Buying A Home
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Selling By Owner
Hello! I know this is a "buying" board, but I don't know where else to ask this. I was wondering if anyone here has ever sold a house by owner. We would be spending a huge amount of money for a realtor, so we would really like to try to sell it by owner first. I am just wondering how difficult the process was without a realtor, and if you would recommend it or not? Thanks!
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Re: Selling By Owner
Personally, I have never done a FSBO. Considered it. But never did it.
Even if you do a FSBO, and therefore do not have to pay for a selling agent's commission, most buyers you would deal with will have buying agents who will need paid commissions. Most likely you would still have to pay their's (in most markets, sellers pay commissions to both agents) so really it only saves you on one side of the equation.
By doing a FSBO, you would miss out on all of an agent's networking, which extends outside their own company to all their contacts and friends at other agencies. In RE, networking is huge.
You would need to do all of your own advertising.
You will be required to show your own home and set up appointments.
You will need to be your own negotiator...which is a skill all unto itself.
You would need to determine the correct asking price for your house. Most FSBOs are waaaaaay over-priced 1. Because the sellers do not have access to decent market values to determine their prices. and 2. because they are too emotional about the price. If your home is over-priced buyers will know this right away and will not visit or will not put in offers.
In my opinion/experience from what I have seen, most people who try FSBOs waste time, effort, and money to do it and end up using an agent in the end anyway because they just cannot get their home to sell.
Granted, this isn't the case for everybody or in all markets, but it is the rule rather than the exception.
Read Home Selling for Dummies. I think there is a tidbit of info in there to expect a home sale to cost up to 10% of the sales price. Also, don't forget the money you pay on the selling end, if you turn around and buy, you can "make up" there since that seller will most likely be paying in that transaction.
Honestly, the only benefit I can think of to doing a FSBO is saving some money. It's important, but you need to weigh in the other "costs."