House F.S.B.O. ??

charley95

Anyone here sold one this way? It's a pretty strong market for houses like mine. Can one be sold as is no warranty? Do you need to consult an atty.? House value is about 120k and not sure what a realtor commission would be.

motorhead43026

I think the traditional industry standard is 6% commission. A 3% commission for the seller and buyer parties. I wouldn't purchase FSBO, but that's just me.

tonyb

Nothing wrong with a FSBO, EXCEPT the advantage to going with a realtor is they can bring you more qualified buyers and do a lot of the leg work that you as a FSBO would have to do yourself.

IMHO, the 5-6% commission is well worth the costs. Every real estate transaction should have an attorney too. If not your just opening a can of worms.

Derf

charley95 wrote: »

Anyone here sold one this way? It's a pretty strong market for houses like mine. Can one be sold as is no warranty? Do you need to consult an atty.? House value is about 120k and not sure what a realtor commission would be.

Always sell with a realtor. Realtors know values better than you and they usually more than pay for their commission by getting a better price than you could on your own. Buyers that buy FSBOs are usually looking for a low-ball deal and don't typically pay what you ask. As is and warranties are location specific--consult a lawyer.

charley95

Thanks guys! I won't hassle with FSBO, I don't like headaches and probably just go with a realtor.

[Deleted User]

I sold my house last fall , FSBO without a hitch. The buyers used a realtor on their end and paid the commission. Saved me around 30K.

Easy Runnin

I sold a house that way. No warranties, no lawyers, no problems. The house needed work and was priced to sell and sold in about 2 weeks.

[Deleted User]

I wouldn't buy a house w/ B.O.

tonyb

Sold my last house as a FSBO, took 30 days, but I priced it accordingly. Buy through a realtor, sell as a FSBO.....always use a lawyer in either case.

Unless you don't want the little hassles that come with selling on your own, then just go realtor for both sides of the fence.

nspindel

Well I'm a real estate agent, so my opinion is a bit biased. But there's a reason that only 5% of homes listed for sale by owner ever actually close. It's an inherently antagonistic process - most buyers want a bargain, most sellers want a windfall. Without professionals in the middle handling the negotiations, all too often FSBO transactions end up with one party saying to the other party "F ** K YOU!" and the other replies "F ** K ME??? F ** K YOU!!!!"

The idea is for one party to purchase a home, and for the other party to sell a home. Not to just find someone to say "F ** K YOU" to and have them come back with the same reply.

As for attorneys, the process varies from state to state. Here in Florida, it's rare to use one. Boilerplate contract templates have been worked out between the realtors association and the bar association, realtors fill in the blanks. Attorneys are only used if there is a complication.

tonyb

Every state has contract templates, but without an attorney most are not well equipped to figure out the fine print.....or the liability that goes along with it.

The few hundred bucks is worth the peace of mind.

Here in Illinois, it's a clusterfvck like everything this state does. You want your new house to close with no problems, and the old one too. Problems on either side can result in lost time and money. They both have to go off without a hitch if your selling and buying at the same time. Lots of variables can get in the way of that.

Every situation is different though, so really all depends on your needs and time frame if you want to sell by owner or not. Plus....a Realtor is beholden to the seller, not the buyer. The only person working on behalf of the buyer is an attorney.