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July 13th, 2001, 06:00 PM
#1
 For Sale By Owner
I am currently selling (or at least trying to) my home FSBO. Also, the house I am buying is also FSBO. It is a little unnerving and making me a bit crazy, but I estimate between the two transactions I am saving about $8000. Anyone else tried this, and if so, any pointers or pitfalls to watch for? Just curious.
BTW, got tons of activity from the lame website I threw up on Geocities about the house. Maybe this web thing IS for more than tunes, comms and smut!
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July 13th, 2001, 08:07 PM
#2
One small piece of advice, recruit a licensed realtor to help get all the paperwork done right. I did the PSBO once. I found a realtor to help finish up for 2% which was a lot better than the 7% they wanted for the listing, sale, and all...
"Badges? We don't need no stinking badges."
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July 13th, 2001, 09:05 PM
#3
Excellent advice, Sowulo. Fortunately, my mortgage person is also a realtor, so she went above and beyond and hooked me up with lots of great info, forms, tips, ect. and I have a lawyer for free through work. Without those two, I would be truly lost!
If nothing else, this is educational and exciting!
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July 13th, 2001, 10:31 PM
#4
I work for RE/MAX....and if you want your house sold quickly, then I suggest you get them to list it.
Our "usual" commision rates are....
3% for the listing agent & 3% for the selling agent. I wouldnt pay one dime more than that.
Signs in front yards DO NOT sell homes. MRIS computer systems & ads sell them. You can try, but I think that you are wasting your time.
BTW - It is a "sellers market" right now...so you can get top dollar for your home. I would definately at least talk with a RE/MAX agent to see what they have to say.
I'm just a sinner saved by grace.
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July 13th, 2001, 11:31 PM
#5
Originally posted by Ghostfleet:
<STRONG>Signs in front yards DO NOT sell homes. </STRONG>
I house hunted by deciding what neighborhoods I was interested in living in and then cruised those neighborhoods on weekends when all the yard signs were up. That's how I found the house I'm in now. I also interviewed realtors during the week and when my weekend cruising turned up something interesting, I called my realtor of choice and asked her to find out the price and set up tours. It worked out real well and I didn't have some desperate realtor dragging me around to all the lemons that weren't selling fast enough and their listing was soon to expire.....A little common sense goes a long way....
"Badges? We don't need no stinking badges."
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July 14th, 2001, 12:13 AM
#6
Let me rephrase....
FSBO signs DONT sell homes.
Realtors signs do (in your case), but the majority of the home buyers I deal with tell me what they want & I find them a selection from the homes database. If you are "just looking", then you will drive around & look for signs....but if they are serious, they usually come in & have me help them.
I'm just a sinner saved by grace.
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July 14th, 2001, 02:19 AM
#7
I don't know how it works there but my dad is a real estate agent and I know you can get your house listed on mls for $250.00 which is not bad if you need to sell quick you can then turn around and make the buyers pay the real estate agent that showed them the house. You will not be responsible for it since they brought them in. That is how I did my first house. FSBO with the buyer paying fees for agent
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July 14th, 2001, 07:45 AM
#8
Originally posted by Ghostfleet:
<STRONG>Let me rephrase....
FSBO signs DONT sell homes.
Realtors signs do (in your case), but the majority of the home buyers I deal with tell me what they want & I find them a selection from the homes database. If you are "just looking", then you will drive around & look for signs....but if they are serious, they usually come in & have me help them.</STRONG>
I agree with you there, Ghost. Just a sign is pretty much worthless. I registered with a local FSBO company, and for a couple hundred $ they gave me a sign, put me on their website and put me in their magazine (the grocery store freebie one). So far, no regrets, and more traffic than I can handle. I am in no big hurry to sell (hell, I could keep this place as a rental if I wanted) so time is really not an issue. A place on my block went on the market the same day as mine (Re/Max) and sold this week. So I guess what I am saying is that I can see the value of a realtor, but if I have the time and patience I am saving a ton of $$$.
In my case, if I got full asking, $79,000.00*.06=$4740.00. Quite a bit of dough.
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July 16th, 2001, 09:44 PM
#9
Just as an update, I got two offers on my house today. Neither are full price, but they are pretty close. This has easily been one of the most educational things I have ever done, and it ain't over yet!!!
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July 17th, 2001, 06:54 PM
#10
OK, next update, if anybody cares. I accepted an offer on my house, and have signed a contract on my next one. Both are being done FSBO. This is kinda cool!
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July 17th, 2001, 08:07 PM
#11
Originally posted by Road Warrior:
<STRONG>OK, next update, if anybody cares. I accepted an offer on my house, and have signed a contract on my next one. Both are being done FSBO. This is kinda cool!</STRONG>
Great! <IMG SRC="smilies/biggrin.gif" border="0"> <IMG SRC="smilies/biggrin.gif" border="0"> <IMG SRC="smilies/biggrin.gif" border="0">
I'm glad that it worked for you.....it saved you 12% in the long run <IMG SRC="smilies/biggrin.gif" border="0"> <IMG SRC="smilies/biggrin.gif" border="0"> <IMG SRC="smilies/biggrin.gif" border="0">
I'm just a sinner saved by grace.
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July 17th, 2001, 08:53 PM
#12
Congrats Road Warrior!! Hope the transactions go through without a hitch!!
Reg
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July 18th, 2001, 01:34 AM
#13
Originally posted by Road Warrior:
<STRONG>OK, next update, if anybody cares. I accepted an offer on my house, and have signed a contract on my next one. Both are being done FSBO. This is kinda cool!</STRONG>
Congrats. You never know what you can get done until you try.....I've been biting off more than I can chew for years with a couple of consistent repercussions. First, the terror of "what was I thinking" followed eventually by "Gee, that wasn't nearly as bad as I was expecting..." One of my mottos is now "Try it, if it doesn't work out don't try it again or at least try it differently..." <IMG SRC="smilies/biggrin.gif" border="0">
"Badges? We don't need no stinking badges."
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July 18th, 2001, 07:27 AM
#14
Registered User
Originally posted by Sowulo:
<STRONG>One small piece of advice, recruit a licensed realtor to help get all the paperwork done right. I did the PSBO once. I found a realtor to help finish up for 2% which was a lot better than the 7% they wanted for the listing, sale, and all...</STRONG>
This is the way to go, some will charge as low as 1%. We close on our new place in a month.
It took us three realtors untill we found one that would take us to the places we wanted to go. For some reason these people think that because we were approved for X amount that we wanted to buy a house for that. Sorry I like to have a little money to save for a rainy day.
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July 18th, 2001, 08:56 AM
#15
Registered User
Ok, what the heck is FSBO and PSBO? <IMG SRC="smilies/confused.gif" border="0">
Hard work often pays off in the long run, but Lazyness always pays off now.
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