Home Buying in Fort Myers>Question Details

Sarah, Home Buyer in Fort Myers, FL

Looking at a FSBO assessed at 250,000. Owner says broker would list it at 369,000. What is a decent offer?

Asked by Sarah, Fort Myers, FL Wed Sep 24, 2008

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Sarah,

Very interesting question. first of all, everybody hates to give an agent a check for something they could do themselves. Having said that, if an agent is willing to list it for $369, presumably, that agent thought they could get somethinhg close to that figure.

Now, if the Seller agreed to pay a 10% commission to an agent , $36,900, they would net about $330k. Why would they leave $80k on the table?

My thought is hire your own agent, and write the amount of commission you think is fair into the contract for the seller to pay.

It is likely the commission will be reduced, the Seller will pay it, and you get good advice! Also bear in mind, if you are getting a mortgage, you will have to pay for an appraisal. If the property doesn't appraise for the price you get the mortgage for, the bank won't loan you the money so they won't let you overpay.

I hope this helps.

Good luck.

Sincerely,

Tom Bernardo, REALTOR, GRI
Keller Williams World Class Realty
239-560-6702
1 vote Thank Flag Link Wed Sep 24, 2008
Sarah,
first of all, what the seller says the broker would list it for is immaterial. I could tell every seller in Lee County what they want to hear as far as listing price, but the only price that matters is what someone is willing to pay.

Next, get someone who is in your corner, and get them to do some due diligence on the property. This can be done by either utilizing a realtor (which costs you nothing) or by using a licensed professional property appraiser (which costs about $300-$350)

Once you have an opinion of value on the property, you can then make an offer. Remember when dealing with a FSBO be sure to scrutinize the contract very carefully. Do not allow for any blanks to appear, such as days for inspection, financing terms, or repair clauses. Have something in each place, even if it has to be an "N/A".

Should you have any questions about the valuation or the contract process, my team and I would be happy to answer them without obligation. Or if you might want to continue looking at all available properties, I have a very non-intrusive but very interactive program that allows you to search homes for sale according to the criteria you set. Either way, I wish you well, and we are here to help.

Sincerely,

Neil G. Blair-Bennett
Broker-Associate
Alliance Realty Group
Fort Myers, FL
Direct: 239 645-3798

email:NeilBlairBennett@Gmail.com
Web Reference: http://moneytrein.com
1 vote Thank Flag Link Wed Sep 24, 2008
My only concern is why would a FSBO sale for $250K if broker stating $369K... I would locate an agent represent you covered under realtors e & o insurance.
http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference: http://www.lynn911.com
1 vote Thank Flag Link Wed Sep 24, 2008
Give me the complete address and I can check on the comps for you. You can either email me or call me at 239-898-5329
1 vote Thank Flag Link Wed Sep 24, 2008
Sarah,

A real estate professional would be able to answer all your questions and from the sound of things there will be many.

Keep in mind that one of the notable characteristics of a FSBO property is the owner almost always does not have a very good grasp of their homes value relative to the current market. They will expect you to want be willing to pay more because they are not using a realtor.

The first question should be.....I'm currently working with a realtor, will you work with us?
At this point you can feel your interests are being looked after.

Good luck,
The "Eckler team"
0 votes Thank Flag Link Fri Sep 26, 2008
Wait another year, save another 25%. Good Luck
0 votes Thank Flag Link Wed Sep 24, 2008
A decent offer is one that you are happy to pay and the seller is happy to accept. Assessed values really don't have much bearing on the actual "market value" ~ same hold true for list price or asking price. The only thing that really has any significance is what a ready, willing and able buyer will pay.
0 votes Thank Flag Link Wed Sep 24, 2008
Sarah.

The assessed value does not mean much in todays market. I would be happy to do a full on market survey on the home if you would like. I can be reached via phone or email and will get that right over to you.

Thanks,

Scott Riddle
239-289-1849
0 votes Thank Flag Link Wed Sep 24, 2008
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