Have a house that you sold on ForSaleByOwner.com? We'd like to hear from you and ask that you post a comment here to share your success story and "top tips" so that others may learn from your experience. What were the reasons why your home sold? Did not having to pay a commission allow to you price your home more competitively that similar homes on the market?
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28 comments:
I sold my home located in El Paso, TX right before Christmas of 2007 right as the subprime mess hit the area. Her are my tips in order of importance:
1. PUT YOUR PROPERTY ON THE MLS
2. PAY THE SELLERS BROKER 3%.
3. Keep it spotless, and uncluttered
If you follow the first two steps and price your home reasonably then you should have no more difficulty selling you home yourself than you would through a broker (and you'll save 3% on the commission).
I sold my condo in Franklin Park, NJ with the help of ForSaleByOwner.com. Honestly the Real Estate Agent did nothing in the previous half year,to sell my house,beside forcing me to lower the asking price about 3-4 times.
So I switched to ForSaleByOwner end of April,2007.I had Open House every second weekend.I used all the signs I got from ForSaleByOwner,(I bought more at Home Depot).I had usually 6-10potential buyer-visitors,who came by because of the signs and/or they would find my ad on ForSaleByOwner.com.I got my first offer less then 2 months later. My closing was on Sept.27,2007. I made a decent profit on selling my condo,then I moved to Florida. I would go with ForSaleByOwner-help anytime in the future. I highly recommend it to those,who don't want to rely on a Real Estate Agent, pushing the asking price lower and lower.
I agree wholeheartedly with "anonymous"....get on the MLS, pay the buyer's agent 3%, and keep an immaculate home with NO clutter. I also lowered my price, and threw in my furniture. The latter was a big hit with all of the Canadians who are purchasing properties in our Palm Springs area. They are taking advantage of the American dollar being low, and their loonie being high, so they are buying their winter retreats here. I had offers from 3 different Canadian couples!
I decided to list my vacation condo with forsalebyowner.com because my husband wanted to sell, and I did not. Since the market was slow, and only 3 units out of 16 for sale in our complex had sold in the past year, I figured I would be safe. (I was suprised that we actually sold it ourselves, as were our friends in the real estate business!!) It sold in 2 months, and 5 months later, there are still some of the same units for sale.
We live two hours away, so we asked our mortgage broker if he would mind keeping a key, and showing the condo in the event we were unable to make it there quickly. He was glad to do it, since it would give him the opportunity to speak to the potential buyers. If a realtor called about the property, we offered them a 3% commission with a full price offer.
We replaced all of the Light fixtures, door knobs, and hardware to satin nickle. We also changed all of the light switches, plugs and plates to new white ones. We painted a neutral off white, and cleaned the carpets, and windows. We used coupons, and got inexpensive contractor packs of all of those items from Lowes and from ebay. We took 20 years off the look of the condo by spending $300.00.
The next time we decide to sell a property, I will definately use forsalebyowner.com
My husband and I are house flippers. We had a house in Hartwell Georgia that was in a remote location. We knew that we had to devise a plan to reach people who were relocating to the area. The brochure feature was professional, and we printed about 50, put them in the display, and posted them in local places. We also put an ad in the local paper and listed the web site for pics and more information. We have sold two houses in less than one month in this so called "Buyer's Market". Don't be fooled by agents who tell you an inflated value of what your home is worth, just to get your business. Look in the real estate ads and the MLS and see the comparables for yourself. For Sale by Owner is a great marketing tool, and that is what selling real estate is all about MARKETING.
ForSaleByOwner.com is a waste of money. I received no legitimate emails regarding my property however I did receive over 20 messages with people trying to scam me using over seas money orders. I tried multiple times to contact FSBO and inform them of the issue and they were little/no help. I ended up reporting the scammers and FSBO website to the authorities.
WISH I HAD MY MONEY BACK!!
