[Hidden-tech] Paying it forward: FSBO Lessons Learned

ussailis at shaysnet.com ussailis at shaysnet.com
Fri Aug 19 19:11:31 EDT 2016


The number one mistake FSBO folks make is overpricing the value of their
property.

Some ideas to determine a price:

Review comparable sales in the neighborhood. These are actual sales prices,
not listing prices.

Never think that you have a better kitchen, bath, or anything else.
Remodeling the kitchen is for your joy, not to increase the value of the
house. Although a spiffy kitchen may increase the price some, it will never
reimburse itself.

If you think your house is worth twice as much as the dump that just sold
down the street, think again. Perhaps 20% more, that's it...remember price
is set by location, location, location.

Watch out for the RE agent you says "I can get XXX for your home." He/she
can not get much more or less than the next agent. All that agent wants is
your listing. That is good for 40 or 50 % of the agent's commission without
carting around "lookers."

Getting an home inspection before listing: If asked, an agent must reveal
whatever is in the inspection paperwork.

My suggestion; find an agent you trust, get an asking price, and an
expected sell price. Remember that everyone likes a bargain so the asking
price will be greater than the actual price, then you might consider a FSBO.

When it fails, go back to that agent.


Jim Ussailis  






Original email:
-----------------
From: Marc Solomon attspin at gmail.com
Date: Fri, 19 Aug 2016 12:58:33 -0400
To: hidden-discuss at lists.hidden-tech.net
Subject: [Hidden-tech] Paying it forward: FSBO Lessons Learned


I have come to rely on the crowdsourcing advice from Hidden Tech threads
through the years for references to numerous Pioneer Valley professionals
and practices, i.e. eliminating house mice.

My wife and I are in the throes of selling her remodeled home in Florence
and have learned through direct experience some stuff that may serve other
for-sale-by-owner list members going forward:

1. *Do not advertise in the Gazette for under $100*. That's the starting
range for a display add in the open house section of the weekend edition.
Otherwise you're looking at your own buried FSBO oblivion under rustified
BBQs. Also, you'll need to phone this this in during business hours. Such
listings can't be completed through the Gazette.net interface.

2. *Get on the MLS through a Flat Fee Listing Broker*. The MLS Listing is
consumed across the virtual realty universe (realtor.com, zillow, etc.) To
me the wider distribution is worth the trade-off of needing to cut-in the
buyer's broker. Also, I found no correlation between cost and quality. Lisa
Berry Properties in Merrimack Valley region was much more responsive than
the Better Business Bureau seal of approval for Buyself.com at three times
the price.

3. *Get an appraisal BEFORE you list*. The appraisal is a credible way to
assess not only the market value but the financing threshold for your
property. As you'll learn the estimation formulas for the virtual sites are
more "over-the-map" than the other comparables your would-be-buyers are
considering.

There will be other bumps along the way but I hope I answered some dormant
questions for list members considering whether to sell their own houses.

Marc
North Hadley


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