Author Topic: FSBO?  (Read 495 times)

Glenstache

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FSBO?
« on: May 02, 2019, 04:43:13 PM »
I have a property that is quite nice, in the mountains with a small cabin on it. I'd guess the value is about $150k, though I still need to do a deeper dive on market research to assess a more refined (and or realistic) value. I am seriously considering selling it and wondering if it is worth attempting to sell without an agent (but offer 3% to buyers agent if there is one). If no agent, pay a lawyer a flat fee to shepherd the deal through escrow. I have quite frankly been pretty underwhelmed by what most RE agents bring to the table beyond familiarity with paperwork (and even that has had pretty low bar for due diligence to be honest).

What pitfalls should I consider or be aware of?

waltworks

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Re: FSBO?
« Reply #1 on: May 02, 2019, 06:59:02 PM »
Your biggest 2 issues are:

1: Pricing accurately. 90% of FSBO listings are hilariously overpriced, because the owners are unable to be objective about their homes. Many buyers are aware of this, too, which means they often won't even bother to come look at your house. So you need to do a serious (and objective, if possible) market analysis.

2: Networking. Agents will discourage (in many cases, at least) their clients from looking at FSBO places, especially if they're not listed on the MLS. If you have a prime house in a prime spot, no big deal. If you have an out of the way property that isn't super desirable, it could be a problem.

But it's totally doable. You don't even need a lawyer, just a title company.

-W

Finallyunderstand

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Re: FSBO?
« Reply #2 on: May 06, 2019, 07:56:22 AM »
If you do it by yourself just get an appraisal, maybe two on it from unbiased sources.  Appraisals aren't a science so values can vary greatly.

You can also get values from realtors who basically do the same thing but won't give you an official appraisal form.  If you're knowingly not going to use them then maybe tell them upfront and pay them each a set amount agreed upon upfront for their service.  Usually it can be less than the cost of an appraisal. 

I'm a realtor and I don't mind giving value opinions for free to people who are truly on the fence of using an agent or not but when a person already knows they're going to try FSBO it bugs me if they're just using my time and effort for nothing.