FSBO experiences - tell them here:

[dwford]

Am a few weeks away from finishing a rehab and want to sell FSBO. Any care to share successes/problems with this method?

[dealmaker]

I always sell FSBO (except for the future when I move out of my present house), but I've got a fair amount of experience at it and I used to hold my Realtor's license. BTW, I've bought and sold more houses in the past 3 years than the 3 years I held my license.

There's nothing illegal, immoral or fattening about selling a ppty yourself. You should know what you're doing though, and 75% of the FSBOs I call, DON'T KNOW. You'll also get lots of calls from INVESTORS, mostly newbies who've taken a course or two and will have lots of "ideas" on how they can help you out!

One problem with FSBOs is that the seller and the buyer both want to save the 6%, THEY CAN'T BOTH DO IT. I've found that better property presentation, salesmanship and negotiation can overcome 6% any day! In my experience it's pretty rare to find those three abilities in ANYONE and Realtors are included in ANYONE.

Realtors will all tell you that their experience, savvy and ability will overcome the 6% BUT IT WON'T. For further evidence on this read the book "Freakonomics" by Levitt and Dubner. It spent 6 months on the NY Times bestseller list so your library should have it.

Get a good contract, through your lawyer, put out a sign a week before you're ready to show and get going before school starts.

dealmaker

[cpugh657]

The reason selling FSBO is so difficult is because all the buyers agents in your area will not show your home if they arent going to get paid on it. Every fsbo seller needs to find a FSBO buyer. CRAIGSLIST CRAIGSLIST CRAIGSLIST. Put a posting out and explain the deal to any potential buyers. Pitch the idea that an 3rd party appraiser will appraise the house and you will meet the buyer at 3% below the appraised value. Once you find a buyer have your attorney or settlement company draw up a contract for the buyer to review and sign. Their lender will take care of everything from there. I have a whole list of questions buyers may ask becuse of their hesitation to buy without a realtor. Email me at buildnestegg@gmail.com if you want a copy.

Hope this helps a little-

Chris

[brianb_cobbres]

Freakonomics


The real estate section in Freakonomics was very interesting. Let me see if I can explain this properly.


A realtor has no motivation to get you full asking price for your property because the commission on, say, $10,000 is only $300. They are more interested in selling the property quickly and will gladly give up a few hundred dollars to sell the place.

Then again, when a realtor is selling their own house they tend to leave the property on the market twice as long and on average receive X% more than when they are selling someone elses house. Suddenly they care about that $10,000 when it is coming out of your pocket instead of theirs.



On another note, you do not have to choose only between a realtor and FSBO. There are hybrid agents in right in the middle that will help you list the property, help negotiate the sale, and arrange the closing for a flat fee. You still have to show the house but you have someone to help you with all the paperwork. They do not charge a percentage even if they are working both sides of the deal. Duffy Realty is on example.

[Debbie]

The reason selling FSBO is so difficult is because all the buyers agents in your area will not show your home if they arent going to get paid on it. Every fsbo seller needs to find a FSBO buyer. CRAIGSLIST CRAIGSLIST CRAIGSLIST.

We will begin our FSBO starting Sunday---selling one of our 1990's sideXside duplex in a terrific subdivision. To list it at CRAIGSLIST probably would be great except it does not include Springfield Illinois. Therefore, defeating the purpose.

FYI - to curious regular fambly members, we're selling in order to liquidate for the sole purpose of pursueing other RE investments. Nothing wrong with the building.

[Judd]

Edited

[landtrustwizard]

You can list your house free and post 10 images at http://forsalebyownerpro.chooseyouritem.com/

Good luck.

[Debbie]

To list it at CRAIGSLIST probably would be great except it does not include Springfield Illinois. Therefore, defeating the purpose.

Well, I'll be darned!

Craigslist.com just now expanded to Springfield, Illinois. Certainly wasn't available a few months back. Although we haven't posted yet but here's the link if anyone's interested: http://springfieldil.craigslist.org/

Debbie

[Dan Auito]

The FSBO experience: http://www.magicbullets.com/gifts/final%20cows%20from%20kendall-1-s.pdf

PS: Advertising costs are your biggest drawback, so focus your efforts on writing and placing good copy at reduced rates if possible.

[dealmaker]

Judd wrote; FSBO is getting me NOWHERE real quick. My bro-in-laws best friend is a realtor and he tells him he isnt selling anything Sounds like the FSBO is getting you as far as listing it would have!