Our house was on the market for 10 months with only 10 showings with ForSaleByOwner. We had 2 prospective buyers however they had homes to sell and to this date, they still haven't sold their homes. We listed with MLS for another $399.00 and had only 3 realtor showings. We feel lucky to have had the last showing be a young couple who wanted to live in our development and made a low-ball offer which we negotiated up. As it turns out, many homes in our development have been for sale for more than a year & are with realtors. We saved thousands using ForSaleByOwner, but I don't think having a realtor in this market matters. It's just luck. The right buyer just has to come along. Our buyers' know they got a good deal, so didn't nit-pic. They had a very professional agent who earned the 3% commission we paid. Settlement went smoothly but we did take our attorney. Hope you all can hang in there until your buyer comes along. Good luck to all of you!
We had our property listed with an agent (whom we liked very much) for 15 months. We only had a few inquiries and that was it. Once we put the listing on ForSaleByOwner we had at least 8-10 inquiries and ending up selling it thru FSBO. We wished we had gone thru FSBO much sooner and not waited the 15 months.
We sold our home in Kentucky in a market that was pretty beat up. I listed it for six months with an agent and showed it twice.
I listed it on FSBO.com and had 2000 viewings in 30 days. In 3 months we showed our home to couples from several different states and sold it to a couple from Florida.
I never listed it on the MLS.... I figured, anyone seriously looking will search every possible means.
Be honest in the description.... don't try to 'sell it' on the site. Describe the advantages of your particular location.... schools systems, restaurants, shopping, etc.
Good luck.... and when you get an inquiry, invite them to see their new home.....
We sold our home in Columbia, SC even though the market here is very slow. Here are some of the things we did to sell above market price.
1) Decide for yourself what your home is worth and don't rely on any local reports of pricing in the area. Stick to your price within reason.
2) Prepard your home to appeal to a potiential buyer.
3) Keep your yard clean, well manacured and in good health.
4) Keep you house clean and neat.
5) Always have every light on in the house while showing your home to a potiential buyer.
6) List the improvements you have made to your house in a separate document to present to potiential buyers.
7) Paint and/or caulk any room that needs it.
8) Clean and organize your garage and storage areas.
9) Be flexible with appointment times.
We sold our home at well over the market for the area
I sold my home in St. Louis Mo in December 2007, 5 weeks after posting it on FSBO. The MLS listing brought many realtors with potential buyers, but in the end I really lucked out and sold it to a couple who didn't have a realtor, they just saw the sign in the yard. (That saved me the 6% commision and gave them a good price too.) The title company helped me with all the legal info and guided me through the process. I bought a contract at Office Max. We had the house spotless, with just a few key pieces of furniture for "staging" since I had already moved to another location. I kept fresh flowers in a few vases, and had the dining table set as if a dinner party was planned. We had 2 open houses, then relied on the yard signs to bring in calls. Mine was a middle class brick 3 bedroom home, 35 years old. I think it appealed to a broad group of people. Decor was neutral and updated. I had kept documentation on all improvements done over the years in a 3 hole binder - people really liked that too.
We sold a home, in Alamosa, CO, with the aid of ForSaleByOwner.com.
We had a really good experience with FSBO. We also had numerous "scam" emails, but, when notified, FSBO always handled the problem promptly. Our home sold in October of 2007, which was the second offer we'd had, all because of the listing with FSBO. The couple that bought our home were from North Carolina, and were looking for a home for sale by owner, rather than having to mess with a realtor. We used FSBO for that very reason, as well. Half of our profit would have gone to a realtor! The process was very simple, we used the contracts from FSBO and the title company helped us fill them out, so we knew everything was done correctly. It was a painless yet profitable transaction! Thanks ForSaleByOwner.com We'd use you again, and recommend your services to anyone!
