Is it worth trying to sell my house FSBO in order to reduce the loss I take on my house?

Asked by Brandi, Milwaukie, OR Wed May 4, 2011

I bought my house just under a year ago and am looking to sell it and move for personal/family reasons. My house is in a great neighborhood, great condition and I got a good deal. I am hoping to break even. So, is it worth it to try and sell it FSBO to help reduce the possible loss I may take on my house?

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Sandra Tomeoni’s answer
Sandra Tomeo…, Agent, Wilsonville OR 97070, OR
Sat Jul 14, 2012
My husband and I are downsizing an older custom home on the Wilamette River near Portland, Oregon. There aren't many comps, but how do we know we have landed on the right price since the people in the market we are selling are much fewer? We met with several realtors and their suggestions ranged almost !00,000. We had a pre-appraisal done and are fixing the little things which amount to about $2,000; the deck looks great but should be replaced according to appraiser, so we plan on giving credit since we are not sure they will follow the configuration of present deck. There is one window that should be replaced so we are doing this.
There are bathrooms which are clean and look ok, but need new countertops and sinks and tub hardware and flooring update. Since this job is about $7-8,000, we were advised to hold off. Do you think this is a mistake in the upper price range?
0 votes
Hi Sandra,

Generally a renovation like that won't get you more money in your sales price, but there are many things to consider and it's difficult to give solid advice without actually seeing the property. If you'd like another opinion, my team of realtors work in the area and I'd be happy to meet with you and your husband. Please feel free give me a call or send me an email at anytime.

Best,

Wayne Olson
Coldwell Banker Seal - Lake Oswego, OR
(503) 389-3025
wayneolson@cbseal.com
Flag Mon Jul 16, 2012
Hi Sandra,

Generally a renovation like that won't get you more money in your sales price, but there are many things to consider and it's difficult to give solid advice without actually seeing the property. If you'd like another opinion, my team of realtors work in the area and I'd be happy to meet with you and your husband. Please feel free give me a call or send me an email at anytime.

Best,

Wayne Olson
Coldwell Banker Seal - Lake Oswego, OR
(503) 389-3025
wayneolson@cbseal.com
Flag Mon Jul 16, 2012
Except for relatively minor renovations that are needed to get a home to sell, most sellers will never fully recoup their investment in remodeling through a higher sales price.
Flag Mon Jul 16, 2012
Gina Masters, Agent, Lake Oswego, OR
Mon May 9, 2011
You could give it a try. However,have you considered renting it? It is going to be a squeeze to break even on it whether you go FSBO or list w/ an agent. FSBO resources are available. Still, it's good to meet with a few agents who will provide you with comparable sales & a price opinion. I suggest have an appraisal done, as this is a thorough value estimate. There are companies that will for a fee list your property in MLS. Be sure to get details as to what their fee covers & what it does not cover, also duration of. Some companies will charge a low initial fee, then for an additional fee, offer a myriad of items on an ala-carte basis . You'll need to offer BAC in your listing, a req of MLS. Many components to the process, such as time you have to devote, signage, showings, lockbox- in this case a combobox which is just fine, etc etc. It's always a good idea to have someone accompany you when showing potential buyers, whether they are accompanied by their broker or not. Your property being in great condition is a huge plus. And a clean, paired down home goes a long way with buyers. Good luck to you!
0 votes
Chad Phillips, , Redding, CA
Thu May 5, 2011
I think that the real estate investor below summed it up best - A buyer will typically take the selling fees off the top of their offer as they know that you do not have this cost - usually 6%.

Research your market online through one of the major search engines (Google). See which agent is selling in your neighborhood and general market.

This is a dynamic market and you will want to enlist the services of a Realtor that is full-time and closing buisness.

Good luck!

Chad M. Phillips, Realtor
Keller Williams Realty - Redding
0 votes
Dave Sutton, Agent, Portland, OR
Thu May 5, 2011
There are five reasons why you don't want to sell your home yourself at http://www.davesuttonhomes.com/blog
0 votes
David North, Agent, Duvall, WA
Wed May 4, 2011
There isn't a certain answer to your question. It really depends upon your skills, instincts, and even luck. No matter what you or an agent successfully sells your home for, there will never be any way to know what the other would have successfully sold it for.

If you're not in a time crunch, experimenting may not hurt. You can always switch plans later. But if market prices decline further while you are experimenting, and you are not successful, you could end up worse off.

I know people who have successfully sold several houses via the FSBO route. Since I don't know you, or much about you, I can't answer credibly whether it is worth it to you to try selling FSBO.
Web Reference:  http://www.AweHomes.com
0 votes
Lana Lavenba…, Agent, Grants Pass, OR
Wed May 4, 2011
There are so many ways agents can help you. They may be able to help you not have a loss - or the loss may be greatly reduced by allowing them to look at so many different possibilities. Give a couple agents calls - see who can help you deal with your specific situation. Not all realtors are used to dealing with short sales - which is what you may be involved in.
0 votes
Melanie Chim…, Other Pro, Tucson, AZ
Wed May 4, 2011
Brandi, Depending on your specific situation, you may have other options open to you than a traditional sale. If you are open to considering other options, you may be able to avoid a loss on your home. If you care to review your options (no obligation or cost to you ) I would happy to assist you.
0 votes
Margaret Osc…, Other Pro, Albany, GA
Wed May 4, 2011
I'm not a real estate agent, so perhaps come from a different perspective. We've bought and sold many many homes over the past 10 years as real estate investors and as professional home stagers work with dozens of home sellers each week. We have sold a home FSBO -- and found that people assumed that since we were saving the real estate fee they automatically would take 6% off our asking price. Additionally, they perceive the FSBO properties are more "desperate" to sell and may lack the negotiating skills necessary to get top dollar. We sold a property which closed this month -- we never would have attempted to do a FSBO in this market even though we have lots of experience.

Prepare your home for sale the best possible, find a fantastic agent who markets well online, and price it where your agent suggests -- this will ensure you get the most $$ at closing in my humble opinion.
0 votes
Gus Pishue, Agent, Everett, WA
Wed May 4, 2011
Brandi,
You could always try it on your own, but I have found that many that try this route either end up hurting themselves with price, legal, and other issues that could have been avoided by using a real estate agent. You should also think about how you are going to get people to see your house, as an agent or broker can get you much more exposure. I know some great agents that work for the same company that I do in the Lake Oswego area that I could refer you to if you would like. If you do decide to go the FSBO route, good luck and be careful. If it doesn't sell, then call an agent or let me know and I can get you connected with one of my associates in Lake Oswego.
0 votes
The Stephen…, Agent, Portland, OR
Wed May 4, 2011
I think we may have met.. : ) You can always try. It is pretty tough though.
0 votes
Craig Loughr…, , Oregon
Wed May 4, 2011
Probably not. Most home sellers make up what they save in commission with an increased price at closing. The other down side is, if you're looking at losing money, you may need a short sale expert to help make sure you don't get taken advantage of.

Best of luck!
Web Reference:  http://www.bybryson.com
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