Thread: For Sale by Owner

Most homes these days are short sales. In other words you'll need to negotiate the debt with your lender. Based on my experience it is much better to have an agent experienced with bank negotiations handle this.

If it's not a short sale then "for sale by owner" is fine. As long as it's a basic transaction. I would highly recommend listing the property on your MLS if you really want to sell it but at least you'll only need to pay half of the typical commission amount.

Real Estate that is sold without the assistance of an Agent. FSBO can refer to both the individual selling the property "They are a FSBO," or the property itself "that house is a FSBO." Some owners choose to sell their own property without the aid of a real estate broker. "For Sale By Owner" properties can be a source of listings when the owner is unsuccessful in selling their property. It could save you a lot of money. Not good for agents.

Yes, indeed most homes these days are short sales which requires negotiation with the debt with your lender. It can really save a lot of cost.

I think in this market, FSBOs have a tough time of it. In a buyers market like we are in, you need all the exposure possible to get your home sold. I just don't think FSBO is a great idea right now.

I feel sorry for them in this market. It is tough to sell unless your property is priced correctly, has great condition and location, and most importantly is marketed to the most potential buyers possible. Even with all these important factors addressed, it is still a tough market.

Sticking a sign from the hardware store in your yard may have worked in years past, but it would be tough to do right now. Not impossible, but very hard.

A buddy of mine sold his house a few months ago on his own. He owned it for 5 years and renovated the whole first floor (kitchen, living room). He lost $20,000 on it.

But the house was in a not-so-good neighborhood and he wanted to get on with his life so he figured it was the best he could do.

FSBO is not a bad thing but rarely gets the job done. Most sellers eventually enlist the services of a Realtor. Plus it really depends on how bad you want to sell. If you have a lot of time then it's fine, however, if you want your home sold quickly you are better off hiring an agent. Another point is that when listing with an agent you know that the buyers touring your home are more likely to be preapproved for a mortgage and serious about purchasing.