Home Selling in 80238>Question Details

Michigan, Home Seller in 80238

How do I list a home for sale by owner?

Asked by Michigan, 80238 Tue Feb 7, 2012

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Bev West’s answer
Listing your home as a "For Sale By Owner" has a lot of sellers thinking they can save money on commission and put more money in your pocket.

Keep in mind-there is a reason why Realtors have to carry Errors and Ommission Insurance. Selling a home has a lot of liability and that is why we are licensed and take continuing education credits all year long. What you save in commission by listing it yourself could cost you more in the end.
2 votes Thank Flag Link Sat Apr 27, 2013
Once you get the earnest money, use a real estate lawyer to do the closing. I do and have saved several tens of thousands over the years, while insuring my A-- is covered. My Lawyer charges about what any escrow office would and makes sure I am protected cause he works for ME!
Flag Tue May 27, 2014
That's why people get Title Insurance.
Flag Sat Mar 29, 2014
Thats nothing but " Panic Peddling" for your own best interest !
Flag Thu Jul 25, 2013
FSBO - Buy a sign, put it in your yard; start advertising online and in the paper; make full color flyers and stock them in your flyer box. Add QR codes so people can use Smartphones to go from flyers to your website to learn more about the home. Get a Lockbox so buyer's agents can show your home when you are not there. Find a way to safely vouch that buyer's agents are who they say they are, so you know who is entering your home. Put all valuables away (Bills, jewelry, etc.). Hire a stager to help get your house looking saleable. Hire a professional photographer for great photos - a picture tells a thousand words. A dark photo tells one: your home is gloomy. Start getting your home out to the internet: Zillow, Hotpads, Trulia, MLS, FB, Twitter, LinkedIn. Fax info sheets to agents with similar listings. Update your ads and online content every week. Post to craigslist and backpage at least once a week. Keep an ad in the newspaper. This pretty much everything I do for my listings, so I'm recommending from experience. One word of caution - selling FSBO is tough, so be aware ninety percent of your responses will be Realtors calling to get your business. Good luck.
3 votes Thank Flag Link Wed Feb 8, 2012
The problem is that realtors are ALWAYS going to advocate that you use a realtor. Duh! In my market their 3% is an average of $18,000 per sale. With the market the way it is right now, there is no reason that you can not sell a home your self. I have only listed my house on zillow "make me move" and I have received calls from several realtors, one today who is very serious about my home for an out of state buyer. After having done research, there are several "for sale by owner" websites that will help you with the process and get you on realtor.com and your local mls. Right now I am leaning towards owner.com which has a flat fee of $395. Save yourself many thousands of dollars - it is not rocket science to sell your own home like the realtors would have you believe.
2 votes Thank Flag Link Fri Apr 26, 2013
Oh, by the way, Realtors don't get paid a dime until your home sells and closes. Companies like the one you mentioned collect the $395 upfront and that's it. They get paid regardless of your home sells or not (and they don't care).
Flag Sun Mar 23, 2014
If it were that easy, there would be no realtors, and as you know, there are FAR too many realtors. Sellers think that once their home is under contract, the mission is complete. Nothing could be further from the truth. One of the biggest problems trying to FSBO is finding "qualified" buyers who are, for the most part, in the cars of licensed real estate agents that won't show FSBOs. Julie M. Denver, O
Flag Sun Mar 23, 2014
Asking your for what? It doesn't look like he asked you anything.
Flag Wed Oct 2, 2013
Then why are you asking us?
Flag Fri Sep 13, 2013
Here are some stats for you to consider: 55% of homeowners that used a Realtor to sell their home were successful vs. 39% of FSBO’s, reflecting a 50% higher closing rate for those that used a Realtor. 24% of those FSBO’s eventually enlisted a Realtor.

FSBO’s net 27% less than if they were to list with a Realtor. Of the 2% of people that sell their home themselves, 30% go through litigation.

The selling home price for those that use a Realtor is 16% higher than those who don’t.

Talk to a couple Realtors or consult a lawyer. Contracts are binding and you should have some representation. Good luck.
Web Reference: http://www.housefitz.com
2 votes Thank Flag Link Wed Feb 8, 2012
It's my belief that 87% of most statistic are not based on facts and without supporting documentation should not be belied. FYI I did take three levels of Stats back in the day.
Flag Wed May 21, 2014
My wife has sold two of our homes easily with no agent, no fee and NO PROBLEMS. I agree about getting a lawyer involved - they can do the closing for you and make sure all the legal paperwork is done correctly.
Flag Mon Jan 27, 2014
Hi Michigan

OK, first of all.....here is a correction from what was suggested below..........you can NOT post your home on Trulia as a for sale by owner.
Trulia only has listings posted via Brokers (and MLS feeds).

