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60432 : Real Estate Advice

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  • Home Buying0
  • Home Selling1
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Mon Mar 25, 2013
Michael Sims answered:
There are a lot of factors involved with the overall performance of your FSBO than just hosting an open house Having an open house may not cure the problem. When you offer a house for sale by yourself, you are sending out some messages that may turn away truly qualified buyers. First of all, you are alienating the brokerage community as listed homes are safe to earn a commission in, FSBOs are not. FSBOs are uncontrollable and not bound by the Realtor Code of Ethics. Second, you are communicating a message that you want a high price for the property, probably higher than it should be. While that may not be your intention, many other FSBOs do, and you are in the same huddle with them. Third, you are telling people that you do not find value in hiring a qualified professional to represent your interests. There is a lot more that goes into professional representation than just paying a commission. Realtors have liability insurance, continuing education, licensing requirements and adhere to fiduciary and ethical standards. We also devote more time to marketing a property and have experience with more than one property every 3 to 10 years.

An open house alone will not bring in more buyers. It takes a concerned effort and considerable promotion to have a successful open house. A seasoned professional knows how to turn the casual buyer into a well qualified prospect.
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Mon Mar 25, 2013
Michael Sims answered:
The quick answer is Yes they can assess. The longer question is are you responsible to pay them. Depending on when you purchased the home you may have already been bound by the covenants and/or special assessments. Many home purchasers do not fully understand what they have to pay for down the road, when they purchase a home. We are all excited at the closing table, and after the papers get shoved into a file, a drawer and eventually a storage box, we forget about the special assessment commitments. If you purchased the home recently, the money may have been escrowed at the title company or there may be other ways it could have been paid for. You should call the attorney who handled your closing and have him to do the legwork. Who knows, the HOA may be assessing something they do not have to. ... more
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