Is it ever Good to FSBO

Is this a market to sell your home yourself?? Greg Pizza
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 03 2011 - US
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (40)

If you have the time getting it on all websites. Yahoo,Trulia, activerain zillow, digg,olx,postlets,news papers, open houses, etc. Than you should try. Then work with closing dates, title companies, lawyers, mortgage bankers. Calling inspectors, appraisal companies, just to name a few calls you will be making. And trust me they do not always call back right away so expect to make the same calls 7 times each. Than the deal falls through because you might of priced it wrong or the buyer can not get approved,etc . Than you start over from square one. This could happen 10 times in a row. Now that i think of it agents are under paid. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 30 2011
FSBO is a fine way to go, the key to any listings FSBO or Listed with an Agent is, maximum exposure.  The more eyes that see it, the better the chances are to find the right buyer!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 30 2011
Sometimes. Not most of the time, but sometimes.

But this really isn't the best market for it.

It can work if the seller knows what he/she is doing. If he/she is a good negotiator. If he/she can remain unemotional during what can sometimes be tense, anxiety-prone negotiations. If the seller understands how to market and present a home. And, yes, some folks are quite successful at selling their own homes. Not a majority, but some.

Is this the market? You can be a successful FSBO in any market. However, this isn't the one I'd prefer. In this market (a tough one for sellers), you need a lot of the assets and advantages a Realtor can bring to the mix. It certainly would be a lot easier in a hot market, such as the one we had in 2004 and 2005. Then, you didn't need the best marketing. You could overprice your home a bit, and it'd still sell. Your home didn't have to look immaculate.

If someone wants to try selling FSBO--even in this market--that's fine. I'd just suggest that he/she do their homework first. Understand what's involved, and how to best increases the chance for success.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 30 2011
Profile picture for Carol Namath
Dan, that is pretty narrow minded: "Have you ever heard of the concept of lost money?"

I read your profile...when have YOU ever sold a home??

Last spring I had my home on the market with an Agent that was recommended to me by a co-worker (family friend of hers), who had the listing until it expired.  We had only one offer, and it fell through.

I hired a new agent, who actually raised the list price, paid for some landscaping (at his own expense), and staged my home.  He sold it in 30 days, and I walked away with WAY more money than I ever would have managed with a For Sale By Owner attempt.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 30 2011
Profile picture for Dunes....
"Consumers who live in states permitting the option to choose innovative brokerage options, such as rebates or fee-for-service MLS-only packages, can potentially save thousands of dollars on commission payments."
Consumers Can Save Thousands of Dollars in Commissions

"Ten states forbid buyers' brokers from rebating a portion of the sales commission to the consumer. Eight states require consumers to buy more services from sellers' brokers than they may want, with no option to waive the extra items. HUD recently clarified its rule that rebates are permissible under RESPA as long as they are reported on the HUD-1 form."
What are the laws in your state?

"Buying or selling a home is the largest financial transaction most Americans will ever undertake. "

"New business models are emerging that allow consumers to save thousands of dollars when they buy or sell a home. Where these practices are allowed, some buyers' brokers are offering refunds on commissions, and some sellers' brokers are charging only for services actually used."
Competition and Real Estate

"In many parts of the country, the traditional full-service real estate broker now faces competition from a variety of real estate brokerage models, many of which use the Internet to reduce costs:"
Competing Models of Real Estate Brokerage
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 29 2011
Profile picture for the_country_hick
Oelrich,"Ever heard of the concept of "found money?" 

Have you ever heard of the concept of lost money?

That is when a seller hires a realtor to sell their house. The realtor had their CMA and thus selling price to high. The seller then does not sell the house. As the market moves down in price that seller is always one step behind never selling their house.

There is no way to know if a realtor is giving the seller a price that is to high, to low, or about right. Besides, CMA's are free. So I get one FSBO and net more money than by using a realtor.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 29 2011
Ever heard of the concept of "found money?" 

Here is the concept:  If you hire the right professional who is an expert in pricing an asset for sale, and who is effective in marketing the asset, then the net proceeds from the sale of that asset will be higher (net proceeds in the sense of being net of commissions and other selling expenses), than what you would have in net proceeds if you undertook the sale on your own.  In that scenario, the services of that professional have effectively been paid for with "found money."

This is the value proposition of all investment bankers, business brokers, and ostensibly, licensed Realtors.

My advice would be to interview a few different Realtors to find out how much they think your home will sell for based on average marketing times, and what specific marketing activities that they are going to undertake on your behalf to maximize your net proceeds. 

(A word of caution here---many people are tempted to select a listing agent based on whoever tells them that they can sell the home for the most money, which can result in an over-priced listing, longer than expected marketing times, and lots of frustration in general.)

