For Sale by Owner

#1
BenGrimm

BenGrimm

Formally known as burntorangeVOLffle
Joined
Jul 22, 2008
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#1
Anyone ever sold a home by owner? How painless is the process? Did you list on MLS? What steps did you take for closing?
 
#4
#4
burntorangeVOLffle said:
Immensely!
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Haha. Seriously though I tried to do some internet searches for good advice for you, and after clicking about 3 links I got frustrated and quit.

Every link was saying obvious and not helpful things like "find out market value on your house" and "make sure your house is nice and clean so it's presentable to buyers!"
 
#5
#5
burntorangeVOLffle said:
Anyone ever sold a home by owner? How painless is the process? Did you list on MLS? What steps did you take for closing?
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I have not personally, but there is a house in my neighborhood that's being sold by owner. It's still there to be sold! :)

Seriously though, this link has a LOT of details about how to do it.
4 Ways to Sell Your Own House - wikiHow

I've watched "Designed To Sell" on HGTV and it's an interesting show on how people prepare their houses for sell. There is also another one on A&E called "Sell This House"

I'm sure you can youtube some of the episodes and watch them.
 
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#6
#6
Thanks guys. I've done my google research. I was just looking for some personal experiences from my VN friends.

I already listed my house on FSBO.com which auto lists on several other sites like Zillow but stopped short of the listing on the MLS. We've had a few showings already and shooting for an open house in a few weeks.
 
#7
#7
Bought one FSBO, sold it same way. My advice would be to read up, have a contract in place that you know inside and out, and don't get pressured into adding anything without first researching if you're unfamiliar with the terminology.

When we bought the place (2003), the seller had a contract he wanted to use. I did some research, and made some other stipulations (which I knew were outlandish) in order to establish a base from which to negotiate. He just agreed to everything because he had no idea what he was doing. That was a lesson for years later when we sold it.

MLS can be good. It depends on how visible you are, what neighborhood, etc... sometimes a sign in the yard will do it. More people are hitting the Zillows, Trulias, etc... so having it there is helpful.
 
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#8
#8
This may sound strange at first, but I have found people need an agent to sort of "tell" them to buy the property. People are skeptical and think something might be wrong. I have seen for sale by owners sit for months, then get listed with the price raised and sold immediately. Oddly enough, sold to some of the same people who had looked before listing.
 
#9
#9
burntorangeVOLffle said:
Thanks guys. I've done my google research. I was just looking for some personal experiences from my VN friends.

I already listed my house on FSBO.com which auto lists on several other sites like Zillow but stopped short of the listing on the MLS. We've had a few showings already and shooting for an open house in a few weeks.
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After attempting to sell my house myself for several months without any luck and a tremendous amount of headache with having to show it and answer daily phone calls about it, I had it listed with an agent and it sold in less than two weeks without me having to think a thing about it. It was well worth the commission I had to give up to get it sold and actually it sold for more than I had it originally listed. My advice, let the pros handle it.
 
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#10
#10
Good perspectives from two sides.

As far as sitting on the market for a long time, I see houses that are agent represented that sit and sit, get taken off the market, relisted with a price drop, then sit and sit again all the time.

My expience with agents as a buyer haven't been that good either. All she really did was let us in houses we found on the internet. She didnt really direct us at all.
 
#11
#11
Good luck, I would echo Bearcat, our neighbor sold her house FSBO, she listed in Oct of 2013, and it just closed May 1st.

We listed with the same agent, that we bought with and sold in 7 days. I hate paying the commission out of equity, but it was quick, and we got a great price
 
#12
#12
burntorangeVOLffle said:
Good perspectives from two sides.

As far as sitting on the market for a long time, I see houses that are agent represented that sit and sit, get taken off the market, relisted with a price drop, then sit and sit again all the time.

My expience with agents as a buyer haven't been that good either. All she really did was let us in houses we found on the internet. She didnt really direct us at all.
Click to expand...

A good agent makes all the difference, if you don't like your agent or don't feel they are working for you, find another one

It's a huge investment your making, and you should trust the person working for you
 
#13
#13
I recommend Sheri Super.........I heard her advertisement on the Eric Ainge Show.....I was desperate to sell my house and it was a 1 bedroom. She came in and got the job done for us.
 
#14
#14
Some good advice already provided, but let me add one more obvious statement. Houses listed with an agent will typically sell quicker because a good agent KNOWS HOW TO SELL AND CLOSE. They do this all the time! They should be able to pick up on any subtle hints that someone is interested in a house, or what they particularly like about a house, and they know what the comparative market is like relative to the house they are trying to sell. This gives them a good advantage in moving property.

If you're a good salesperson (which entails much more than just showing a house) then go for it! The risk isn't large as long as you're haven't significantly under-priced your house (which isn't typically the case) and as long as you're not under any time constraints.
 
#16
#16
IBlvNTmWrk said:
Some good advice already provided, but let me add one more obvious statement. Houses listed with an agent will typically sell quicker because a good agent KNOWS HOW TO SELL AND CLOSE. They do this all the time! They should be able to pick up on any subtle hints that someone is interested in a house, or what they particularly like about a house, and they know what the comparative market is like relative to the house they are trying to sell. This gives them a good advantage in moving property.

If you're a good salesperson (which entails much more than just showing a house) then go for it! The risk isn't large as long as you're haven't significantly under-priced your house (which isn't typically the case) and as long as you're not under any time constraints.
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We have no major time constraints. This is a great house that we bought just after getting married. Two kids later and we are starting to outgrow it. It's still manageable and we could realistically stay here a few more years and not sweat it.

The only reason we put it on the market is because we found a house we like and need to sell this one first. If the other house sells before we do we will reevaluate the situation.

We did consider an agent first and had one come out. Problem is after commission we would have ZERO negotiating room for potential buyers. To be honest, other than the obvious reason of getting more out of our equity, I would rather the buyer get some savings than an agent get a commission. (No offense to any agents on this board).
 
#17
#17
burntorangeVOLffle said:
We have no major time constraints. This is a great house that we bought just after getting married. Two kids later and we are starting to outgrow it. It's still manageable and we could realistically stay here a few more years and not sweat it.

The only reason we put it on the market is because we found a house we like and need to sell this one first. If the other house sells before we do we will reevaluate the situation.

We did consider an agent first and had one come out. Problem is after commission we would have ZERO negotiating room for potential buyers. To be honest, other than the obvious reason of getting more out of our equity, I would rather the buyer get some savings than an agent get a commission. (No offense to any agents on this board).
Click to expand...

Sounds like you're in a good position then to try and sell it yourself. I say go for it and let us know what happens.
 
#18
#18
Getting listed on the MLS is very helpful. You will get asked if you will pay commission (typical 2.5-3%) to a buyer's agent. Be prepared to answer that. A nice sign and color brochure with well-done interior photos are good ideas.

If you go completely solo, a title company will generally handle the transaction.
 
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