to be overpriced. The average Joe has no idea how much his/her home is worth on today's market. My DH and I currently have our house on the market listed with a very reputable and well known realtor in our town. We are happy to pay her the 7% commission since she's doing all the work we wouldn't have time nor patience to do. DH works 70 hours a week and I work FT out of town, so we'd have a tough time scheduling showings on our own. She also deals with getting comments from showings, hosting open houses, and contacting other agents for follow ups. And she does all the advertising. We are also using her in our new house purchase. She has been wonderful to work with so far.

  • jebtb
    16 years ago
    last modified: 9 years ago

    I've just recently moved into the realtors muck things up camp.

    We bought our first house six years ago without realtor involvement, and last month got it under contract within two weeks without any realtor involvment. So far our contract's heading smoothly towards closing. We essentially gave the buyer what we would have to pay an agent in commission. It made no difference to our bottom line, and it allowed us to price our house to move.

    On the other hand, we've already terminated one contract on a house that we wanted to buy, and our second one's in trouble. Both of these contracts had listing agents. Overall, it seems to me that the agents unrealistically inflate the sellers' expectations, feed the buyers misinformation in a misguided effort to grease the wheels towards closing, and have a poor understanding of what the rights and obligtions of the buyer and seller are under the real estate contract.

  • User
    16 years ago
    last modified: 9 years ago

    Overpriced FSBO turns people off. Non MLS listed FSBO turns people off. Unavailable for viewing FSBO turns people off. Inexperienced contract dealings without lawyers advice FSBO turns people off. These things would turn off anyone who also used a realtor to list their house, but they are mistakes that most often FSBOs make and don't realize they're making because they don't have the experience level or emotional detachment or time to really do the job right. That's what paying a realtor is all about. You're using their experienced judgement, their time, and their emotional detachment to your benefit. If you've engaged the services of a good real estate attorney, understand a lot about the real estate market in your area including all of the pitfalls of financing, and have the time it takes to meet everyone who wants to see your home, then you're a good candidate for FSBO. But, since the tide has turned and it's pretty much a buyer's market everywhere and you need to be sold by a certain time because of the new home obligations, I think your interests would be better served by engaging a RE agent instead of FSBO. If you had more time, perhaps this could work better, but unless you price yourself significantly under market and do a big ad campaign right up front and list on MLS, it's rare for a FSBO home to sell in less time than a realtor listed home.

  • saphire
    16 years ago
    last modified: 9 years ago

    I think it also depends on how the market works. Where I am looking everyone intentionally overprices their house. A house I looked at was recently reduced 10% on asking and it is still 20% overpriced! However, they end up getting and accepting offers closer to true value. However it means making an offer that can be more than 200k under asking. You may hesitate to do that directly to the owner, there is no cost to doing it with a broker. Also if the house is overpriced, people may hesitate to make legitimate low offers so you may not get any and hence not even realize how overpriced your house is (assuming it even is)

  • dreamgarden
    16 years ago
    last modified: 9 years ago

    Buying: No problem looking at (or buying) FSBO's.

    Selling: I'd use a RE agent. I don't want to be on call 24/7. I don't want to have to tidy and show a house at the drop of a hat. Plus, there is the security factor. I wouldn't be comfortable letting strangers walk around our house unless my spouse or a friend were there.

    The next time we sell, we will put everything in storage and have it properly staged before we hire an agent.

  • sweet_tea
    16 years ago
    last modified: 9 years ago

    When I was a buyer, I looked at any home that matched my requirements. I didn't care if it was FSBO or realtor listed. Well, actually, I preferred FSBO homes, just because it was usually easier to set up a quick appointment. As a buyer, I was shocked at how many realtors do NOT return calls within a day or two.

  • jellyben
    16 years ago
    last modified: 9 years ago

    I think whether or not the seller will pay the buyers agent commission is a big factor. Our current home was a FSBO but the seller paid our buyers aent commission. If I would have had to pay the 3%, well, I would have to pay 3%less for the house than I did!
    We are listing next week(ack!) and are using an agent-we know ourselves well enough to know we aren't FSBO people!

  • marys1000
    16 years ago
    last modified: 9 years ago

    As for pricing - I priced for FSBO at the top of what I thought the market would bear because I actually had more than that in the place and was trying to minimize my losses (everyone things about how nice an acreage would be but they are expensive to set up). Now I'm going to sign with a realtor and she will trying to sell at about the same the same price (definately not higher) but I will get 7% less + inspections etc. AND more importantly have much less negotiating room. Right or wrong I considered the 7% my negotiating room.

