Home Selling in Galena Park>Question Details

Letty, Home Seller in Galena Park, TX

what exactly do you do if you want to sell by owner?

Asked by Letty, Galena Park, TX Wed Jul 14, 2010

Help the community by answering this question:


At the very least Use a Flat-Fee Service to get yourself Listed on the MLS, Realtor.com, Trulia, Zillow and many other sites for just a Few hundred Dollars..(Many also include other things for for the Flat-Fee so research them)

Be sure when you are placed on the MLS ect. that you make it Clear you are offering a Fair Commission to the Buyers Agent....
Be sure YOU know enough about the Selling end of the Process to not Screw yourself because the Buyers Agent works for the Buyer..not you

Good Luck
1 vote Thank Flag Link Wed Jul 14, 2010
I agree with Dunes. Get it on the MLS! I am a REALTOR, otherwise known as a FSBO's enemy, but that doesn't have to be the case! I have a lot of clients/prospects that MUST move but can barely break even on their home. Go ahead and try it yourself and be willing to pay agents that bring the buyers to you. Being a FSBO is a lot of work and sometimes it's hard without another perspective on your property, but sometimes, it's necessary.

Don't forget to do a Seller's Disclosure (and disclose EVERYTHING you know about the property to keep yourself safe).

Here's the order that I usually take when listing a property:

Find Comps/Decide on a price (FSBO's are popular for being largely under priced or largely overpriced so this is key!)
Pull it up on the appraisal district for important information like tax appraised square footage and unexempt tax amount. (Put this info in your flier/online)
Take pictures and measurements of the rooms
Put a sign in the yard
Market, Market, Market
----put it in the paper, hold an open house, send out postcards to neighbors/neighborhoods one step below my level (example, if you're in an established neighborhood full of families and retirees, send postcards to a first time home owner type neighborhood), trulia, zillow, facebook, landsoftexas.com, MLS, OTHER REALTORS
And then keep reevaluating what you're doing. Price? Marketing? Etc...

If you get in over your head, go ahead and hire a good REALTOR.

Hope this helps!
0 votes Thank Flag Link Fri Jul 16, 2010
Get a Real Estate Pro to protect both Seller and Buyer and go thru a title company for closing.

0 votes Thank Flag Link Thu Jul 15, 2010
I feel compelled to post this but last year I listed a house that had a horrible tobacco smell and despite the seller's efforts to get it fixed, the house didn't sell during the time I had it listed. The sellers then tried FSBO at a much lower price and since they knew (or should I say, they thought they did) all about selling (this was their second house), they wanted to do all the negotiating on their own.

They called me 5 months later and asked me to help them with the contract they had signed. I just couldn't believe how much they were taken for a ride. The buyer had an agent and they made the seller pay for the appraisal BEFORE they executed the contract as well as a home inspection and do all the repairs. So they were out almost $1000 and dind't even have a valid contract yet. By the time I stepped in, they had already incurred the expenses. The agent even had a little extra bonus for herself in the contract and she invcluded that the sellers must be out of the house 1 week before closing. The sellers throught that this was all standard. Anyway, the buyer decided not to sign a contract because more homes came on the market and they wanted to "look at more houses".

Talk about being taken for a ride. So Letty, do your homework and consider hiring a realtor to help you with the negotiating part at least.. Realtors are supposed to treat everyone fairly, I hope that this was an isolated case.

0 votes Thank Flag Link Thu Jul 15, 2010
You have to do everything required by state, local, and federal government rules and regulations regarding the transfer and sale of real property.

My suggestion would be to interview three Realtors. Have them analyze your situation, then present their solutions. Compare their proposals, then either try it on your own, and if that does not work out, move on to plan B, or hire one right away.

Know that all Realtors are not the same.
0 votes Thank Flag Link Wed Jul 14, 2010
Keith Sorem, Real Estate Pro in Glendale, CA
learn all you can about the 203k. You obviously want as much as you can and don't want to pay a listing commission. If your property is in pristine condition anyone can buy and increase the size to qualify for an FHA 203k loan. If it need any work, it already qualifies. Lets say you are asking $150,000 and it needs about $20,000 in work but after that work is completed it is worth $180,000. You are discounting it as you know it needs some work. They can actually get a loan for 110% of the $180,000 or $198,000 utilizing the 203k loan product. What that means to you is that you can sell it to them for as much as $175,000 instead and they still have to add $20,000 for the repairs but they can borrow up to $198,000 based on the scenario above. YOU just get more than you expected. This also helps your neighbors who may be trying to refinance by keeping the property values higher.
Web Reference: http://www.203konline.com
0 votes Thank Flag Link Wed Jul 14, 2010
I would do some google searching. There is a lot of good information. It probably would make sense to list with a Realtor for a flat fee so you are in the MLS. You will need to pay the buyer's agent 3% but if you want to avoid that you are limiting the amount of potential buyers by over 90%. So you definitely want to be in the MLS.

Because pricing is key it also makes sense to pay a fee for a detailed market analysis so you know where to price your home. Price your home wrong and it will just sit on market and once it has been sitting for weeks or months you have lost the best opportunity to sell your home for top dollar.

Good luck to you. You can do it but remember there are a lot of things involved. The truly good Realtors and Agents do not just put a sign in your yard and collect their commission... not in this market. A good Realtor will help you price the home correctly so that you are in the top 15 to 20% of homes that sell in your area in any given month. When you miss that opportunity you will end up netting less than if you used a knowledgeable Realtor to help you in the first place. The secret is to price right and make the home show like a new.
0 votes Thank Flag Link Wed Jul 14, 2010
Find someone to buy it. Let your lawyer handle the rest. Hold the mortgage and get all that interest.
Your lawyer will see all that through for you.
0 votes Thank Flag Link Wed Jul 14, 2010
There are some FSBO companies online that sell a kit.
That would be a place to start.
You don't get any support though.
0 votes Thank Flag Link Wed Jul 14, 2010
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