Anyone sell FSBO

[swirvenirvin 25]

Has anyone successfully sold doing FSBO, and not using some site or that does all the work. I'm talking you did everything yourself. Did you use a lawyer to handle all the closing and documents or were you able to them yourself. What was your cost of you did use a lawyer.

 

If you did it yourself was it worth the hassle and did you run into any problems also where did you get your legal documents.

 

This site has a bunch to use http://www.creonline.com/real-estate-law/legal-forms.html

[redtodd 7]

I did in MA 3 years ago and found it easier than I expected. But it was a two year old house in a hot market. Also in MA, they have an excellent FSBO site (isoldmyhouse.com) which a lot of people use. Here in the MN/WI area, the FSBO sites are not as good and buyers seem to be more leary of buying directly from the owners.

 

Despite the ease of the sale, I felt a lawyer was a necessity. It was nothing compared to the cost of a realtor (I think it was around $600). If you do it, you should really do some reading about selling on your own. There are a ton of pointers out there about how to show it and prepare your house for showings.

 

FSBO is great if you are not in a rush to sell it. It might take you a bit. Also, have a realistic idea of what your house should sell for. I found with some FSBO's they are WAY over in list price.

 

One thing that I think might be a good idea is to build in at least a 2-3% "margin" for a Buyer's Agent. Let realtor's know that you are willing to show your house to their clients and be willing to pay the 2-3% commission, but you won't reduce the price if they use a realtor. If they do not have a realtor, you can negotiate the 2-3% margin with the sellers.

[avoiding injuries 1,576]

Have my home FSBO right now. I have a friend who is a real estate attorney and is cutting me a break with the contract. I did do some research and this is what I found.

 

You can get your sales contracts a number of ways. Title agencies have them and if you know a realator they have them as well. Problem I ran into is that the people I know on a personal level in the business were not able to get the contracts to me in electronic form, just print.

 

You can always download something like this, although I have not heard feedback from anyone who has.

 

If someone makes you an offer, it is your job to come up with and provide a sales contract. If you use a buyers agent, DO NOT let them provide the contract. I've heard story after story about their agents slipping in seller paying for all doc and tax stamps, closing costs, etc. Snakes I tell ya.

 

Overall, I think it is worth the few hundred bucks to have a real estate attorney draw up the paperwork and look it over. If for nothing else the peace of mind.

[swirvenirvin 25]

I did in MA 3 years ago and found it easier than I expected. But it was a two year old house in a hot market. Also in MA, they have an excellent FSBO site (isoldmyhouse.com) which a lot of people use. Here in the MN/WI area, the FSBO sites are not as good and buyers seem to be more leary of buying directly from the owners.

 

Despite the ease of the sale, I felt a lawyer was a necessity. It was nothing compared to the cost of a realtor (I think it was around $600). If you do it, you should really do some reading about selling on your own. There are a ton of pointers out there about how to show it and prepare your house for showings.

 

FSBO is great if you are not in a rush to sell it. It might take you a bit. Also, have a realistic idea of what your house should sell for. I found with some FSBO's they are WAY over in list price.

 

One thing that I think might be a good idea is to build in at least a 2-3% "margin" for a Buyer's Agent. Let realtor's know that you are willing to show your house to their clients and be willing to pay the 2-3% commission, but you won't reduce the price if they use a realtor. If they do not have a realtor, you can negotiate the 2-3% margin with the sellers.

 

Im supposed to get a call back today from someone who said they would either make and offer and tell me they are going with the other place. Just wondering if we agree on a price should I have them sign something right away of just wait until I can get a lawyer to the contract

[avoiding injuries 1,576]

If they're making you an offer, I'd have them sign something right away. The link I posted is only $14.99 and should be able to supply you with a sales agreement that you can take to a lawyer on Monday to finalize. Get something/anything in writing.

[swirvenirvin 25]

If they're making you an offer, I'd have them sign something right away. The link I posted is only $14.99 and should be able to supply you with a sales agreement that you can take to a lawyer on Monday to finalize. Get something/anything in writing.

