November 2012 Moms

FSBO

have any of you done a For Sale By Owner?  We have decided to take this route since our neighborhood is so desirable.  Im nervous with the LO and the amount of work involved but I WFH part time and we would save a lot of money.

 Are we crazy?  Or is it fairly simple to do? 

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Re: FSBO

  • We just FSBO'd our house in Madison. There it is super easy because there is an awesome website that gets tons of traffic and is easy to use. The actual transaction went smoothly, too. The buyers had an agent (we paid her 2% commission) and my mom used to be a realtor so she helped us a lot. Also we paid a lawyer for closing. In general I was very happy--it went as smoothly as it could have-- and it saved us a ton. I think if your house is in good condition and you're not worried about weird issues popping up during the inspection that helps too. Let me know if you have any specific questions...
                                                          
                                                     
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  • We tried to do a FSBO on our house since we were PCSing and had plenty of time to list our home.  In the end, we found out the realtors in our area all work together and will not show FSBO homes to their clients unless there is a substantial commission (we were offering 3% and even that was too low for realtors in showing a FSBO).  We ended up just renting it out for the time being, but may try to do it again once we move back to the area.

    I agree though on how a FSBO can save a ton of money. That was the bonus for us on choosing that over going through a realtor. 

    I: November 2011 
    M: November 2012
  • But dont the realtors showing the house get the buying commission anyway?  We were planning on paying the realtor on the buyer's side 2-3% and we have a lawyer to represent us.
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  • Yes, they get the buying commission.  But then no one would get the "selling commission" since we were doing FSBO.  The realtors in our area were all interconnected, so showing a home that was FSBO to one of their clients meant that one of their friend-realtors was missing out on selling a house they had listed, and not getting selling commission.
    I: November 2011 
    M: November 2012
  • image CCM82909:
    Yes, they get the buying commission.  But then no one would get the "selling commission" since we were doing FSBO.  The realtors in our area were all interconnected, so showing a home that was FSBO to one of their clients meant that one of their friend-realtors was missing out on selling a house they had listed, and not getting selling commission.

    This is true, but super sh*tty that they colluded to not show your house. I guess it depends on the area. That would never fly in Madison since the FSBO market is so big. And my mom's line whenever a realtor would mention "My commission is X.": "EVERYTHING IS NEGOTIABLE". Remember, 2% is better than nothing, which is what they get if their buyers don't buy.

                                                          
                                                     
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