Home Selling in 12401>Question Details

Amy Bernhard…, Real Estate Pro in Esopus, NY

FOR SALE BY OWNER Any success stories out there? Many properties that had been for sale by owner are now

Asked by Amy Bernhardt-Moore, Esopus, NY Fri Jul 10, 2009

listed with a real estate brokerage. What are the real challanges you face when trying to sell a home by yourself?

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First and foremost on the top of that list was a poster named Almay, and later named ELV!S. Mmmm.... wonder whatever happened to him. :)
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Haven't seen him in a while, but I hear that Jimmy Olsen runs into him now and then, and I'll have him send your regards. :-)
1 vote Thank Flag Link Wed Jul 15, 2009
Alan May, Real Estate Pro in Evanston, IL
MVP'08
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I was just kiddin' Rock.

didn't mean to diminish your accomplishment at all. You did a bang-up job, with great success. I'd like to duplicate it at least oncet a week. (yes, I said "oncet"!)
1 vote Thank Flag Link Tue Jul 14, 2009
Alan May, Real Estate Pro in Evanston, IL
MVP'08
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But Rockin'... you make it sound so easy.

Why if they were all that easy, even I could become a real esta... oh, wait. riiiiggghht.

never mind. :-)
1 vote Thank Flag Link Tue Jul 14, 2009
Alan May, Real Estate Pro in Evanston, IL
MVP'08
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Dear Rockinblu,

I love your story. Your home was desirable to several buyers-how fortunate you were. May your good luck stay with you in your new location!

The "living on the edge" feeling you had is a daily experience for many Realtors. It never gets turned "off." I am so glad you can appreciate the rush of never knowing when someone may call. For me it's a lifestyle.

So, thank you for sharing your story. I do enjoy hearing about homeowners who successfully sell on their own. While not everyone has the time nor the inclination to take on the task of selling their home on their own you sound as if you handled the "job" well.

Have you ever thought about becoming a Realtor?
1 vote Thank Flag Link Tue Jul 14, 2009
We recently sold our house FSBO. We were willing to pay a buyers agent, but the couple that bought our house didn't have one. We sold them a great house at a fair, market-value price, and gave them a credit toward closing costs in lieu of an agents commission. Their inspector brought up two items - one we repaired and the other we provided a receipt for a prior repair. We had the house professionally cleaned for the buyers after we moved out, and gave them an appliance warranty for an problem that was not listed on the disclosure form and the inspector failed to find.

It took us half a year to sell the house. We're building a house and have not yet broken ground, so waiting for a buyer was not a problem for us. Although half a year is not too uncommon in a down housing market, it was not for lack of traffic. We did the flat fee MLS listing and offered to pay a buyer's agent 2.5%. We had showings nearly every week - some potential buyers spent hours and raved about the house, but no offers until the couple that came in without an agent.
0 votes Thank Flag Link Sat Nov 3, 2012
Good for you, Cheryl.
I still see people struggling with this, and I am glad all went well for you.
Best wishes on your new home!
Flag Wed Nov 7, 2012
I recently looked at a FSBO property that was very nice, and I would have loved to place an offer on it. But it was priced too high and they didn't want to pay the 3% to my buyer's agent. I consider myself fairly knowledgeable about real estate, but since I am a first time home buyer I want an agent to protect myself. Rolling the 3% into my loan so "they" could pay him afterward would have pushed what I needed for cash on hand into an unsustainable range, not to mention a price point in danger of not assessing for the loan I needed.

Don't get me wrong, I don't have a problem with the idea of FSBO. But I think those situations work best when the owners have some idea of how real estate works, and are dealing with a properties that is likely to attract buyers on their second or third home. IE - Ones with past experience. I think people that have only owned one home, and are selling to first time buyers really shouldn't be FSBO, and if I had to guess I'd say those are the ones that end up going to realtors in higher numbers.
0 votes Thank Flag Link Mon Jul 13, 2009
Rockinblu,
How fabulous that you successfully sold your home on your own. Can you tell me what was the most difficult part about selling on your own? Did your buyer find you or did you already know him/her?

Thanks,
Amy Bernhardt-Moore
0 votes Thank Flag Link Mon Jul 13, 2009
These are difficult times for established agents and seasoned companies. FSBO's are feeling the heat as well because their "thunder" has been swept away by "short sales" and "foreclosure" activity.

To compete in this market FSBO's need to be willing to price their property relative to current market trends.....something most are unaware of or reluctant to accept.
0 votes Thank Flag Link Fri Jul 10, 2009
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