  • newjerseybt
    16 years ago
    last modified: 9 years ago

    "I would also expect a discount knowing that they were not paying a commission, yet I think most FSBO folks want full price and they'll get to keep the commission."

    I guess the buyers feel the seller does not deserve the commission for doing all the work....an you all know that selling a home is a "piece of cake".
    ---------------------------------
    "I think you are setting yourself up to be robbed! Sorry but part of a realtors job is to keep an eye on the people wandering through your home."

    I wouldn't depend on ANY Real Estate agent to protect my valuables. Some of these crooks are real pros. Remove all valuables before a showing.
    ---------------------------------------------------

    My family sold 3 homes by FSBO and I bought 2 by FSBO.

    The first 2 FSBOs we sold were to the first people that looked at the homes. (1992, 1994) Both were sold in 30 minutes. Both cash deals. Both for full price. Both with no problems. The third FSBO sold in 1 month. Minor problem with the mortgage.

    The 2 FSBOs that I bought went very smooth. The Real Estate attorneys and the P.E. that inspected the homes were obviously key.

  • jyyanks
    16 years ago
    last modified: 9 years ago

    I don't have a strong opionion one way or another. But, if I recall, you just made an offer on a home with no home sale contingency. That being the case, I assume you need to sell your home by August to avoid a double mortgage. I'm not sure what the market is like in your area, but in my area, home sales are very slow. To sell fast here you need a real estate agent to open it up to other agents and have them bring clients to you for a percent of the cut. Depending on if you have a good agent, they also heavily market it (newspaper, internet, real estate books etc). Marketing yourself can get expensive and time consuming. If you have the time and if you can price your house correctly, FSBO may work but I think you have a better chance of selling your house quicker with an agent. Just my $.02.

  • marys1000
    16 years ago
    last modified: 9 years ago

    I think how well FSBO is doing and seen generally depends on region.
    It seems that the concept was hot for awhile and then seemed to flatten out a bit especially in places like the Midwest.
    With the idea of flat fee brokers getting FSBO on the web I think the idea will pick up again - but still mostly in certain regions. I don't know but would assume those regions or areas where its more successful are where there is a younger population of computer savvy types that have become accustomed to researching and doing more for themselves and also areas where the market is much tighter and faster - maybe someplace like Portland for example. I know my niece sold their last cookie cutter new starter home in Orlando FL in a couple of hours on the internet site unseen to someone in California a couple of years ago.
    So it makes me wonder about those statistics "only 20% of home sellers that start FSBO are successful" really mean - that 40 or 50% of the sellers in certain areas are successful and only 5 or 10% of sellers in places like......Witchita are successful and the 20% is some sort of average.

  • oofasis
    16 years ago
    last modified: 9 years ago

    We sold our 3 previous homes FSBO, but the first two sales were coincidental to the listing. By that I mean that our homes were listed with an agent, but both times people literally rang our doorbell -- COLD -- and wound up buying our homes without an agent representing either side. We had to pay our agents their previously set commissions, but both times the agents did absolutely NOTHING to effect or complete the sale. The third time we were in a much different financial situation, and we chose to FSBO because we needed to net every bit of the selling price in order to buy again (this was in the late 90s, when homes were barely eking out a recovery from a long down market). Frankly, I think we were just plain LUCKY that we had solid buyers who were pre-approved and didn't nickel and dime us through the deal. In all three instances, the buyers were pre-approved for a mortgage. We also sold a building lot FSBO, although there was a buyer's agent in that transaction. All that being said, I know that many buyers are reluctant to pursue a FSBO for any number of reasons. Some people feel that FSBO means that a seller is greedy; in our last sale, we couldn't afford to buy another home unless we netted the full amount of our fair asking price -- there was no greed, but we couldn't afford to deduct a commission. There are also those people who assume that FSBO indicates a seller's desperation. Sometimes "desperation" is the result of ineffective salesmanship on the part of a listing agent, and the buyer at that point may just be very anxious to sell and move on. But so many of us are quick to come to our own conclusions, often in error. That kind of attitude doesn't help a seller who's trying to market a home in a very competitive market with lots of inventory, so it's something for you to consider. You may want to "test the water" by listing it FSBO for a set period of time, but keep in mind that you'll have out-of-pocket advertising costs that may not reach all your potential buyers. An agent can have an open house for other agents, and that can really expand your marketability. You'll also need to be available to show the house when a buyer wants to see it; if you have employment commitments, that could be very difficult. Whatever you decide to do, good luck!

