For sale by owner advice - Chicagoland Sportbikes
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post #1 of 9 (permalink) Old 02-03-2005, 10:53 PM Thread Starter
PROBLEM SOLVED!
 
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For sale by owner advice

I'm thinking of selling our townhouse and get a bigger one. Just wondering if anybody in the forum had any good or bad experiences in selling their house on their own. I did go to the for sale by owner seminar and got some very good information. Thanks in advance.

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post #2 of 9 (permalink) Old 02-03-2005, 11:43 PM
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4 sale buy owner.com?

I'd like to know about anyone's experience(s) with them also... I have a house I want to sell, don't want to pay full comission to a real estate agent (since their cut will probably be bigger than mine!). All I really need is some one to list/post it. Is it as easy as they say to sell there? Anyone?

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post #3 of 9 (permalink) Old 02-04-2005, 01:35 AM
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Selling your house is a double edged sword. I tried to do it (for sale by owner) on my first house and I had no dice a year later I used a realator who was a family friend and it sold with in 6 hours for 20k more than we were asking the year before. Same with my second home I built, I used a realator and it sold in less than a week. Using a realator more people see it as in it being listed with other real estate agents. That is just my personal exp. Yes it is nice to make all the money but it is alot of hassle.
post #4 of 9 (permalink) Old 02-04-2005, 06:37 AM
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the only advise is do not use www.buyowner.com they are a scam operation and dont do shit. Their sales pitch is just that-a pitch. Find a realtor that uses the low cost way of selling your home. basically getting it in the MLS and a small fee on top of that.

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post #5 of 9 (permalink) Old 02-04-2005, 10:15 AM
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There are companies on the internet that will put your home on the MLS and send you a lockbox in the mail. I think it was around $300 last time I checked. Then you only have to pay comission to 1 agent instead of two. I wonder if anybody has tried that.

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post #6 of 9 (permalink) Old 02-04-2005, 10:28 AM
freaking newbies, man there slow, ha ha ha
 
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I think it depends where you are selling. I've been looking at townhomes and some have been in a higher demanding area. I saw several listed by owner and for about the fair price of the others around there. However one lady won't budge on the price and is set on taking the 10k she would have spent in commisions. So it's more like paying a dealer price from a private party sale. If she was 5k cheaper then she still wins and it would sell much faster. Also most realtors can do a better job of negotiating the price usually.
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post #7 of 9 (permalink) Old 02-04-2005, 01:00 PM
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what is the normal agent listing %?

Quote:
Originally Posted by Good2Go
Selling your house is a double edged sword. I tried to do it (for sale by owner) on my first house and I had no dice a year later I used a realator who was a family friend and it sold with in 6 hours for 20k more than we were asking the year before. Same with my second home I built, I used a realator and it sold in less than a week. Using a realator more people see it as in it being listed with other real estate agents. That is just my personal exp. Yes it is nice to make all the money but it is alot of hassle.
...Ok, what is the normal (6%?) rate listing through an agent? What would be considered "fair" to give him/her. What areas can I negotiate with the agent?

thanks again!
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post #8 of 9 (permalink) Old 02-04-2005, 01:28 PM
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Depends on the market where you are selling.

All that said, buyowner.com charges a flat fee of $2500 or something around there plus you ABSOLUTELY must pay the buyer's agent 2-3% or more. This is law so if someone wants to buy your house and they have talked to an agent w/in the last 6 months you owe that agent the cut.

So a $200,000 home @ 3% would cost you $6000. Add the buyowner.com fee and you are at $8500.

Now, here is the hitch. If you sell it yourself you may set the price too low so you might sell for $200,000 instead of $220,000. If you factor in the cost explained above you actually come out ahead selling with an agent.

Having an agent will also open other doors like the ability to show your home while you are at work.

Case in point: My neighbor had the same exact unit as me, same layout, same purchase price years earlier, same parking conditions, etc.

Her husband gets laid off and they want to sell. Since he's able to be around all day they try to save money through buyowner.com.

They price the unit at $225,000 and sell for $218,000. They pay the other agent 3% and pay buy owner $2500. That nets them $208,960.

I list my unit 1 month later for $250,000 and sell for $244,500. I pay my agent 6% which nets me $229,830

You tell me who made out better?

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post #9 of 9 (permalink) Old 02-04-2005, 01:40 PM
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Quote:
Originally Posted by toys4pops
...Ok, what is the normal (6%?) rate listing through an agent? What would be considered "fair" to give him/her. What areas can I negotiate with the agent?

thanks again!
Well I wouldn't consider it giving them money I like to think that they are taking it from you. But I think it is around 5 or 6%. I did not negotiate anything with them they pretty much told me what was going to happen. It was a family friend so I just rolled with it. it is pretty much industry standard for that amount.
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