 

 

yeah I think I can do the online thing and then have a lawyer look at and and change it if they want to

[RLLD 4,215]

If you know a family member or friend who has any contacts within the legal profession specializing in real estate law, they can hook you up w/all the documents you need. If you can get access to a title company they also can get you the paper work you need. Most of the time real estate agents won't do it unless you are really tight with them.

[Day Old Doughnut 0]

Most of the time real estate agents won't do it unless you are really tight with them.

 

Nor does anyone else in comparable professions. Your angst against realtors is borderline pathetic actually...

[RLLD 4,215]

Nor does anyone else in comparable professions. Your angst against realtors is borderline pathetic actually...

 

[Day Old Doughnut 0]

 

I seriously have never encountered someone like you that has so much dislike/distrust about someone. Someone must have really screwed you over. I can understand posting once or twice about a topic, but your obsession with how some of us make a living is.....well... juvenile to put it lightly.

[RLLD 4,215]

I seriously have never encountered someone like you that has so much dislike/distrust about someone. Someone must have really screwed you over. I can understand posting once or twice about a topic, but your obsession with how some of us make a living is.....well... juvenile to put it lightly.

 

You cannot understand

 

OK, then you are either purposely ignoring the facts or are simply ignorant of them.

 

Regardless, you are unable to refute any of the factual information I have posted from numerous news sources with any more than "i am rubber and you are glue".

 

You lack the slightest hint of credibility.

[Day Old Doughnut 0]

You cannot understand

 

OK, then you are either purposely ignoring the facts or are simply ignorant of them.

 

Regardless, you are unable to refute any of the factual information I have posted from numerous news sources with any more than "i am rubber and you are glue".

 

You lack the slightest hint of credibility.

 

I've stated numerous times there are bad realtors that are nothing more than looking to just make easy money. There are several of us that are legit and work hard. AGain, I can only determine from your hundreds of posts about realtors that you were involved in a bad deal or two using realtors. While some are to blame don't use that as your total ignorance on the subject. I still laugh from your post months ago that said you wouldn't take an offer on your house that was well above market value. You said you wouldn't want to screw someone over or something to that effect. You're so hypocritical in your comments it's comical. Keep it up.

[BiPolarBear 485]

I used Assist2Sell and had the total transaction done for $2,995. My neighbors were paying their realtors around $28,000. You get listed on the Assist2Sell website and put into the MLS system which means that you get pulled up under "show all listings" on all the realtor sites.

 

The A2A realtors bring buyer to you that contact them and you show your own house. My neighbors were getting 6 hour showings once a month for their money. I would do 8 or 10 hours every Saturday and Sunday. We sold the house in one month to a couple that I met during a showing. Since we didn't pay the huge realtors fee, we were able to drop our price to match their offer and still come out ahead of my neighbors, many of which are still trying to sell a year later at greatly reduced prices.

 

Not one of my old neighbors has gone over to Asist2Sell. Go figure.

[Day Old Doughnut 0]

I used Assist2Sell and had the total transaction done for $2,995. My neighbors were paying their realtors around $28,000. You get listed on the Assist2Sell website and put into the MLS system which means that you get pulled up under "show all listings" on all the realtor sites.

 

The A2A realtors bring buyer to you that contact them and you show your own house. My neighbors were getting 6 hour showings once a month for their money. I would do 8 or 10 hours every Saturday and Sunday. We sold the house in one month to a couple that I met during a showing. Since we didn't pay the huge realtors fee, we were able to drop our price to match their offer and still come out ahead of my neighbors, many of which are still trying to sell a year later at greatly reduced prices.

 

Not one of my old neighbors has gone over to Asist2Sell. Go figure.

 

You had good success and I think that's great. If you can save money then by all means do it, but much like the NutriSystem commericals, this is not always typical.

[BiPolarBear 485]

You had good success and I think that's great. If you can save money then by all means do it, but much like the NutriSystem commericals, this is not always typical.

 

I won at NutriSystem too!

[Day Old Doughnut 0]

I won at NutriSystem too!

 

lol, good for you.

[Ravens 03 0]

Has anyone successfully sold doing FSBO, and not using some site or that does all the work. I'm talking you did everything yourself. Did you use a lawyer to handle all the closing and documents or were you able to them yourself. What was your cost of you did use a lawyer.

