Profile picture for brkaalme

I'll be selling my house as a FSBO and would like to know the best way to cover contracts..

  • January 14 2010 - Highlands Ranch
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Profile picture for rockinblu
  "You have less than a 10% chance to get to a closing."
~~~~~~~~~~~~~~~~~~~~~~~~~~
Care to provide a link to an unbiased source for that statistic?
No one said it was the best way on this thread, however it can be done. I personally saved over 10k in commissions by doing a FSBO.

brkaalme,

The NAR refuses to acknowledge flat-fee mls entry only sellers as FSBOs as they have had the aid of a Realtor to appear in the MLS.
  • January 14 2010
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contact a local loan officer to prequalify your prospects and ask for a FSBO kit.
  • January 17 2010
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Profile picture for CallTheSisters
You can also hire a Real Estate agent to be a transaction agent.  Once you have a buyer they handle the paperwork of the transaction for a smaller commission.  They offer no advice on price or terms.  Negotiation, qualification, inspections etc are all on you to handle.  You at least have some one knowlegable to complete the forms for you.
  • January 14 2010
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The best way to sell your property is not FSBO.  You have less than a 10% chance to get to a closing.

Here is a link to the CO contracts. http://www.dora.state.co.us/real-estate/contracts/contracts.htm

You should have a real estate attorney on your side.

There are different models of business practices for real estate brokerages, some are flat fee, hourly, menu of services, and full or discount fee paid at closing.  You should investigate all your options.

The local MLS has buyer's waiting for new properties to come to market.
  • January 14 2010
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Profile picture for rockinblu
brkaalme,

Just contact the title and escrow company you plan on using, and they'll probably be glad to supply you with the necessary paperwork. BTW, you might be interested in the blog attached to the link below. Good luck.

http://www.trulia.com/blog/rockinblu/2008/08/thinking_about_doing_a_f_1
  • January 14 2010
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Profile picture for David Widlund
I'm not a real estate attorney nor a real estate agent. The contract used in Colorado is available online, and you may be able to do enough research to write up your contract sufficiently. However, the years of experience, licensing, training, continuing education and bonding and insurance that a licensed agent can provide can not be underestimated. You may be able to negotiate a greatly reduced commission for your listing, and still receive the expertise of an experienced agent, and the protection that it provides. A real estate attorney will most likely provide a more condensed bundle of services for a flat fee.

Good Luck!
  • January 14 2010
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Profile picture for CallTheSisters
Every state has specific laws regarding the sale of Real Estate to protect consumers.  Not only do you have contracts but disclosures to comply with. In some states failure to make a full disclose with regard to the property can be a violation of the law.  It is in my state.

If you do not wish to utilize the expertise of a Realtor your next best option is to hire a Real Estate attorney to help you avoid any pitfalls or future liabilities.
  • January 14 2010
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