  • akkw
    16 years ago
    last modified: 9 years ago

    We are buying right now through the assistance of a relocation company. After we get through the paperwork involved, we have one househunting trip (of about 5-7 days) in the area we're moving to, within a very tight deadline. We are "assigned" a realtor by the relo company to help us buy a house. Given that we don't know the area (except by internet research) do you think we'll be looking at FSBO? Nope. No time, no motivation in the structure of this.

    My understanding is that relo company assisted sales are becoming more common, so this might be relevant.

  • sharlee
    16 years ago
    last modified: 9 years ago

    Does FSBO turn me off? Absolutely not! My experience has been positive. Bought last two homes by owner. One in 2002 & last one in 2006. Smooooth transactions. The one bought in 2002 I decided to use realtor to sell. Ended up being a big mess!! The first buyer was driving around in the area & saw sign, so feel I could have handled transaction. Then, the nightmare began with the realtors. Almost reminded me of atty's battling it out. This next time I will attempt to sell myself after living here for 2 yrs. This is a condo & here in Oregon they are HOT! As soon as there is wind of one for sale in this location they are gone. It's a good value for a reasonable price instead of the High End condos that have fallen off somewhat.
    Perhaps I've been fortunate, but do my homework where needed & really enjoy the process.
    Sharlee

  • marvelousmarvin
    16 years ago
    last modified: 9 years ago

    "So it makes me wonder about those statistics "only 20% of home sellers that start FSBO are successful" really mean - that 40 or 50% of the sellers in certain areas are successful and only 5 or 10% of sellers in places like......Witchita are successful and the 20% is some sort of average."

    I have doubts about that logic. If an area is known to be unreceptive to FSBOs, most home owners aren't going to put their homes on the market as FSBO and thus really drag down that national average.

  • disneyrsh
    16 years ago
    last modified: 9 years ago

    I think it may be a regional thing, as well. Up in MA, where I'm from, many of my relatives and friends sell/buy FSBO routinely and it's not a big deal.

    Down here in GA, the fsbo houses are invariably overpriced and the people selling them don't understand the FSBO process. They pick a number, stick a sign in their yard, and think that's all they need to do. They have *no* clue about the actual selling process.

    So, if I was up in MA, I'd look at the FSBO's, but down here, my experience has been that it's a big waste of my time.

    That being said, had I happened upon a house that was magnificient and FSBO, I'd probably give it a look.

  • marys1000
    16 years ago
    last modified: 9 years ago

    I have doubts about that logic. If an area is known to be unreceptive to FSBOs, most home owners aren't going to put their homes on the market as FSBO and thus really drag down that national average.

    I'm not sure people look at the statistics before trying FSBO - I think they give it a whirl hoping to save comission. I'm not sure where to even get locality specific statistics except perhaps a realtor and I'm not sure I'd trust those.

  • finz2left
    16 years ago
    last modified: 9 years ago

    I prefer FSBO. I don't see why we need a middle man who is entitled to years of an owners equity! A good RE attorney who can cover all the bases is needed. I can look up homes, drive through neighborhoods, and contact sellers at my own pace. And, quite frankly, I don't trust many RE agents -- their goal is comission -- and a higher price works in their favor -- no the buyers NOR sellers.

  • herus
    16 years ago
    last modified: 9 years ago

    disneyrsh, we are in the N. Atlanta area (Roswell) and are planning to try FSBO. In your opinion, what other strategies would you recommend that would suit this market? IOW, what would draw your attention if you were a potential buyer?

    We are pretty soured on realtors, with experiences of greed, sloth, and incompetence, or at least one of the three, with every realtor we have had dealings with. Throw in an amazing ability to lie with abandon and the picture is not pretty.

    This combination of 'skills' is what 'earns' them commissions equal to a good chunk of the values of homes we own, have maintained, cleaned, repaired, updated and loved, often for years.

  • sweet_tea
    16 years ago
    last modified: 9 years ago

    I sold a FSBO home recently in a stagnant market where the vast majority of homes that are in the area are not selling and most of the homes that are on the market are listed with realtors.

    The home was priced very well, and was in tip top condition and was marketed very well. Bottom line, the buyer got a better deal because I didn't have to pay the buyer's realtor. I would not have come down as much on the final price if the buyer had a realtor(because the realtor would have gotten that money instead).

