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#11
11-22-2005, 02:33 PM
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Re: For Sale By Owner Horror Stories
make sure you realize that an offer is just an offer, and the house is still on the market until you accept.
not exactly a fsbo situation and it worked out for me, but our current house was purchased from a family that was using the wife's brother as an agent. apparently, he was a part timer agent and didn't know what the hell he was doing. we put in an offer the day it was listed (about 10K below asking). they promptly cancelled the open house scheduled for that weekend, ensuring that we had zero compteition for the house. houses in the area were going for 20K+ above asking at the time. 
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#12
11-22-2005, 02:34 PM
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Re: For Sale By Owner Horror Stories
from who? the buyer?
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#13
11-22-2005, 02:37 PM
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Re: For Sale By Owner Horror Stories
my parents did this and it went fine, get a good lawyer. they were approached by lots of realtors after they put their sign up, and my dad just told them how much he wanted for it (after whatever their commission is of course). he ended up selling it himself, although a few realtors did show it.
--turnipmonster
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#14
11-22-2005, 02:37 PM
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Re: For Sale By Owner Horror Stories
[ QUOTE ]
My wife and I are considering trying to sell our house by owner. We have read The For Sale By Owner Kit by Robert Irwin and have done some on-line research on the subject as well. We've gotten three realtor's opinions as to the potential asking price also. There are relatively few houses (<10) in our price range in our community so there is not that much competition for buyers. The community was recently listed by Money as one of the top ten places to live in the U.S. as well so visibility of the community is currently at a high level. I would like to hear any particularly bad experiences you've had with FSBO to help us decide if it's worth the hassle just to avoid paying someone > $40,000 in commission. Any stories, comments, advice are appreciated. Thanks [/ QUOTE ] I did it. It took more effort than when using a realtor but I was paying myself about $500-1000 per hour to be a part time realtor so it was worth the effort. When dealing with buyers with agents, I made it clear to the agents that although I was willing to do business with them, the buyer paid the agent's commission. Some feigned shock, outrage, etc but no one took their buyer away. I am very comfortable negotiating contracts and was selling a hot house in a hotter market so ymmv.
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#15
11-22-2005, 02:41 PM
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Re: For Sale By Owner Horror Stories
[ QUOTE ]
make sure you realize that an offer is just an offer, and the house is still on the market until you accept. not exactly a fsbo situation and it worked out for me, but our current house was purchased from a family that was using the wife's brother as an agent. apparently, he was a part timer agent and didn't know what the hell he was doing. we put in an offer the day it was listed (about 10K below asking). they promptly cancelled the open house scheduled for that weekend, ensuring that we had zero compteition for the house. houses in the area were going for 20K+ above asking at the time. [/ QUOTE ] Once contract is signed and deposit is received, the house goes under contract and no other offers can be taken. Anything else is a no no. Sounds like the brother did a bad job of pricing it but cancelling an open house after deposit received is the right move.
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#18
11-22-2005, 02:51 PM
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Re: For Sale By Owner Horror Stories
[ QUOTE ]
why would a realtor show a house they weren't selling? [/ QUOTE ] They would get half the commission. There's buyer's agents and seller's agents. The seller's agent lists the house, and if they sell it themselves, get the full commission. Buyer's agents help the buyer find a house and get part of the commission for selling it for the other realtor. When I moved, I called the number on the sign of the first house I liked- in that case, the seller's agent. I decided I didn't want the house, but the agent kept sending me info on other houses, thereby becoming the buyer's (me) agent. When I found a house I liked, it wasn't one she was listing, but she got half the commission for selling it.
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#19
11-22-2005, 02:53 PM
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Re: For Sale By Owner Horror Stories
[ QUOTE ]
[ QUOTE ] make sure you realize that an offer is just an offer, and the house is still on the market until you accept. not exactly a fsbo situation and it worked out for me, but our current house was purchased from a family that was using the wife's brother as an agent. apparently, he was a part timer agent and didn't know what the hell he was doing. we put in an offer the day it was listed (about 10K below asking). they promptly cancelled the open house scheduled for that weekend, ensuring that we had zero compteition for the house. houses in the area were going for 20K+ above asking at the time. [/ QUOTE ] Once contract is signed and deposit is received, the house goes under contract and no other offers can be taken. Anything else is a no no. Sounds like the brother did a bad job of pricing it but cancelling an open house after deposit received is the right move. [/ QUOTE ] This depends on the state - in NJ you can accept offers, have open houses, etc. for up to 3 days after both sides have signed the contract.
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#20
11-22-2005, 02:56 PM
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Re: For Sale By Owner Horror Stories
[ QUOTE ]
[ QUOTE ] [ QUOTE ] make sure you realize that an offer is just an offer, and the house is still on the market until you accept. not exactly a fsbo situation and it worked out for me, but our current house was purchased from a family that was using the wife's brother as an agent. apparently, he was a part timer agent and didn't know what the hell he was doing. we put in an offer the day it was listed (about 10K below asking). they promptly cancelled the open house scheduled for that weekend, ensuring that we had zero compteition for the house. houses in the area were going for 20K+ above asking at the time. [/ QUOTE ] Once contract is signed and deposit is received, the house goes under contract and no other offers can be taken. Anything else is a no no. Sounds like the brother did a bad job of pricing it but cancelling an open house after deposit received is the right move. [/ QUOTE ] This depends on the state - in NJ you can accept offers, have open houses, etc. for up to 3 days after both sides have signed the contract. [/ QUOTE ] I'm guessing NJ has a back out for free within 3 days clause in their contracts?
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