Home Selling in 04981>Question Details

Peter, Both Buyer and Seller in 04981

Trying to sell my home without a realtor, what are my options?

Asked by Peter, 04981 Sat Jan 17, 2009

I need to move back to MA for work purposes but if i sell my house with a realtor that charges fees i'll still owe on my house. I live in Stockton springs and have a beautiful ranch that we bought a year and a half ago. Pictures can be found here:

http://www.picturetrail.com/sfx/album/view/21365796

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Your goal, to sell your home quickly (within 30-60 days in this market), might conflict with your goal to sell your home for the maximal amount. You'll need to decide which goal is more important: the amount or time. If the amount you receive is more important, then you'll need to be extremely flexible on your terms, and you'll need to ensure that your home will appraise minimally for the amount you wish to sell that home. If the time-frame is more important, then you'll need to be extremely flexible on your price and terms.

Out of curiosity, I spent a moment researching your market, and have determined you're going to find it to be extremely challenging to obtain decent sales comps for your property--especially for properties within a 1-mile radius that sold within the past 0-3 months--on your own.

Most knowledgeable buyers--especially investors--expect to purchase homes for a bargain today, so if you seriously want to sell your home within 30-60 days, then you'll need to consciously under-price your competition, and/or you'll need to over-deliver on your terms/service to beat your competition (the other sellers).

Have you considered the idea of approaching the aforementioned, potential renters to consider purchasing your home using a lease-option or a subject-to mortgage? For the latter, you could either sell that mortgage to a note buyer to immediately cash out your position (for slightly less cash upfront) or negotiate that mortgage with a 6- to 12-month balloon payment (so that the buyer could cash you out by refinancing).

That's only the tip of the iceberg.
0 votes Thank Flag Link Wed Jan 21, 2009
Dunes, Rockinblue, Lynn, Bill and James have given you some great answers.

How soon do you need to sell this property? Do you have to sell it before you move to MA? If not, then do you have the resources, and are you comfortable with the idea of selling your home from a distance? What's your bottom-line? What's the current market value of your home (you'll need to order an appraisal to determine this)?

After answering all of these questions, then you'll have a better idea of whether or not you can sell your home as a FSBO. Although it's not hard to do, and there's a lot of resource out there to help you to do this, you probably shouldn't sell your property by yourself if you lack the time, desire, knowledge, and resources to handle the marketing and sale by yourself.
1 vote Thank Flag Link Sun Jan 18, 2009
Found a new site being released on or before November 1, 2009. They are going to have both For Sale by Owner and For Rent by Owner properties. They are also going to be a national site with massive exposure.
Web Reference: http://www.ForSalebyYou.com
0 votes Thank Flag Link Wed Sep 16, 2009
Finally listed my house with a reatlor yesterday. Still waiting for the sign in front of my house but I hope it sells :).

http://www.mainelistings.com/Search/IDX/Details-Page/4/Index/6
0 votes Thank Flag Link Mon Feb 2, 2009
Hi Peter,

In this market, it is hard enough to sell homes with an active REALTOR. My guess is, it's going to be next to impossible to sell without a broker, unless you have a friend or family member interested.

If you are going to try it without a REALTOR, you're on the right track. I would try to give it as much web exposure as possible. I would also try to put together an email list of anybody you think might be a prospect and email flyers of the property to them.

Hope this helps and good luck.

Marty Jones, CRS, CRB
REALTOR
0 votes Thank Flag Link Mon Jan 19, 2009
Hello,

I plan on selling my home within the next month or two. I would prefer to sell it before I move to Massachusetts so that I do not have two mortgages. I do have a couple wanting to rent it out in April but I really do not want to go that way.. Too many issues that could arise being a landlord. Right now I'm at the point where I want to sell my property for the pay off amount and not make anything at all. The current market vaule of my when we first purchased our home was around 140,000 I believe. I have a realtor from Realty of Maine coming on Wednesday to check out my property and let me know.
0 votes Thank Flag Link Mon Jan 19, 2009
Peter
Your best bet is to pursue two tracks.
I don't know your situation, but the bottom line for most sellers is that they want to "save the cost of commission". That's great, but what happens if your home never sells?