In order to be listed on Trulia, you'd have to list your home with a flat fee Broker, and offer a commission to a buyer's agent.

Or......you could write a blog about your home here, but that will soon be buried under new blogs that come along.

Zillow is different, however.......You can pay to list your home as a "for sale by owner" on Zillow . The information is on that site.

Otherwsie, as was already mentioned..................there is:

ForSaleByOwner.com
or........ Craigslist

Best wishes!
2 votes Thank Flag Link Tue Feb 7, 2012
You do not have to pay to list a FSBO on Zillow. I have 1 on there now.
Here in Western Washington State they want 7% commission, they will list for 6% and say they are giving you a break. If you negotiate they will come down to 5% but you will not get many showings at 5% and if you want to list for less good luck finding a Realtor worth their salt. Most Realtors get a listing, post a few bad pics on MLS, and wait for someone else to sell the home. I post on every FREE venue I can and have successfully sold several homes over the years without a Realtor. When I use a Realtor it is only after having tried a FSBO first then I check out the Realtor and make sure "in writing" they will actually work for me starting with an online virtual tour and/or voice message info # on sign and a number of open houses over the term of the listing. If an Agent isn't willing to work for you why should you list with them? I have a house listed with a Realtor now but only cause it is hours drive away.
Flag Tue May 27, 2014
Michigan,

Selling your largest investment shouldn't be taken lightly. More so than how to go about marketing a For Sale By Owner property, you should really nail down the why. If it's to save commission, I pose this question to you - is it more important that you don't pay a Realtor or that you put the most amount of money you can in your pocket at closing. If it's the second, most of the time a savvy agent will work for you saving you time and headache, and net more to you than if you sold the home yourself. It's something to consider. I've successfully helped sellers like you, and would be happy to speak with you further should you be considering the right agent for the job.
2 votes Thank Flag Link Tue Feb 7, 2012
Oh I have stories first hand of Realtors taking sellers to the cleaners. Here's just 1. My mother in Law sold her home and the Realtor wanted to list it at 600K I told her no less than 800K (if it was mine I would have started at 900K and came down) the Realtor said he would do 700K and not a penny more. 3 days later there was a bidding war and the house sold for 725 K and it never hit the MLS, this was just between buyers in the Listing agents office. If it had hit the MLS it would have probably fetched the 800K I told her to list it for. Not all Realtors know what they are doing or are that honest.
Flag Tue May 27, 2014
Hi Michigan:
Jaryd has the right idea when it comes to posting your home on these websites since the majority of home buyers begin their home search on the internet.. You might also try http://www.ForSaleByOwner.com.

There are basically three keys to selling a home: location, condition, and price. Location you cannot change; however you can have an effect on condition and price. You may want to have a Realtor do a market analysis for you to make sure you are pricing your home correctly. I'd be happy to do that for you if you'd like.

Home Inventory is at historically low levels. You've picked a great time to put your home on the market. Good luck to you.

Serena Billmayer
Your Castle Real Estate
Serena@YourCastle.org
2 votes Thank Flag Link Tue Feb 7, 2012
Maybe I wasn't specific.
I have tried for two hours to post my FSBO add.
I have been repeatedly sent error messages. I have gotten three new passwords.
I keep getting returned to the sign in page or create a new account page.
Even when I put in my city and state EXACTLY LIKE THEY HAVE IT IN THE DROP DOWN MENUE I am given an error message to "please enter a valid location.
I am simply looking for a link to post my copy and photograph and heading and contact information, but I keep going around and around in circles!
1 vote Thank Flag Link Sat Jul 26, 2014
You can't. Get all the new passwords you want. It's simply not allowed and impossible to do. There are many other sites out there where you can post FSBO ads. (By the way, the word is "ad"--short for "advertisement"--not "add.") The closest you can come is by using one of those services that'll post your listing on your local MLS. It should then get picked up by Trulia. The prices vary, but usually are around $200.

Hope that helps.
Flag Sat Jul 26, 2014
Homeowners may be tempted because a seller's market makes it appear "easier" to sell. In a good number of cases, sales move smoothly. I'm referring to all sales - not just FSBOs.

It's just filling out paperwork and sticking a sign in the yard?

No - not even close.

Even the owner of one of the larger web sites had to swallow his pride and hire a Realtor.

http://realtormag.realtor.org/daily-news/2011/08/09/forsaleb…

Trulia does not include FSBO.

Google the subject. And good luck.
1 vote Thank Flag Link Sat Apr 27, 2013
Cory is right on with his stats below!! While it might seem like you can save some money by selling on your own, it is proven that with a good Realtor, a seller can get MORE for their home in LESS time! Time is money right??!!?

If you do still try to go at this as a FSBO, please note that our inventory levels are at an all time LOW!! Over 40% of listings in the MLS are under contract right now. We are literally running out of houses to sell.