 

If you did it yourself was it worth the hassle and did you run into any problems also where did you get your legal documents.

 

This site has a bunch to use http://www.creonline.com/real-estate-law/legal-forms.html

 

Sold 2 houses FSBOP. No problem with either one.

 

Get an attorney to review the contract they present, do the docs and settle the deal.

[avoiding injuries 1,576]

I have to ask and do not mean to come off in a negative way, but what exactly do realtors offer that an educated seller can't? The internet has changed the way people look for houses and the buyers can see all the homes that realtors can. It seems rediculous to pay up to 6% for a service that the seller can get for under 1k(MLS listing and Lawyer fee's). I just don't see what a realtor brings to the table anymore.

 

I am doing FSBO and have until January until I NEED to sell my house, so I have time to try. I guess by using a realtor, I would immediately get their client list to know about my property and utilize their contacts. But, if the buyers are half way intelligent and looking for homes on their own over the internet, they will find the house on the MLS.

 

For a first time home buyer that does not understand the selling process, the realtor can walk them through it step by step and since they aren't paying the commission it makes sense for them. Which raises the question, "why are the sellers paying for a service that the buyer's need?" Shouldn't it be the other way around. If a buyer is knowledgable about the transaction process and does not need a realtor they get a price break that would have gone to commission. If they need the realtors assistance, they pay for it. The buyer should be rewarded for having knowledge on the subject, not the seller penalized because they don't.

 

Seriously, how hard is the transaction process? Find houses on the internet, get a lawyer to draw up a contract, appraisal, home inspection, title company, closing. A quick google search and half an afternoon can teach you what you need to know. And before someone mentions the negotiation process, I don't see car agents. It's a business transaction. If you need help negotiating, hire someone on your own dime.

 

I may be wrong, but I think times are seriously changing and the 6% fee is soon going to be a thing of the past.

[Ravens 03 0]

I have to ask and do not mean to come off in a negative way, but what exactly do realtors offer that an educated seller can't? The internet has changed the way people look for houses and the buyers can see all the homes that realtors can. It seems rediculous to pay up to 6% for a service that the seller can get for under 1k(MLS listing and Lawyer fee's). I just don't see what a realtor brings to the table anymore.

 

I am doing FSBO and have until January until I NEED to sell my house, so I have time to try. I guess by using a realtor, I would immediately get their client list to know about my property and utilize their contacts. But, if the buyers are half way intelligent and looking for homes on their own over the internet, they will find the house on the MLS.

 

For a first time home buyer that does not understand the selling process, the realtor can walk them through it step by step and since they aren't paying the commission it makes sense for them. Which raises the question, "why are the sellers paying for a service that the buyer's need?" Shouldn't it be the other way around. If a buyer is knowledgable about the transaction process and does not need a realtor they get a price break that would have gone to commission. If they need the realtors assistance, they pay for it. The buyer should be rewarded for having knowledge on the subject, not the seller penalized because they don't.

 

Seriously, how hard is the transaction process? Find houses on the internet, get a lawyer to draw up a contract, appraisal, home inspection, title company, closing. A quick google search and half an afternoon can teach you what you need to know. And before someone mentions the negotiation process, I don't see car agents. It's a business transaction. If you need help negotiating, hire someone on your own dime.

 

I may be wrong, but I think times are seriously changing and the 6% fee is soon going to be a thing of the past.

 

You can enlist the services of a company to get you on the multiple list for dirt cheap.

That is the only thing you REALLY NEED!

 

 

They will even offer to review contracts, etc.

[Day Old Doughnut 0]

Because most don't want to go through the headaches of FSBO. Pretty simple concept really. And real estate agents aren't going away anytime soon. Sorry to disappoint.

[swirvenirvin 25]

I have to ask and do not mean to come off in a negative way, but what exactly do realtors offer that an educated seller can't? The internet has changed the way people look for houses and the buyers can see all the homes that realtors can. It seems rediculous to pay up to 6% for a service that the seller can get for under 1k(MLS listing and Lawyer fee's). I just don't see what a realtor brings to the table anymore.

