Questions about FSBO? - Posted by Don (NC)

Posted by Don (NC) on December 21, 1998 at 07:00:06:

Dave T, That is some good advice. I hadn’t even thought of the MLS because I didn’t think there was a way for a small timer like me to get listed in it. Thanks again.

Questions about FSBO? - Posted by Don (NC)

Posted by Don (NC) on December 20, 1998 at 09:56:43:

I am interested in selling my house “For sale by owner” and would like to know if there are any good books out there on this subject. I have lived in my house for 5 years and figure I have about $40,000 in equity. I am not interested in carrying a note because I have immediate needs for the cash. I am also not in any hurry but figure that I can lower my price by not paying a realtor. I have never had any luck with realtors anyhow. I also am considering paying some/all of the closing cost and getting an appraisal before hand. Any suggestions on how to market and prepare my house would be appreciated.

Re: Questions about FSBO? - Posted by Jason(NC)

Posted by Jason(NC) on December 21, 1998 at 24:54:25:

I am a broker in NC if I can help in anyway with comps or marketing ideas, give me an e-mail. You can call me with any question at 336-335-6247 One thing with a FSBO is to move quicklyin the first thirty days… and just ignore all us re agents. Have fun is a big key also Jason(NC)

Re: Questions about FSBO? - Posted by George

Posted by George on December 20, 1998 at 21:16:26:

Be prepared for every realtor in the area to call or knock on your door. Not just each office, but multiple sales people from the same office. Be prepared for all the neighbors calling to find out “How much?”. Also, be aware that most of your potential buyers will be trying to save themselves the same commission dollars you are. The first 30 days are key. If you have no reasonable offers, consider a realtor. Good luck.

Re: Questions about FSBO? - Posted by Ray(OH)

Posted by Ray(OH) on December 20, 1998 at 19:23:54:

Mardeting Idea:
Talk to a local Mortgage Broker and learn what types of programs they can offer.
Spend a little money on your sign. Have a sign made up for your yard(not an 8x11 plastic hardware store special) that will include financing info. Use the best program the mortgage broker has, smallest downpayment and smallest monthly payment.
(This will get calls from those who didn’t even think they could afford your house)
Include basic info about the house, 3bdr/2ba, etc.(this will eliminate callers just asking "uh,how many bedrooms? Uh, how many baths?)
You may find a mortgage broker who will let you put their phone # on the sign so they can have an opportunity to get the mortgage business, if you feel comfortable with them. Maybe they will split the cost of the sign? You just never know unless you ask.
Just a Thought

Re: Questions about FSBO? - Posted by Dave T

Posted by Dave T on December 20, 1998 at 18:21:29:

Don’t get the appraisal unless you just want to spend the money. Instead, interview at least three of the most successful real estate agents in your area. Invite each of them to make a listing presentation to include a CMA for your house. The CMA should include a suggested list price for your house, a summary of recent similar sales, and a list of similar houses on the market.

Each of these agents should also walk through the house and give you suggestions to enhance the marketing. Tips such as find any minor defect and repair it, take care of removing any odors that may be present, paint, keep yard mowed and shrubs trimmed, and thin out your furniture if it looks too crowded.

The agents should be happy to do this even on the understanding that you want to do a FSBO. The agents all know that 95% of FSBOs don’t sell in the first sixty days, and that those owners eventually turn to a realtor for professional help.

If you want to pay a 3% co-op fee to a realtor that brings you a buyer, find a realtor that will put your home in the MLS for a flat fee. Help-U-Sell (if they are in your area) will do this. Your best exposure will be through the MLS. Since you will not be offering owner financing, and the potential buyer will need to secure financing, it makes sense that you would want your buyer’s agent to assist the potential buyer any way possible.

Re: Questions about FSBO? - Posted by Charles

Posted by Charles on December 21, 1998 at 09:10:59:

Don although you don’t want to carry a note you can still create one and close on it simultaneouly with the sell of your home to a note investor. I’m sure there are many who will give you a great rate and also show you how to package it.