If you aren't convinced that the marketing activities and/or the net proceeds (of their projected sales price) based on using them to list your home will result in a "found money" situation for you, then go ahead & give the FSBO route a try first---after all, there are numerous real estate attorneys who can provide relatively low cost contract assistance, and thereby mitigate many of the potential legal risks associated with "doing it yourself."
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 29 2011
<<shaking head>>
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 29 2011
The economy is tough enough to endure without professional help of a realtor.

Personally, I want to be surrounded by people with knowledge.  No matter what the subject.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 29 2011
To Mr. Dorling, I'm so glad you are encouraing Mr. Pizza, himself an agent, to contact you for more info, at no cost. LOL

Dan, since agents are also homeowners and have been hit by the market just like everyone else obviously it may be in their best interest, especially since they should (hopefully!) have the knowledge to try sell their house on their own.  The fact that so many don't is very telling.

The fact of the matter is I am being forced to sell my house and even if listing it myself was allowed by the other party involved, I will most likely go to my office for help. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 29 2011
Profile picture for the_country_hick
If it is such a bad idea then WHY have I seen a realtor list his house for sale on forsalebyowner.com?

FSBO can work. Even some realtors are smart enough to know that is a fact.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 28 2011
Long answer short. If you have a buyer lined up then by all means go ahead. But if you don't, you need a Listing agent. there are many reasons why. This post is to short to speak about them all. You can contact me for more info at no cost. Good luck in what ever route you choose
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 28 2011
Why Not? Give it a run for a few months and if it's not for you then try an agent. If the seller has certain price they need for pay off why not try it and save 3 to 6% in commissions. If you get a buyer and don't like what they are offering, you can always say No....  
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 27 2011
THE REALTANATOR. ((straightens cape))
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 27 2011
It depends on the market and your comfort level with risk, and research. Someone who has been a paralegal for a RE attorney for years and knows about all the ins and outs of the transaction might feel comfortable enough. How are you going to determine the asking price though? How are you going to market the property? Placing a sign in the front yard and putting it in the MLS is not enough in this market. To give you an idea, my listings are syndicated to 344 websites. Now if you live in a neighborhood that is hot, this might not be an issue (taking it back to market condition). My personal opinion is to always have a trained professional on your side who is up to date of the latest rules and laws and has access to a network of other service providers.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 27 2011
Profile picture for Dunes....
Wooooo...

A big bad RE Agent LMAO
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 27 2011
Don't get ya panties in a bunch. Life is more than rules and regulations. Anal retentive is no way to go throu life. Relax
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 27 2011
Tammy, if you are referring to negative reaction to the phone number in Greg's profile name, its because Zillow's policy forbids it and when someone ignores the rules here, it makes one wonder about how they conduct themselves elsewhere.

A number of us have stated our belief very clearly that fsbos aren't for everyone.  I am facing possibly having to sell my house and I'm not plannng on doing it myself.

I just admittedly get annoyed when agents act so.....agenty.  Fsbos don't threaten me and I absolutely understand why some choose to try that route.  Throwing out inaccurate NAR statistics or saying something like
"For starters it's one of top ways in todays market to commit fraud. 2nd thought a little knowledge can get you into a heap of trouble with todays contract laws" doesn't help public perception of our profession and frankly takes away from the wonderful hardworking agents that are out there.

I would ask you to tell me one part of my last post that you disagree with.  If you do, that's fine but I want to know exactly why.  I don't claim to know it all, I actually have a lot less experience in RE than many on here, but that doesn't prevent me from being discouraged by some of what I see posted by agents on these forums.  The criticism of agents on here, especially by some of the non agents isn't always particularly "nice" but that doesn't mean that their point of view has no validity.  I think we can all learn a lot from them since after all, we work with the general public, many of whom have the same negative impression of us, every day.
 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 27 2011
Wow???? I did read carefully. Looks like most "keyboard commandos" on here are more interested in ripping apart Realtor responses. Claiming to be "offended" when a realtor puts a number in a response. You said nothing about how a Realtor would not even FISBO.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 27 2011
Wow Tammy.  I think if you read carefully, most would agree that fsbos aren't for everyone.  However, I think most would agree that if motivated and educated on the process, armed with the knowledge that selling your own home isn't something to be entered into lightly, fsbos are an option for sellers who are already hurting in this market.

Too many agents are cavalier about the huge amount of money sellers are required to pay out of proceeds that are negligible or non-existent these days.

Agents coming on here and not accurately presenting both sides of the equation only come across as self serving since we all would like the business and obviously profit from it.

And lets face it, plenty of agents suck and don't even approach deserving the commission they receive and some fsbos are very good at what they do and very much deserve the savings they receive.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 26 2011
Profile picture for Dunes....
"To those who will follow this post with nasty little posts about how they did it themselves and how wonderful they are, congrats. I can send you a medal or the chest to pin it on. Gotta love Internet doctors, lawyers, Realtors, etc."

