Anyone sold a house FSBO?

[Ogre]

We're planning on putting our house on the market within the next few weeks.  I want to try to sell it FSBO first instead of having to fork out the money for a realtor.  Any pointers for those who have sold on their own would be greatly appreciated.

Oh, and if you know anyone looking to move to Hoover, I've got a sweet house for them. 

[AUChizad]

If you decide to give in and go with a realtor, hit me up with a PM.

My moms is a realtor in the Montgomery area, and she can get $ for nothing (and at no additional cost to you) by referring you to a realtor in the Birmingham area.

[jadennis]

I know this sounds like a no-brainer, but the main thing to do it to make sure you get as much exposure as you can.  I was a realtor for a few years and I can tell you the main thing a realtor does when selling your house is list it on the MLS for other realtors to see.  That's the main thing.  If you were buying a house, that would be different....getting help filling out a contract and making the right kind of offer is a bigger deal.  

But selling, it's 85% exposure and a few basic things like "curb appeal" (a little fresh landscaping can go a long way) and remove all clutter if you have any (even things like making sure you don't have too many pieces of furniture in a particular room can make a big difference)....consider taking things out of closets and putting them in the attic....anything that can give the appearance that you have more space.

Anyway, list it on Craigslist.....lots of houses are sold through that avenue.  Maybe the newspaper....list an open house listing for a weekend and run it yourself.  You don't have to do much more than be there and answer questions.  Maybe make up some flyers for an info tube in the yard, etc.

Like I said, mostly no-brainer information, but just thought I'd throw it out there.

[Ogre]

I do appreciate it.

I think I'm going to list online at owners.com.  They seem to have the best deal for the least $$.  $400 basically gets you unlimited photos on their site, listings on Google, Yahoo, Craigslist, MSN Real Estate, and Realtor.com with a MLS number for 6 months.  You also get your own website with a customizable URL (with no ads). 

[BZ770]

Are you willing to pay the commission to the buyers agent?  Usual commission is 7% which is usually split 3.5% between the sellers and buyers agents with the seller usually paying the 7% out of the sale price.  When selling your house FSBO, some buyers agents expect the 3.5% since you are the seller you don't need a commission, but some sellers won't pay for the commission and the buyers have to pay the commission out of pocket.  Which they usually don't have cash to pay that since they are putting their money on the down payment.  Paying the commission would be the right move in your listing.

[wesfau2]

Are you willing to pay the commission to the buyers agent?  Usual commission is 7% which is usually split 3.5% between the sellers and buyers agents with the seller usually paying the 7% out of the sale price.  When selling your house FSBO, some buyers agents expect the 3.5% since you are the seller you don't need a commission, but some sellers won't pay for the commission and the buyers have to pay the commission out of pocket.  Which they usually don't have cash to pay that since they are putting their money on the down payment.  Paying the commission would be the right move in your listing.

Christ. 7%?  Where do you live?  Commissions are completely negotiable and it is illegal for a realtor to demand a particular commission.

If you're selling yourself, refuse to pay a buyer's agent's commission. That guy isn't doing anything for you. You might, however, consider picking up some of the buyer's closing costs (in a normalized market I wouldn't suggest this, but these are abnormal times).

You definitely want to be on the MLS, and $400 is much cheaper than a listing agent's commission. Also list on craigslist and any other free/low-cost medium.

My company is in AL, so I might be able to shave some closing costs for you when you finally get a contract.

[jadennis]

Yeah, 7% is high....although legally, as Wes mentioned, there is no standard, but 6% total is pretty common (usually split, as mentioned).

Personally I would be willing to pay the buyers agent a commission.  After all, they are bringing you a buyer.  In most cases, agents are willing to take something....maybe even 1.5 or 2%.  But if they see your house on the MLS and see 0% listed next to "buyers agent commission", and if there are other similar houses on the market, they'll steer their buyers somewhere else.  

To them, if another house is just as good, getting paid obviously gets the nod over not getting paid.  To me, I say it's worth it.  If anything, just don't be as flexible on the selling price or on concessions to closing costs or things like that.  

If you're selling a house for $200,000 and are willing to pay 2%, it's not too hard to make sure most of that $4,000 stays in the deal.  In other words, if you're asking $200k, but you know you're willing to take as low as $190,000, then just make sure you stay around $194,000 if your buyer has an agent.  

Essentially, by making them pay you $4000 more, you are covering (out of their pocket) what you're going to owe the agent.  Or if they offer $195,000 and ask for $4,000 in closing costs, just settle on $197,000 and $3000 in closing costs.  That gets you to $194k (- $4000 commission), and you're still at your acceptable $190k overall sales price.

All that to say, I would be willing to pay something, just for the simple fact that if you don't, you would be reducing your number of potential buyers by alienating buyers agents.  And again, as long as your house will appraise, you can always make sure the amount you're going to pay stays in the selling price and essentially comes out of the buyers pocket, not yours.

[Buzz Killington]

We sold our last house on our own, but it was about 12 years ago and we had a realtor friend that gave us great advice along the way.  It is more painstaking, but is worth it in the long run.  Just make sure you have a good lawyer for the closing(s).

[ggraf71]

Check with your local MLS or Realtor association. Sometimes, you can pay them to list it on their MLS or Realtor sites, which is essentially the same as listing it with a broker.

[Lurking Tiger]

If you need to sell it sooner than later, you are better off getting an agent. The market is dead right now and you need all the help you can get. They can also help you purchase your next house for no extra cash out of pocket. If you are planning on building in a subdivision, definitely work with an agent. There are all kinds of things they can protect you from.

Network to find an agent and get a reduced %. Ask around at your church, office or neighborhood to see if anybbody is an agent or has a good friend who is. Agents who live in your current neighborhood are your best bet.

If you can wait a while, give the FSBO a shot. GL.

[GarMan]

I do appreciate it.

I think I'm going to list online at owners.com.  They seem to have the best deal for the least $$.  $400 basically gets you unlimited photos on their site, listings on Google, Yahoo, Craigslist, MSN Real Estate, and Realtor.com with a MLS number for 6 months.  You also get your own website with a customizable URL (with no ads). 

I did something similar.  It's the way to go.  I don't see how these agents think they can charge 5-7% for what little work they do.  I paid like $300 to get the MLS and FMLS listings here in Georgia.  Then, I had an agreement to only pay a purchasing agent 1.5%.  It probably took me a little longer to sell, but it was worth it.