Should I For Sale By Owner my home?

Discussion in 'Bad Dog Cafe' started by Big_Bend, Feb 13, 2019.

  1. Whatizitman

    Whatizitman Tele-Afflicted

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    This is a problem I've noticed in my area. Granted, I don't live in the hottest of real estate markets. But there are more than a few larger custom homes in the area that sit on the market for months or even years. My neck of the woods is pretty rural, so building trends vary greatly. No such thing as neighborhood associations here. This makes for a lot of 'dream' home builds.

    There's a house down the street from me with a gun range in the basement. It finally sold after being on the market for a year or so (I'm told it's been on the market several times in the past). Extent family eventually bought it.

    A newer custom (like within last 10-20 years) build on the street recently sold after about 6 months on the market. I'm surprised it went as fast as it did. My street is somewhat desirable for the area (mix of blue collar and middle class), which helps. But the house, as nice as it is, is just huge and impractical for the average size family looking to buy a move-in.
     
    Last edited: Feb 13, 2019
  2. Boil

    Boil Tele-Holic

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    You will need a lawyer.

    If it's a sellers market you will not need a Real Estate Agent. $20,000.00 is a lot of money for not all that much work, I saved $30,000 myself like that.
     
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  3. Toto'sDad

    Toto'sDad Telefied Ad Free Member

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    I've done several real estate transactions, especially in California, I wouldn't sell without a real estate agent being involved.
     
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  4. telleutelleme

    telleutelleme Doctor of Teleocity Silver Supporter

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    I only do things I'm not fully trained in because I have the time and the interest. I know all of those things can be done faster and cheaper by a professional.

    Good luck on your sale Alan.
     
  5. mfguitar

    mfguitar Tele-Holic

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    If you use a professional they may have multiple. qualified buyers looking in your area and that can improve the offer price, maybe start a bidding war. If you do sell yourself, you could be leaving money on the table. You can negotiate with brokers and do not need to pay the standard rate. If you list the house yourself you will be called by every realtor in the area looking to "help you".
    Good Luck!
     
  6. Controller

    Controller Friend of Leo's Silver Supporter

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    The liability is spread over more parties. The realtor already has insurance and legal available. Hey, I would never be opposed to someone saving money. For me the potential cost is too high.
     
  7. Gmountain

    Gmountain Tele-Holic Silver Supporter

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    I think it depends where you are. The contracts I see specifically exempt realtors from any liability unless they knowingly mislead someone.
     
  8. Teleguy61

    Teleguy61 Friend of Leo's

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    If you want a good band, you hire a professional band.
    Same deal.
    You want your house sale to go well?
    Hire a pro.
     
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  9. teleman1

    teleman1 Tele-Holic

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    Indemnify is the word used. That is all good, but if a Realtor misrepresents; that exempt from liability is all out the window.
     
  10. teleman1

    teleman1 Tele-Holic

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    BTW, forget is equal to misrepresent.
     
  11. BajaDerek

    BajaDerek Tele-Meister

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    This is the most ridiculous thing I’ve ever heard.
     
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  12. Rick330man

    Rick330man Tele-Holic

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    My wife is a real estate lawyer with 25 years+ under her belt. She could tell you a few stories.

    What dishonest realtor is going to come out and admit: "Yeah, I knew about problem X but didn't say anything?" Florida requires seller disclosure of known defects. A buyer who feels defects were not disclosed is most likely going after both the seller and the realtor.

    Whether to hire a realtor or not depends on your knowledge of the market, but I would always hire a competent real estate lawyer on any deal.
     
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  13. Big_Bend

    Big_Bend Poster Extraordinaire

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    Thanks guys!!! Some wonderful replies and comments, much appreciated.

    I'll first see if the neighbor is serious about buying the house, and if so I'll get a lawyer involved to help with the sale.

    But if that falls through, I've decided to "take it to a pro". I've already got a very good agent ready to help me sell the house. I'll sign a 90 day deal and let him run wild.

    The time is now, and its now time to sell. No sense messing around... just pay the commissions and get it done, let the pros do what they do best.

    I'll let ya'll know how it all turns out.. hopefully won't take too long.

    Take care...
     