  • disneyrsh
    16 years ago
    last modified: 9 years ago

    herus wrote:

    "disneyrsh, we are in the N. Atlanta area (Roswell) and are planning to try FSBO. In your opinion, what other strategies would you recommend that would suit this market? IOW, what would draw your attention if you were a potential buyer?
    We are pretty soured on realtors, with experiences of greed, sloth, and incompetence, or at least one of the three, with every realtor we have had dealings with. Throw in an amazing ability to lie with abandon and the picture is not pretty.

    This combination of 'skills' is what 'earns' them commissions equal to a good chunk of the values of homes we own, have maintained, cleaned, repaired, updated and loved, often for years."

    I feel your pain, herus!

    What I would do is to pay to get your house listed on the MLS, I think there are sites that can do it for about 500, then put "buyer's agent 3%", so you'll get both the real FSBO'ers and people with agents coming in. You'll have to pay the 3% commission if a realtor brings you an honest, for real buyer, but it's still better than the 6-7% you would have paid otherwise.

    You'll get a ton of realtors in trying to get you to give them the listing, too, and that they have a buyer lined up. Tell them to bring you the contract and they get 3% and that's it. You'll be amazed at how the "buyers" never materialize.

    My parents (who always sell FSBO this way up in MA) laugh at how transparent some of the realtors are. About half the houses they sold they paid the 3% to a realtor, half were people on their own.

    Good luck-Roswell is beautiful, but there's a lot of inventory right now in some price points...

  • quip
    16 years ago
    last modified: 9 years ago

    I'm willing to look at FSBO's if they suit my needs, but some sellers turn me off. I went to a FSBO open house today. As soon as I entered I could see the home was very dated and way overpriced. The proud, elderly owner insisted on showing me around, describing the home in excruciating detail, right down to the dimmer switch in the hall bath. Does he really think buyers will overlook the cheap old fixtures and ratty carpet but be impressed by a light switch? It was so sad it was funny.

  • mary_md7
    16 years ago
    last modified: 9 years ago

    My parents sold their large 3BR/2.5BA condo FSBO in one weekend. They priced their place 7% below comps because (1) they were not having to pay a realtor and (2) many of the comps in their condo building had redone the kitchen with maple/granite/stainless, which they had not. They had an offer the first day from a qualified buyer and a ratified contract (approved by their real estate attorney) shortly thereafter.

    Some people will not look at a FSBO, either because they are uncomfortable dealing directly with the sellers or are uncomfortable with their own (lack of) knowledge of what needs to be done. But that's certainly not true of all buyers.

  • bj_inatlanta
    16 years ago
    last modified: 9 years ago

    There are plenty of people out there who will be glad to look at/buy a FSBO. IF you handle it professionally. Do your homework and make it easy. Get a real estate attorney to provide you with all the paperwork, including the buyer's offer document. Frequently people have no idea how to present a written offer; their agent handles that for them. And, believe it or not, there are people who will buy a house without their own attorney reviewing the contract. Don't assume anything. A few hundred dollars in Atlanta, GA covered all the documents and the closing.

    Don't do it if it makes YOU uncomfortable.

    BTW, I have bought 2 homes as FSBOs and one wasn't even for sale. It was in Roswell, GA (where another poster here lives). We gave up on agents and on ourselves to find what we wanted in that small geographical area. So we rode around finding houses we'd like. Wrote nice notes and left them on their mailbox posts, asking them to call if they were interested in discussing selling their lovely home. We got a 33% callback on those notes, which beats most cold-call sales efforts. My point? Just don't limit your ideas about what's acceptable or not. Anything goes.

  • subuagain
    16 years ago
    last modified: 9 years ago

    As long as there is one good buyer who is not turned off what do you have to lose by trying?

    I sold my last home by putting up a generic for sale sign on the front of the house. I was fortunate that the home next door was also for sale, but through a realtor. Within one day of putting out the sign my buyer's were knocking on the door. My attorney handled all the paperwork and everything went smoothly.

    For my current home I built a website with details and pictures. I put an ad in the local paper and had the website address in the ad. I went to a sign company and had a sign made for under $20, put up an infotube, and told everyone I came in contact with that my house was for sale.

    I started trying to sell in March and as of last week have a contract signed and a large deposit in my pocket. We will be closing in June. I showed the house to eight different couples and had three serious offers and one lowball. Four shoppers came from the ad, four from word of mouth.