 

I am doing FSBO and have until January until I NEED to sell my house, so I have time to try. I guess by using a realtor, I would immediately get their client list to know about my property and utilize their contacts. But, if the buyers are half way intelligent and looking for homes on their own over the internet, they will find the house on the MLS.

 

For a first time home buyer that does not understand the selling process, the realtor can walk them through it step by step and since they aren't paying the commission it makes sense for them. Which raises the question, "why are the sellers paying for a service that the buyer's need?" Shouldn't it be the other way around. If a buyer is knowledgable about the transaction process and does not need a realtor they get a price break that would have gone to commission. If they need the realtors assistance, they pay for it. The buyer should be rewarded for having knowledge on the subject, not the seller penalized because they don't.

 

Seriously, how hard is the transaction process? Find houses on the internet, get a lawyer to draw up a contract, appraisal, home inspection, title company, closing. A quick google search and half an afternoon can teach you what you need to know. And before someone mentions the negotiation process, I don't see car agents. It's a business transaction. If you need help negotiating, hire someone on your own dime.

 

I may be wrong, but I think times are seriously changing and the 6% fee is soon going to be a thing of the past.

I agree for the most part I know we are not realtor's and they will say that we dont know half of the things they do, but most people now a days just go to realtor.com. So the main thing that is needed is to get your listing into the MLS

[swirvenirvin 25]

Didn't get an offer so it didnt matter

[avoiding injuries 1,576]

Didn't get an offer so it didnt matter

That's because you weren't working with a realtor.

[JScott 20]

My FSBO success story is here

 

I don't know what "headaches" DOD thinks people aren't willing to go through to save thousands of dollars :headscratch: The biggest pain for me was just keeping the house clean for all the showings, but I don't see how having a realtor would change that. The second biggest pain was dealing with the buyers agent. The times when I got to talk with the perspective buyers without their agent went so much easier. As I mentioned in the post linked above, if you don't have the time to show your place then I can see where a realtor might be necessary (but in our case when we weren't available a family member showed the perspective buyer/agent around) or in the case of first time buyers. But besides those two scenarios, if you can browse the internet, can speak somewhat intelligently when showing the home (I realize this may disqualify 90% of the Geeks on here) and have approximately $500 for an MLS listing service, I say FSBO is the way to go.

 

But either way, ABSOLUTELY get a lawyer to read/supply your docs and handle the closing. Might be $500 - $1000 but legal docs are not something you want to get off the internet and handle yourself.

 

As for "why do sellers pay the commission for the buyers agent?", can you imagine if a realtor said my services will cost YOU 6% to their perspective clients (buyers) who would hire them.

 

Another thing you have to be aware of is even if you pay to get your property listed in MLS, the new form requires you to put a value in for the commision. You can't leave it blank, and it can't be 'TBD'. It has to be a value. And unless you put AT LEAST 2.5% to the buyers agent, no realtor will show their clients your house. DOD even admitted that in the other thread, and I believe his comment was something along the lines of 'would you blame us'. I realize this is their livelyhood but don't they represent the buyer, to show them as many potential homes as possible? So if the perfect home for their client is listed FSBO and only offering 1% commission, they'd ignore it. Just seems like a lot of potential conflict of interest. Realtors see FSBO as a direct threat to their livelyhood so I don't blame them for not wanting to help FSBOs in anyway. But by protesting so much, they're indirectly showing how serious a threat it is. If it wasn't they wouldn't give a crap.

 

Residential realtors will be a thing of the past fairly soon. It's all about information, and now that the public has access to this previously private info (MLS) the realtors fraternity has been exposed.

[G-in O-town 0]

If your selling FSBO one of the most important parts of the Real Estate contract is the sellers disclosure, make sure you have this. This will protect both the seller and buyer.

[mighty_thor 115]

I sold my own place about 5 years ago on my own without any help from a web site or anything.

 

As far as the offer. They are the ones responsible for giving you the offer. They should prepare something themselves and send it to you. You can agree on the price but send their offer to your lawyer before signing. The lawyer will look over the contract and make sure everything is correct. The lawyer is also very helpful at the closing. You should be able to get an attorney for 500-600 dollars and they are worth it at a closing.