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  14. boris bubbanov

    boris bubbanov Telefied Ad Free Member

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    Generally, I agree. But the last buying experience we had was when the economy was still down and out, nobody was buying anything, and this fellah Dave had few other buyer prospects at the time. Up in the mountains, many houses being "optional" vacation homes. Due to this and also his just good rural ethics and sense of fair play, he just worked his butt off for us. Showed us something like 30 houses and inside 20 of those we liked. He could've tried to sell us a number of houses that would've yielded a bigger commission but he wanted us to be satisfied. By the time was had the price on The Cabin negotiated down so crazy low, the commission didn't offend me in the slightest. And the vendor was a developer and he could fend for himself.

    But yeah, realtors can be rats. Once they realize the would be buyer is manipulating his creditworthiness to get out of the contract, they call to say they won't be testifying/forget about it - will do what they can to block legal action when one party to the transaction is clearly guilty of wrongdoing. It isn't worth their trouble, they say, as they move on to the next transaction. The more a realtor does volume, the less concern they have for doing things in a fair way.
     
  15. Toto'sDad

    Toto'sDad Telefied Ad Free Member

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    I think you made the right decision. Best of luck in selling your property. Buying and selling homes are one of the most important decisions we make in life, it's best to tread wisely.
     
  16. Guitarzan

    Guitarzan Poster Extraordinaire

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    It is difficult for a real estate agent to be liable to a party he or she does not represent. A lot of clown lawyers throw them in the complaint, but they typically get out during or after discovery because they have a lot of good defenses and the plaintiff cannot show they did anything wrong.
     
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  17. Rick330man

    Rick330man Tele-Holic

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    I wouldn't make any assumptions one way or the other without knowing more. Some states will equate omissions with fraud - especially facts the realtor knew or a competent realtor should have known about. Additionally, some states will allow realtors to be held liable for "fraud in the inducement" if it is found that they participated in misleading a party.

    It all depends on the facts of the case and the law in the state.
     
  18. teleman1

    teleman1 Tele-Holic

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    drf64 said:

    It is ridiculous>>"No realtor is your friend. They are negotiating the best deal for themselves. They don't really care what you get out it."
    I mentioned in an earlier post, Realty is filled with folks with big dreams, to become rich. That attitude for me sucks. Cause their first and most important attitude a Realtor should have is allegiance to the customer. When I close a deal, when I know my customer understands I just lead them through a potential melee, I get a rush of satisfaction. The largest commission I ever had was $60,000. Imagine that one sale. I got the same rush as I do when I help a single Mom find her first Townhouse. However, the poster of that comment probably waked into some big talk, look at me Realtor and got his just deserts<<<there is an endless amount to choose from;look at the next buss stop. Like I said, earlier. Take you dam Realtor out for a cup of coffee. At the end you ought to be able to tell if they are stand up or not. And credentials in Real Estate or volume of sales, will not give you the clues you need. In general, the bigger their name, the team, even sometimes the company name, should carry little weight compared to that cup of coffee. Just like guitars. I have been futzing with them since 1968. When you know, you turn your friends onto good things and you know when you come across a bull duty artist.
     
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  19. bftfender

    bftfender Friend of Leo's

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    Buying & selling on own..have lawyer friend for the sell..paying cash for the buy...my rules, ..why give away quite a few 1000's..so someone else can piggyback off ya hard work.....right house right market right comp right time of year in right school district..SOLD !!!!!!!!
     
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  20. Fenderslinger

    Fenderslinger Tele-Meister

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    As a Realtor in my day Job i'd add this to the discussion:

    >Realtors with buyers will not show FISBOs (for sale by owner) to their clients generally (so you are eliminating a large section of the market from seeing your listing)

    >Sellers doing FISBOs are generally HUGE pain in the rear, penny wise/pound foolish types and can attract the same sort of buyer.

    >The buyer will then want the benefit of the 5 to 6% commission discount the seller is saving by way of a market price discount, (they dont want the seller to receive that saved money) so you might end up: 1) doing ALL the work 2) netting less than a professional sale and 3) dealing with a pain in ass buyer DIRECTLY with no buffer

    >Relators are like musicians. their are great ones who will crush it and terrible ones who suck.. It's up to you to interview several and look at their recent sales and marketing material. Great Realtors in Los Angeles set up "bidding wars" with competing buyers offering well above asking price (my last listing went $100,000 above an already top of the comps asking price.. i achieved $1000 per sq ft!) No fisbo i ever saw achieves a bidding war..

    >The good realtors will NET you more than a fisbo even factoring in the commission while helping you avoid after-the-sale litigation

    >Doing a fisbo is like doing anything SUPER difficult for the first time, you are going to suck at it.
     
    Last edited: Feb 16, 2019
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