I rented my house in January 2008 with an option to buy. The price is fixed if they buy within 12 months. For the next 12 months the price is based on the county assessment at that time plus up to 5% because assessments are generally lower than appraisals. I had 25 pictures online with a VERY detailed write-up on the property and the terms with exact numbers -- no guessing by the customer. In our small community paper I had an ad with the website link to my property. Once I put the ad in with the link, my callers were all serious because they knew all the details. Within 6 weeks I rented it for two-years, but they plan to buy it this summer!
After I listed my home I immediately got 3 couples who were interested. No one bit. I had a professional decorator over to suggest what to do to help the house, which is only 6 years old, sell quickly. She gave me some good staging ideas and helped with orgainzation suggestions for closets. I reduced the clutter in all the closets and made sure all the lights were on during the next showings. The couple who looked at the house after my staging work bought it immediately. I paid no commission and the cost of the ad and my time to show it and spruce it up was well worth it. I helped my daughter list her condo on FSBO and I'm sure, even in this market, she'll get a sell.
Make sure you stage and get rid of clutter. Put some effort in your home. Look at your home as if you were going to buy it.
How did I sell my home last November in this market?
1. I got a professional to appraise the home for $300.00
2. I took the 6% comission off the suggested price.
3. I replaced worn carpets and paineted the kitchen.
4. NO CLUTTER ANY WHERE
5. I advertised that this house would be sold to the highest bidder after two open houses.
6. I suggested a price $20K below what I really wanted just to get people motivated.
I actually got 6 people calling me the first week. The home was sold BEFORE my open house for what I wanted. Start a bidding war!!
PS NEVER pay a realtor more than 3%
Good Luck!
I realize how frustrating the market is right now. We put our house on the market Sept 2007 right in the middle of 3 house that were selling with agents. It was very discouraging but we stayed strong and had our eye on the prize. We had realtors hanging around like vultures trying to coax us to list with them but we kept saying no thanks. You will have those urges to go with an agent just so you don't have to worry about the headache of dealing with scheduling and having your phone ring off the hook with people just browsing. All I have to say is "It's all worth it in the end." We sold our house in 5 months despite what others said. We priced our house right and kept it clean and smelling good all the time. If you want to offer 3% commission to the sellers agent, tell them to add it to the asking price of the house. That automatically starts the negotiating higher than if you weren't offering 3%. STAY STRONG AND YOU CAN DO IT.
I sold my home in Smallwood, NY, it took some time 12 months, but they willing relisted ad, I lowered the price, and then got many many enquires, it works, the house sold, I saved a pretty great amount of dollars and the process was as good as it gets, thank you
jm resnick
We sold our house after only 6 weeks on the market. We feel very fortunate, lucky and glad we worked hard. We knew we had to have our house stand out so we took all the tips on selling that we could. The house was uncluttered, clean,clean,clean and we made sure we set a very relaxing mood. We have a dog and would take the dog to the park and run him while one of us stayed home to show the house. We baked cookies and or pies to give that real homey feeling and we turned the fireplace on, played relaxing music and I think the people that came to see the house enjoyed how clean everything was. The people that bought the house had been looking for awhile and kept remarking how nice and clean it was so I know that makes a big difference. We took down family photos and packed them away and made sure that nothing was on the refrigerator(magnets, pictures, etc.)My suggestion would be pack up things that you don't need to make your home look less cluttered, clean and keep mirrors and windows clean. Paint if required (we did)bake some cookies and serve them during your Open House (we had one Open House 2-4pm. Our buyers were looking in our area to be close to relatives and when they saw our house..they bought. We feel very fortunate and lucky but we worked it!
We used For Sale by Owner to sell our home in Basking Ridge, NJ. We were very lucky that our property moved. We ended up taking $14,000 under asking, but with the savings on not paying a Realtor and Broker I think it was great! We received many legitimate emails from the site (and yes some scams) but overall it was totally worth it! I also definitely recommend paying the upcharge to go on the MLS through For Sale By owner, it really helped with the open houses.