If you need any assistance in getting your home sold, I would be happy to sit down with you and discuss some strategies specific to your home!

Best of luck to you!
Thanks,
Brooke Hengst
REALTOR, CDPE
Your Castle Real Estate
p: (720) 988-5952
bhengst1@gmail.com
http://www.brookehengst.com
Web Reference: http://www.brookehengst.com
1 vote Thank Flag Link Fri Feb 17, 2012
There are really a lot of options for getting your house onto property listings. I think a great way is to find a good realtor around and work with them. They will be able to appraise your house and let you know how much you could get for the house. They will then work on showing their clients your house and hopefully find a good match soon. http://www.gilbertrealty.com
0 votes Thank Flag Link Fri Aug 22, 2014
Good advice from Bob Gordon. There are also plenty of useful books on Amazon.

Unlike some of the other agents here, I'm not going to try to talk you out of trying to sell it yourself. It certainly can be done. Give it a try. If it works, great.

Hope that helps.
0 votes Thank Flag Link Sat Jul 26, 2014
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
I think enough detailed answers were given from this regard. The truth is that we as brokers are always going to advocate listing your houses through us and we believe we can get you the best deal.
Stats show that over the past years the percentage of FSBO sellers has dropped. National Association of relaters reported 11% of sale transactions to have been FSBO through the last set of data that they have collected.
0 votes Thank Flag Link Thu May 22, 2014
Our home is For Sale by Owner and I stated with a Realtor at $298,000 and now am at $279,000 FSBO. Just starting the process so we will let you know how it goes with Owner.com my listing #ADD3145.
Sawgrass Players Club, Ponte Vedra Beach, FL (walk to the TPC At Sawgrass from our home).
0 votes Thank Flag Link Fri Apr 11, 2014
I attempted to post with Owners.com. I paid them $375.00 for a MLS listing.
They had a broker send me a blank seven page "Exclusive Right to Sell Real Estate" BLANK contract that they wanted me to sign and return. OH, YEA. When I called them...they said..."Oh, don't worry, he doesn't want to sell your property...He lives 60 miles away. They never did post my home on the MLS
Flag Sat Jul 26, 2014
you're welcome!

actually, it really would be nice if posters stopped back and updated their situations - most don't....I am sure we'd all like to know if this person was successful or not!
Most of the time we offer advice, but never know what the final outcomes are!
0 votes Thank Flag Link Sat Jul 20, 2013
Thanks for your input Debbie. Glad you made that clear for us.
0 votes Thank Flag Link Sat Jul 20, 2013
since this question was asked almost 1.5 years ago - would hope the poster sold the house and moved on.
0 votes Thank Flag Link Sat Jul 20, 2013
You put a sign in your front yard and let the buyers or buyers agents contact you directly to start negotiating. Keep in mind that this is very difficult to do yourself, which is why you should reach out to a professional.

Team PowerHouse Denver
0 votes Thank Flag Link Sat Jul 20, 2013
You can list it in homes.com or foresalebyowner.com aftercreating an account.
0 votes Thank Flag Link Sat Jun 8, 2013
Cory has some good info, Bob has a good list of things to do. Statistics say you'll make more money with a Realtor and that 80% of FSBO sellers sign with an agent after 30 days. Beyond the hassle of the sales and marketing process, your legal liability is high as you work through the transaction. Contracts change annually. Would you do your own surgery or represent yourself in court? You may have sold a home or two or ten over the years, where a good real estate agent sold 2-10 a month. The other thing, and I've seen this happen over and over again, is that agent-to-agent transactions close smoothly and without as many problems on the legal and emotional sides. My advise (and you're in MI so I've nothing to gain here), is not to sell FSBO. It's just not worth it.
Tracy Shaffer, Broker Associate
YOUR CASTLE REAL ESTATE
tracy@tracyshaffer.com
303-570-8674
Web Reference: http://tracyshaffer.com
0 votes Thank Flag Link Wed Mar 7, 2012
Craigslist is a tool to help for sale by owners. If there were issues with it, everything has its risks. The problem is that in Colorado there is no more imput only on the MLS so will be an issue to have it on the MLS without a realtor, but there are always other ways to do it. Our answer is not to sell our services but to help you achieve your goal. Good Luck!
0 votes Thank Flag Link Tue Feb 21, 2012
You can list your FSBO with Zillow. See Debbie Rose's answer below.

Regarding Craigslist, there have been security issues and as a consequence, we're hearing complaints about false information being inserted in the classified ads there. You will want to monitor your information if you use Craigslist.

I'll back up the others on the claims of marketing strength. We build expansive networks over the years. Brooke Hengst's comment about inventory getting scarce is true.

I encourage you to call several agents to hear their take on market conditions and time on the market.

