AVSIG: FSBO or professional? wwswsigarch.jpg (7236 bytes)

✈ . . . . . . ✈ . . . . . ✈ . . . . ✈ . . . ✈ . . ✈ . ✈ . . ✈ . . . ✈ . . . . ✈ . . . . . ✈ . . . . . . Touch-and-Go to our Live Forum (This is a Read-only Archive of the 2004-2017 AVSIG Forum)


AVSIG Discussion Sections >> AVSIG Marketplace

Pages: 1 | 2 | (show all)
Tom Tyson [SUW]
Glider Guider


Reged: 05/27/04
Posts: 4691
Loc: KSUW
Re: FSBO or professional? [Re: Robert Mann [HPN-NY]]
      #284964 - 03/24/10 08:11 AM

I've only owned six houses plus one building lot (and to date sold five houses <g> and the lot <sniff!>) and my experience with brokers has run the gamut from excellent to non-existent. In one case we "fired" the listing agent after several contract cycles and went the FSBO route, running an ad in the local news paper that said something to the effect of:

"If you're serious about this neighborhood, we're serious about selling. FSBO and we'll split the commission with you."

We had a full price offer within a week, and the buyer's bank/mortgage holder handled all the closing (THEY wanted to make sure they had a clean title).

I don't know what the experience is like now, other than when we sold our house in Richmond three years ago at the beginning of the downturn it was on the market for four months, we had staged most of the furniture to the new house (yes, they were still giving bridge loans then) and we got within 1% of our asking price.

Much of the success of this last sale I attribute to working with a very sharp, very experienced broker who got the price right up front and really beat the bushes making buyer's brokers aware of the house by holding several broker-only open houses.

- TT

--------------------
Tom Tyson-A&P

Pilots without Mechanics are just Pedestrians with fancy watches.


Post Extras: Print Post   Remind Me!   Notify Moderator  
Sean Franklin
Top Gun


Reged: 08/15/04
Posts: 2566
Loc: Eureka Springs, Arkansas
Re: FSBO or professional? [Re: Robert Mann [HPN-NY]]
      #284988 - 03/24/10 12:57 PM

Quote:

I've often found that their advice on price is to promise you a high price when they're trying to get a listing and quickly advise you to drop it after getting the listing so that it will sell fast. Your broker's interest is not aligned with yours. You want the best obtainable price. They want a quick transaction. Dropping your price $100,000 cost you $100,000 but only costs the broker $2,500.



Dropping your listing by $100,000 will SAVE you money if the higher price won't result in a sale. You'll just end up paying mortgage, insurance, etc. for the months that the house sits until you decide to get reasonable about the price. I have seen MANY people sit on houses for months, sometimes switching brokers, just because they have an unreasonable expectation of what their house will sell for.

Certainly you don't want to leave money on the table, but it's usually in both the broker's and the seller's interest to sell quickly. Usually people aren't selling just because they're tired of the place, it's because they have somewhere to go. Sometimes that means double mortgage payments, or split up families (as when my wife moved ahead to her new job, and I stayed behind to list the house and finish the kids' school year). What a house is "Worth" is whatever it will sell for, not what you want to get for it.

--------------------
Eureka Springs, Arkansas


Post Extras: Print Post   Remind Me!   Notify Moderator  
Jerry Kurata [KLVK]
Top Gun


Reged: 05/02/04
Posts: 6395
Loc: Northern California
Re: FSBO or professional? [Re: Sean Franklin]
      #285222 - 03/26/10 11:47 AM

I agree. A quick sale is usually in everyone's interest. It puts money in everyone's pockets. The least desirable outcome is the property sitting on the market week after week while the owner waits for the perfect buyer (ie. the one willing to pay the owner's price).

Edited by Jerry Kurata [KLVK] (03/26/10 11:47 AM)


Post Extras: Print Post   Remind Me!   Notify Moderator  
Robert Mann [HPN-NY]
AVSIG Member


Reged: 05/15/04
Posts: 11777
Loc: NY
Re: FSBO or professional? [Re: Sean Franklin]
      #285268 - 03/26/10 03:41 PM

Sean,

Quote:

Dropping your listing by $100,000 will SAVE you money if the higher price won't result in a sale. You'll just end up paying mortgage, insurance, etc. for the months that the house sits until you decide to get reasonable about the price. I have seen MANY people sit on houses for months, sometimes switching brokers, just because they have an unreasonable expectation of what their house will sell for.




No one's talking about unrealistic, unobtainable prices or "unrealistic expectations". What I was talking about was brokers who talk you into to lowering the price just to move the property fast so they can earn their commission fast without much work, because their reduction in commission at the lower price is tiny when compared to your reduction in sales proceeds. (Ergo, your interests are not aligned) You could almost always move a property fast if you drop the price enough.

If you have a couple of hours, I'll chat with you about many examples I've witnessed and experienced about this type of broker behavior.

--------------------
Best,

Bob


Post Extras: Print Post   Remind Me!   Notify Moderator  
nehoC hctiM
Top Gun


Reged: 08/03/04
Posts: 2293
Loc: LAX Based 10/2016 - Current YA...
Re: FSBO or professional? [Re: Robert Mann [HPN-NY]]
      #287086 - 04/16/10 01:03 PM

Update:

Townhouse in Chicago rented for another 2 year lease.
Unsure if time of year, or the quality of the leasing agent(me), but at least this puts off the sale till the market is in better shape.

Thanks for all of your answers.

Mitch

--------------------
USA Today said, people over 50 are calmer.


Post Extras: Print Post   Remind Me!   Notify Moderator  
Pages: 1 | 2 | (show all)



Extra information
0 registered and 0 anonymous users are browsing this forum.

Moderator:  Mike Overly 

Print Topic

Forum Permissions
      You cannot start new topics
      You cannot reply to topics
      HTML is disabled
      UBBCode is enabled

Rating:
Topic views: 5563

Rate this topic

Jump to

Contact Us AVSIG

Powered by UBB.threads™ 6.5.5

Logout   Main Index    AVSIG Aviation Forum