List with a Realtor or FSBO?

Question

My husband has a condo in Kalamazoo, MI that he has been renting out for the past 6 years. The tenant's rent covers the mortgage and HOA payments, but leaves us with negative cash flow anytime we make any improvements or have other expenses. We would like to sell the property, but are most likely not going to be able to sell the condo for as much as we owe on it (my husband bought it when the market was up). So the question is should we list with a realtor or try to sell it ourselves. I think we should get a realtor as we live 2.5 hours away from the condo, but my husband would like to save the money. The other thing I will mention is a similar unit in the complex has been on the MLS for 150 days and has not sold.

Any advice would be appreciated!

Monica Corbett · Answer

Thank you everybody for the responses!

Stephan Haas · Answer

Hi Monica,

I am a local Realtor/investor here in Kalamazoo, I would be happy to run a RPR and CMA for you, i would just need the address. That would be a good way to get a starting price.

Gavin S. · Answer

I have sold homes both ways.  I move a lot due to my job so selling on my own was the only way to make a profit which I did on my 2 successful FSBO's. I lived and worked in the town and I was pretty successful marketing the properties even before I listed them. Sold both properties in one month the 2nd one on the 1st day I put the sign in the yard. I had the time and connections to sell by FSBO. If you don't you'll drive yourself crazy trying to be a realtor i.e. properly market, call brokers and do open houses and showings. At that distance I say use a realtor. The lost thought is after location location location its all about price. If you really want to sell it and can afford a small loss cut your losses. The chances of just trying to make a dime in a scenario where there isn't much equity may end up very costly to you. An effective realtor will get it sold. GS

Mitchell L. · Answer

How much do you value your time? If it is a lot, then have a realtor list it and represent your best interests. It's proven that listing with an agent will net you higher than doing a FSBO. If it is a very hot market, then you can try but I'm sure cooridinating showings, inspecitons, contract preperation will be time consuming... Good Luck!