Posted on 08/21/2024 3:12:08 PM PDT by where's_the_Outrage?
No matter if the market is hot or cold, they still pop up: For Sale by Owner listings, otherwise known to Realtors as "FSBOs." These are houses put up for sale by the people who own them - without the help of a real estate agent.
Homeowners who eschew professional assistance can start the home-selling adventure on their own, but are often unaware of the DIY pitfalls. Here are the pros, cons, and everything else you need to know about these kinds of properties.
What to Know About FSBO Listings As a Realtor, I'm very aware of those DIY pitfalls. Take, for example, my neighbor, who has his home back on the market as a FSBO. Third time's a charm, right?
Jeff and Linda Brandt of The Brandt Group in La Quinta, California, have tried to help the guy with pricing and listing advice over the years to no avail. "Jeff told him a realistic price he didn't like," Linda explains. Now, the house is languishing on the market with a high price tag.
My neighbor has ignored the cardinal rule of home selling: realistic pricing.......
My neighbor did advertise on the big Z (Zillow, of course), but did not put a sign in the yard for drive-by prospects. His amateur room photos were dark and blurry, underscoring the marketing importance of compelling images. He then cemented his doom by warning agents off from bringing a buyer by - he insisted on representing both sides of the transaction. Unfortunately, most people won't be comfortable with that setup......
There are some sobering statistics to consider before planting the red-and-white "Home for Sale" sign in the front lawn yourself. Not only do agents avoid FSBOs
(Excerpt) Read more at msn.com ...
I own a house with four 10’ x 10’ bedrooms and has 1663 Sq ft.
I bought the property more for the 4 acres of waterfront than the home. My plan was to get rid of the house and rebuild.
And insist the buyer hire a whole house inspection.
That and a good Sales Agreement prepped by a (good) RE atty—they aren’t that expensive for these matters—should insulate you, unless you are a veracity-challenged democrat seller or the buyer hires Saul Goodman.
Then you recover your fees.
“but how many times do people make stupid mistakes when they do something for the first time? I own a real estate agency “
I was just reminded of how I got my current rental property, it was a lake front home that had been realtor listed for almost a year. I had skipped over the listing several times because the house was pink. After not finding what I wanted I decided to view the house. It wasn’t pink as in the picture, it was beige. Whoever took the photos really messed up and IMHO it was the listing realtor.
Being a "professional home inspector" doesn't count for much. They typically aren't plumbers, electricians, etc. They run down a list and check boxes.
I've seen the issues with them both as a buyer and a seller and I just bought my 8th home.
Sure they catch some stuff, and save me time, but if there is a question about something, I contact the appropriate expert.
Freepers: Don't take legal advice from anonymous sources on the internet. (Yes, I see the contradiction.)
Especially from Florida Man.
Texas Law requires many disclosures when residential property is sold, and damages, interest and attorneys' fees may be recovered if the seller fibs.
It is easy to sell your own house. 3 hours with a real estate attorney for the contract, and the cut for the title agency. It’s not that hard,
The disclosure is mandatory in Texas, for residential property, except for a sale:
(1) under a court order or foreclosure sale;
(2) by a trustee in bankruptcy;
(3) to a mortgagee by a mortgagor or successor in interest or to a beneficiary of a deed of trust by a trustor or successor in interest;
(4) by a mortgagee or a beneficiary under a deed of trust who has acquired the land at a sale conducted under a power of sale under a deed of trust or a sale under a court-ordered foreclosure or has acquired the land by a deed in lieu of foreclosure;
(5) by a fiduciary in the course of the administration of a decedent's estate, guardianship, conservatorship, or trust;
(6) of only a mineral interest, leasehold interest, or security interest; or
(7) to or from a governmental entity.
Well good for you.
That, my friend, is a fact. I've sold my last 3 houses without a realtor and was very pleased to avoid the constant interruptions of realtors dragging tire kickers through our house, and that barely scratches the surface of advantages.
Then you aren’t a novice are you. Guess you missed the reference to first timers.
That's a real knee slapper...
You’re right I missed the 1st timer. And in another post I mentioned some buyers could really use an agent, especially with credit issues and getting financed.
But once you’ve done it once or twice, you find it’s not that difficult.
Which gets to the basic opinion that 6% commission gets to be total fraud for high end homes (over $100,000). Do you really earn that commission? If the house sells in 10 days after listing what are your costs? As opposed to profits?
The MLS monopoly before the internet basically forced people to use agents, but now we don’t have too.
Answer me this; how can a buyer make a bid on listed home without using an agent? Believe it or not this is not a gotu question, I’d like to know how to get around using a buyer agent for a listed agency property.
read later
We bought a new home and lived in it for 13 years.
It was very nice and we had no problems with it except that it was hit by lightening 3 times causing damage to the electronics,
including one time when lightening also destroyed the chimney.
We used a realtor to sell, but I don’t remember whether we had to list lightening as a defect.
Every state has different laws.
In most states nobody is required to have an agent.
If you want to buy a house make an offer and see what they say.
My husband lived in a “renovated” chicken coop while he was working in his doctorate.
We’ve bought homes over in many different price ranges over the years. Would not consider doing it without a realtor.
So you are saying that a buyer without an agent could have made an offer without an agent?
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