I sold my home in 4 months using FSBO.com. It was worth the money. I did not list on MLS. I used signs from FSBO and Home Depot to sell my home. I only had one open house. I set a realistic price for my house. We refinished the hardwood floors, updated the bathroom and painted all the rooms to give it a fresh look. The house was empty so it was easy to show. I was available to show it at any time. I must of showed it at least 70 times. I received an offer and signed a contract with my attorney. I got only $15,000 less than my asking price. My Dad would of been so proud that I was able to sell his home so quickly.
I sold my home when we finally listed with an agent. We actually got calls on the For Sale listing once we dropped the price 17K less than what it appraised for and most of the people who wanted to see our home weren't even qualified buyers or pretty much wasted our time or didn't show up for their appointment. Losing money on our home and listing it with an aggresive agent was the only thing that sold our home. We should have lowered our home price 17K less than what it appraised for in the first place before listing with an agent. Maybe we wouldn't have lost everything had we done this. Don't think you're going to make bank by listing with forsalebyowner. You need to cut your losses asap and get out while you still can. If its lower than a majority of the listings in your area on the MLS you might have a chance. The person who bought our home had looked at 70 (yes, 70) before he found ours. Its a war out there. Oh, and Open Houses do nothing when agents aren't involved and there are over 5,000 listings in your area...so, don't bother.
ForSaleByOwner.com was absolutely the best way to sell for my husband & I. Property doesn't move very fast in our part of the country, but we were able to sell our home in 7 months time for more money than the local realtor suggested it should be listed at. The quality of the website, toll free number, voicemail, and email were very important in setting a professional tone. We also found that our prompt response to all inquiries (within 24 hours), and hosting frequent open houses were important in our success.
Las Vegas, NV, real estate market is pretty tough right now, so aggressive pricing became the number one reason the house sold. What also helped was to place the property on the MLS with this set-fee discount broker. Last but not least ForSaleByOwner provided good exposure.
We listed our log home in the Adirondacks of New York on two different "By Owner" websites, listed it on Craigslist.org and advertised in the NY Times. Because we are in such a remote area, primarily a summer vacation destination, an MLS option was not available for us. Instead, I put together a full color flyer of our "for sale by owner" home and mailed it to 20 different realtors in the area. We offered 2% to any broker who brought us a buyer. We received 2 positive and 1 negative responses from that mailing. In the end, it was one of the "positive response" brokers who brought us a buyer. We were happy to pay the 2% because we saved 3-5% in broker fees and sold for nearly $100K more than an agent suggested we price the house.
We sold our house in nine days. Use all the different types of advertising available, ie. Newspaper ads, street signs, posters in coffee shops, flyers to everyone in the neighborhood. Offer incentives to your friends, neighbors, and agents.
Make your home perfect before you put it up for sale. Have a home inspection done first and correct everything before you have an Open House. Be flexible and price right.
This is some steps how we work in Sell Property Fast Pro
Step 1.
Apply online (by filling in the Sell Property Fast Inquiry Form) and send us details of the relevant property you own . It only takes a couple of minutes.
Step 2.
One of our experienced consultants will contact you so that we can get a fully picture of your current situation.
Step 3.
If your tailor made solution involves a quick sale of your home or investment property, in many cases an ‘offer in principle’ will be made to you without having to visit your home or investment property . This offer is normally 80 – 85% of current market value.
Step 4.
On acceptance of our ‘offer in principle’ a survey will be completed and thereafter we will make you a written offer. These are all FREE of charge.
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I got quiet a good idea to sell my house located at Dallas. I would like to thank all the people for their valuable contribution which helped me in my selling problem.
I sold my home when we finally listed with an agent. We actually got calls on the For Sale listing once we dropped the price 17K less than what it appraised for and most of the people who wanted to see our home weren't even qualified buyers or pretty much wasted our time or didn't show up for their appointment. A lot of decisions made by them could potentially be swayed towards making them more money, rather than you. If you decide to go this route, choose your Realtor wisely, and take your time, interview. Always remember, you are the owner, the Realtor works for you, NOT the other way around.
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