Here are the facts. Of homes sold without professional representation, 85% are listed with Realtors. 5% are sold to someone they know, 5% to someone that you do not know.

You might be able to sell on your own. If that happens, stats are that you'll sell for 16% less than the average of Realtors.

My suggestion is to try selling on your own. Interview three Realtors (i'll even give you are referral). if it does not work out, then you can move right to plan B.

Hope this is helpful. You should know that over 90% of buyers use a Realtor, so by NOT listing your home you are ignoring 90% of the buyers...which is where that 10% comes from..

Good luck.!
M
0 votes Thank Flag Link Sun Jan 18, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Not having a Real Estate agent to sell your home is like not going to the doctor when you are really sick. Receiving an offer is just the first step, we take you right through to the closing table, finance problems, inspections, there is so much more than advertising and getting an offer on a home. We are professionals.
thank you.
0 votes Thank Flag Link Sun Jan 18, 2009
Hi Peter- If you look at the stats nationally and I think in Maine as well, FSBO homes generally sell for less than their counterparts that are listed with a RE agent. So you think you are saving 4 or 5%, but usually you're not saving anything, and if you are- it is not 4 or 5%.
Keep in mind that most FSBO's end up selling their home to a person that is working with a buyers agent that you will have to pay about 2% or 2.5% out of your selling price. So again, you are not saving that much.
Though, you might consider offering your home as a Lease-To-Own option instead of a straight sale. It might attract some people that would not otherwise consider your home- due to recent credit difficulties, etc.
If you'd like any details about that, please let me know. Thanks, and good luck,

Ken L.
0 votes Thank Flag Link Sun Jan 18, 2009
You might want to locate a flat fee listing agent therefore you can have your home posted in MLS. Keep in mind you need follow the laws of state sale a property if you violate potential lawsuit seasoned buyers who search for FSBO.

Realtor you are protected under e & o insurance, many more features. Most homes listed MLS sale faster than FSBO.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sat Jan 17, 2009
Peter:

It will statistically take much longer to sell your home FSBO, if ever. Buyers are not searching for these types of listings since the majority of homes are listed with a realtor and have much more exposure.

Try researching flat fee MLS listing agents in your area. In this case you will only be paying a flat fee for listing and typically 2-3% to the buyer agent. If you decide to list FSBO on your own, at least advertise a realtor co-op that is typical in your area. Agents will be more likely to show your home.

Remember that if you lose a little on the selling end, you an certainly make up for it on the buying side in this market.

Best of luck,
0 votes Thank Flag Link Sat Jan 17, 2009
Peter,

There are a number of free services available. Consider looking into http://www.craigslist.com

Good luck
0 votes Thank Flag Link Sat Jan 17, 2009
Peter, Try giving this a look.........http://www.trulia.com/blog/rockinblu/2008/08/thinking_about_…
Ask Rockinblu some questions, when he isn't napping he is very helpful and knowlegible

Best of luck, Dunes
0 votes Thank Flag Link Sat Jan 17, 2009
Hi Peter,

The Internet is your (and everyone's) best option.
Go to my site and get free advice on how to do this.

All the best,
James Joseph
0 votes Thank Flag Link Sat Jan 17, 2009
Peter, you must decide on how quickly you want to get to MA for your work obligations. You also need to decide if your work obligations and family obligations will afford you the time to sell your home on your own. If you want to sell your home quickly you will probably have to list with a full service broker who is knowledgeable about your area and can give you sound advice about market conditions and pricing. In most parts of the country the market can be quite challenging, so marketing on your own may not be an option. You may want to consult with your financial advisor/accountant to discuss the possibility of renting out your home as an investment property, and determine how this would affect your tax liabilities. Good Luck!
Web Reference: http://www.VassiSaviano.com
0 votes Thank Flag Link Sat Jan 17, 2009
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