Best of luck.
0 votes Thank Flag Link Mon Feb 20, 2012
You can use craigslist. Before was possible to pay a fixed amount to a MLS user Realtor and imput the listing so other agents can see it and show it. Now that is not possible. You can use a yard sign, news paper ads, web flyers and other marketing tools. You will need to have your phone number available for potential buyers to call you and schedule showings. Once you have a buyer you will need to hire an attorney to write and review a contract to buy and sell with your buyer. then you need to check dates see the escrow account and get it to close. this advice is just as a reference. Without a realtor the best thing to do is to seek legal advice.
0 votes Thank Flag Link Thu Feb 16, 2012
Michigan,

I gave Cory a thumbs up below although I have seen figures not nearly so high. One thing I always remind potential FSBO's is that we Realtor's have million dollar Errors and Omissions insurance and ask how much they have. It is not nearly as easy as it looks to sell a home these days as it looks, even with the experience, expertise, and technology we as Realtors have in our arsenal. Stapleton is one of my areas of expertise and I live just five minutes away in Park Hill. Let me know if I can help.


Robert McGuire ASR
Realtor/Consultant
Your Castle Real Estate
1776 S. Jackson St. #412
Denver CO 80210
Direct – 303-669-1246
0 votes Thank Flag Link Sat Feb 11, 2012
Do you have errors and omission insurance? Who do you hold accountable if you mess something up?

Thousands of closed real estate deals over decades and I can count on one hand the number of purchases that did not have at least one Realtor involved. My closing attorney told me they account for about 1% of her volume, way more than my percentage. However, she also told me that out of that total number 98% of those were between relatives. I thought that was very interesting. I have never heard anyone before break down a profile on a FSBO.

Most of the Realtors I chat with on a deep level confide they are not aggressive about working with FSBOs because they end up doing all of the work for half the money. Not saying that is right or wrong, just passing on what I have been told.
0 votes Thank Flag Link Wed Feb 8, 2012
You cannot list your home on MLS feeds such as Trulia. There is less than a 5% chance success rate for a for sale by owner. Just curious as to why you have chosen this route? Good luck!
0 votes Thank Flag Link Wed Feb 8, 2012
You may want to check our http://www.militarybyowner.com Try selling your property for a while but remember you will get a lot more exposure by going with an agent. Most people end up with a realtor after trying it on their own. It can be a daunting task without the tools we have access to. Good luck.
0 votes Thank Flag Link Tue Feb 7, 2012
Hi Michigan,

Trulia does not 'allow' For Sale By Owner. Trulia feeds from the MLS - which only Realtors can input to.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Tue Feb 7, 2012
There are a number of sites that will help you do a FSBO for a fee depending on services (you can do a google search on FSBO). Things to think about:
1) How will you advertise your property? There are a number of sites that you can post it for free but generally the most exposure is having it posted to the MLS. Some of the FSBO sites will post on the MLS for a fee. You will also want a professional sign with flyer box and possibly a website that people can find out more information about your house.
2) How will you allow people interested in your home to view it? Do you have a flexible schedule that you can meet every showing and answer phone calls about your house? If you have kids, you will also want to think about having them go somewhere during a showing.
3) Do you know what price you will list your house? Unfortunately, sometimes buyers will lowball a FSBO because they think that there is not an agent involved so they can pay less for the house. Not always the case but just something to think about. You also will want to see how your house stacks up against existing homes in Stapleton and new builds. A real estate agent can provide you with a Comparable Market Analysis that will give you a range of what your home is worth.
4) Is your home ready to show? You will want to do a thorough walkthrough of your house (or even better yet have a friend do it) and declutter and do basic repairs.
5) Are you offering a coop (meaning will you pay the Buyer's agent a commission?). Not offering a commission to the amount of traffic you will get from qualified buyers using an agent.
6) Are you familiar with all the paperwork for selling a house in Colorado? Buyers will expect a Property Disclosure, Square Footage Disclosure, etc. You also will want to make sure you are familiar with a Colorado contract so you know what to look for in an offer. You will also want to become familiar with the deadlines once an offer has been submitted.
7) What title company are you using and do you know the HOA fees for transfering the property? Buyer's will expect title insurance and there are a few title companies that do specifically FSBO.

Good luck and feel free to contact me with any questions about the process or if you would like a free CMA.

Nina Kuhl
Cherry Creek Properties LLC
303-913-5858
0 votes Thank Flag Link Tue Feb 7, 2012
Michigan,

I would create a profile in Trulia and click on My Listings. There should then be a submit listing tab that you can click. I would also suggest Zillow, make me move or Craigslist to sell your home.

What model are you selling, what builder? I am with NPRE and we have a lot of buyers in the Stapleton area.

Aloha,
Jaryd
0 votes Thank Flag Link Tue Feb 7, 2012
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