    I'll ditto bj_inatlanta's post, especially the first paragraph. You have to handle it in a professional but friendly manner. You have to be able to read people to know how much space they need when looking.

    Now the other side of the coin. I'm moving out of state and am working with a realtor. I wouldn't hesitate to look at a FSBO if one came along but I'm looking for specific criteria in a large circle of area. The realtor has been very helpful in showing me the different areas and lining up homes that I might like. We put over 600 miles on her vehicle looking at at least 25 before finding the right one.

    Someone made a comment that some folks view FSBO sellers as greedy. I don't hire a lawn service am I greedy? I don't have a maid, am I greedy? I don't want to pay a realtor 6% am I greedy? I'm not greedy. I just like to do things for myself when I can. I'll hire a doctor, mechanic, lawyer because these are things I can't do myself. Nowadays if you have the time and the patience you can sell your house yourself.

  • dockside_gw
    16 years ago
    last modified: 9 years ago

    I bought my first home FSBO, a long time ago, and it was a very good experience and we became good friends of the seller. When we sold that house, we sold it FSBO. The buyers were out looking with their realtor and saw our sign. That house was on the market about 30 days. Our next house (one we built) was on the market, off and on, for 5 years, due to the very high interest rates. We tried to sell it ourselves and had interested buyers who would have bought if we had an assumable lower-rate mortgage. Our next house we bought through our realtor who sold the second house. When we sold it (the third house), we had to fire our realtor (a different one from the one who represented us in buying it, who was fixated on a buyer we had no interest in selling to - he lowballed us, was "going by the book" and we just knew he would walk for some reason as he showed no real "love" of the house) and advertised it ourselves and sold it four days later (to a couple who "loved" it). Our first realtor represented the buyers as a buyer's agent. Our next house we bought, out of state, through a realtor. But we sold it ourselves, in 45 minutes to the first couple that looked at it.

    If it's a good house, in a desireable neighborhood and priced right, and you feel comfortable doing all the work (but be sure to get a real estate attorney to look over all your paperwork before signing), go ahead.

    We are going to sell our present home, which we love, to build a smaller home and be mortgage free. One huge difference from before - the internet. But, we are going to go with a flat-rate site and pay a buyer's agent commission, if necessary. We have talked to realtors and have one picked out if our house doesn't sell in 30 days. A very similar house a few blocks away just sold a couple of months ago so we have a real good comparable.

    I've had negative experiences with realtors. One that we bought a vacation home through was almost a crook. We made an offer (we didn't have a buyer's agent - he wouldn't deal with them), told him it was our top offer, and he called us and said, "wouldn't you know, someone else who looked at the place earlier has offered more than you." We said, "fine, guess your seller will be selling to them." Twenty minutes later he called and said we had the condo. We sold that condo a few years later to friends of some neighbors without a realtor. That sleazy realtor owned one of the vacation condos and had most of the owners snookered into thinking he was the best realtor to list it as it was near a wilderness area and not near any urban areas. He would just put a sign on the highway and never marketed it to people in Seattle (about 100 miles away) and, when the Canadian dollar feel (most buyers were Canadians), the prices of the condos tanked because it became more expensive for Canadians to buy.

    In all of the cases (4 out of 5 sales) when we sold FSBO, we were able to save realtors' fees and were able to price the house accordingly so it would sell quickly.

  • theroselvr
    16 years ago
    last modified: 9 years ago

    My problem is lack of time. If someone doesn't pay to list MLS, I won't find it. I did a search for NJ FSBO & FSBO, so many sites came up. Who has time to search all of them?

  • njtomato
    Original Author
    16 years ago
    last modified: 9 years ago

    We are going FSBO. We did flat fee mls thru housepad. Day one on the market.......Thanks for all of the great tips and experiences.

  • marys1000
    16 years ago
    last modified: 9 years ago

    I agree roselvr - its getting harder to find the FSBO's out there at all because of so many (junky) websites.

  • subuagain
    16 years ago
    last modified: 9 years ago

    I skipped the junky websites altogether and made up my own site and let homestead host. Newspaper ad got me plenty of attention.

    Funny story. A few days ago I was trying to get info from a website about moving companies. The website was so slow it wouldn't load. Hubby asked what was taking so long and I said the site was having problems. Hubby's response was there is another way to get info. Use the phone book and call.

    In today's day and age we somethimes forget there are other resources beside the internet.