Ouch!..LOL
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 26 2011
I've been a Realtor for over 21 years. When you try to sell your own house, you're too involved emotionally. When I personally buy and sell real estate, I use another Realtor. To those who will follow this post with nasty little posts about how they did it themselves and how wonderful they are, congrats. I can send you a medal or the chest to pin it on. Gotta love Internet doctors, lawyers, Realtors, etc.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 26 2011
Profile picture for Dunes....
Thank you Joan..Thumbs up

BTW Connie the Phone # does violate Zillows Spam Policy..everyone needs to Flag it, I know I have Flagged it at least 7 times now...

The mystery of why Zillow hasn't removed this one builds when you consider they removed one today and have removed it from a number of Agents since this was Posted....Thing is I can't remember if he posted this with the Phone # or changed to having it at a later time


  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 26 2011

"For starters it's one of top ways in todays market to commit fraud. 2nd thought a little knowledge can get you into a heap of trouble with todays contract laws"

Huh?  Can you please clarify?  Its one of the to ways for who to commit fraud?  Are you implying fsbo's???  You mean there are no agents who have knowingly committed fraud? Wow, amazing.

2nd, the requirement for me to get my RE license was 70 hours and to pass a test.  Talk about a little bit of knowledge......
And by the way, one of the few things I did actually learn was that contract law was for the lawyers and to remember every step of the way that while understanding the contract is obviously essential (barely covered in RE school by the way), contract law was something we should in no way, shape or form even pretend to touch.  Big no no.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 26 2011

For starters it's one of top ways in todays market to commit fraud. 2nd thought a little knowledge can get you into a heap of trouble with todays contract laws

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 26 2011

I'm just wondering why no one is bothered by your use of a phone number in your profile name.  That seems like a rule violation - even if it isn't in the letter of the rules it could be argued to be in the spirit of the rules.  (maybe it's in the letter of the rules too but I'm not THAT interested in checking on it for you.  )

nothing wrong with FSBOs just as there is nothing wrong with using an agent.  different strokes for different folks and if we fail to admit that then our integrity should be questioned.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 26 2011
Profile picture for Pasadenan
"so what is the point in having a Realtor?" -

I think the link Rockinblu provided on the first post makes those issues clear.  It is not for everyone, but it is for some people.  The big thing is to go into it with your eyes open knowing what to expect, and being prepared, regardless if with an agent or without.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 26 2011
Profile picture for Heidihausfrau
Absolutely go FSBO!  With sites like Zillow, you can find buyers.  All of the showing and negotiating you can do on your own--it becomes your job since you don't have a realtor.  Every document that a realtor gives you states that you should use an attorney anyway, so what is the point in having a realtor?  They seem like middle men to me.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 26 2011
Profile picture for nedb7
What's the big deal with the disclosure.  There are several websites that you can go on and print off all the forms, by state.  Are these people just lazy?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 19 2011
Pasadenan

Let me clarify my remark regarding sellers being sued.

In Pa it is the law that every seller complete a full sellers disclosure.  Furthermore, every buyer must be supplied a copy of that disclosure upon viewing the home.

 Most FSBO's are ignorant of this law and never do it. There are no exemptions for FSBO's.  I have shown many FSBO's in my career and NONE of them ever supplied the potential buyer with a disclosure.

I specifically directed my comment to sellers and recommended acquiring the proper forms and advice from an attorney. Each state is different.  Some require disclosure - others do not.

This is the only document a seller completes in Pa which could lead to a law suit years after the sale closes.  If a seller fails to provide one they can be sued if a pre-existing material defect causes the buyer personal harm or financial harm.  If the seller completes one and falsifies the document the same holds true.

As an agent I go to great lengths to be sure my seller knows they are signing a legal and enforceable document.

We see lawsuits arise regarding issues with septic tanks/drain fields, mold which was removed but not re mediated, water which appears under certain seasonal conditions to name a few.

I'm not sure how "agent" entered into the picture since the topic of this thread was to advise FSBO's..

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 23 2011
Related Questions
Does FSBO have to pay Buyer's Agent w/ No Agreement Made Before Offer
Profile picture for Brian Teyssier
Latest answer by Brian Teyssier
10 minutes ago | 2 answers
How to do the photo orientation?
Profile picture for Tim  Moore
Latest answer by Tim Moore
25 minutes ago | 2 answers
CORRECT SCHOOL
Latest answer by Naima Sumner
13 hours ago | 2 answers
How do I perminitly delete a listing
Profile picture for Francis Ignacio
Latest answer by Francis Ignacio
13 hours ago | 1 answers
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.