In a time of price correction I imagine a lot of properties are sitting on the market a bit (lot?) longer than usual.

dealmaker

[ligroce]

Hey Guys, as a former Realtor and now a For Sale by Builder/Owner I'm not having much luck either. I have Classifieds EVERYWHERE. :SM088: Craigslist,
backpage.com, any free classified I can find on the web, plus my own website.
My Wife thinks I have gone (ad crazy) :SM125: When I show the homes and the way some of the buyers act, make me want to do this to them. :box:

[Debbie]

See your "I need your opinion" thread. You have a simpler resolution than I. Why? Because your house is the higher end. Mine isn't but definitely nowhere near low end either. Just in the middle. Our problem is that we have a very spoiled potential buyers. We have the price they can afford but they also want high end appliances, granite or marble countertops, etc.... *SIGHS*

[acornwebworks]

You can list your house free and post 10 images at http://forsalebyownerpro.chooseyouritem.com/

Good luck.

Hi Gary,

Your site says people can only list Text ads for free, and that photo ads cost money (although it doesn't say how much, just that their credit card won't be charged until the ad displays and the fee is nominal.) Clarification, please?

By the way, the Classifieds Home link goes to a blank page and clicking on the ForSaleByOwnerPro Home link goes to your http://garymialocq.com/landtrust/ page, so it was hard to find out more information

Kendall

[landtrustwizard]

Hi Kendall,

Thanks for the heads up. That is a site that I have used for several years. As far as I know, there should be no charge for the photo ads. I'll contact the site owners re your info on the links and will see if the policy has changed. I've sold homes through this site before twice, and never had to pay for a photo.

Gary

:SM058:

[Debbie]

Try what Dan Auito had suggested in his "Final Cows" ebook....

www.Sell-Your-Home-FSBO.com that does all of the advertising. They also send your FSBO to approx. 100 other fsbo websites. Gives you information. One time fee of $19 to $59 (your choice). I like it.

[gene]

Try what Dan Auito had suggested in his "Final Cows" ebook....

www.Sell-Your-Home-FSBO.com that does all of the advertising. They also send your FSBO to approx. 100 other fsbo websites. Gives you information. One time fee of $19 to $59 (your choice). I like it.

Beside the one listed above, any favorites among the big ones like www.forsalebyowner.com or others? Is anyone getting results from these sites, or is my meager income better spent on classified ads?

Living in a Florida coastal town, it seems a lot of our buyers come from NY and NJ. Any thoughts on how to target them?



So far Craigslist has brought me many offers from buyers in Nigeria. Can you believe that many of them offered WAY more than my price? I just couldn't take their money like that so I turned them down.:SM083:

[ligroce]

Beside the one listed above, any favorites among the big ones like www.forsalebyowner.com or others? Is anyone getting results from these sites, or is my meager income better spent on classified ads?

Living in a Florida coastal town, it seems a lot of our buyers come from NY and NJ. Any thoughts on how to target them?



So far Craigslist has brought me many offers from buyers in Nigeria. Can you believe that many of them offered WAY more than my price? I just couldn't take their money like that so I turned them down.:SM083:


I'm on Craigslist.Homesbyowner.com.backpage.com.ziply classifieds.topix.net. Dclassifieds. Yahoo Classifieds, forsalebyowner.com... some 30 sites, PlUS MY OWN SITE http://www.custombuilthomesforsaleinkentucky.com
and I am NOT getting any leads at all.

[Debbie]

Don't feel bad, Larry.....

We're not having luck either. Come end of September, it'll be off the market.

Come Oct 1 or 2, we'll have a new tenant signing the lease ($50.00 higher than last time it was rented). We have a list of potential tenants waiting for us to call them (19 potential tenants to this day).

Keep in mind, we have NOT been seeking tenant since we put the duplex up for sale.

Larry---perhaps you consider renting it out (month2month) until the market changes? You'll never know, that tenant just may end up being your buyer.....

Debbie

[dwford]

I have used craigslist (free), forsalebyowner.com ($249), an 2 local newspapers: the Hartford Courant (3x$169/weekend) and am now using the JournalInquirer ($430 for 7 days).

So I have spent a total of $1290 on advertising during the monthe of September.

I have generated a lot of calls, and about 25 people have toured the house between appointments and open houses, but no offers so far. The real estate agents that have stopped by all agree I have the right price, and all kindly offer to help me.:SM145:

I am giving it a little longer, then I am going to rent it. Another house in the neighborhood is up for rent for $1800. It's a 3br, 2ba like mine. If I rent I'll refi and get my money out, and still make a little profit each month.

[ligroce]

Hey Guys It's coming holiday time.. I guess we might as well wish ourselves MERRY CHRISTMAS with new homes to pay interest on..