Real Estate Investor · La Fayette, NY · Member since 2017 · 110 posts · 27 votes
Hi! So I always wanted to see what its like selling on your own (I know crazy) But I have the time, great property and neighborhood, some common sense and like all of us here I enjoy real estate and especially foreclosure buys (been through 4 already) I'm listing the property as FSBO, doing the flatfee MLS Midweek and of course Buyers Realtor fee-friendly. I fully expect 90% interest offer will likely have a realtor. Word of mouth with signage and FB mentions already bringing some inquiries.
Anyways, My question is this; probing questions, how do you politely ask "are you preapproved or have proof of funds"? and what are some of the other good responses to have to chats/emails?
I fully expect this house to get a ton of attention, a nicely remodeled, area is hot & no homes in the neighborhood because all the other got bids in 3 days. I'm priced at the upperend of like homes that sold. I did pro photos to and she shoots and the photographer (works with 100+ realtors) kindly added me to her website/FB so I know that'll get alot of interest and the phots will too.
Investor · Jasper GA · Member since 2015 · 1k+ posts · 1k+ votes
6y
Don't be bashful about asking for POF. I would put it in the ad that you require POF for a showing and blame it on Covid. Just be upfront and weed out the tire kickers and nosy neighbors. If not you will waste a lot of time. Also your phone will blow up from realtors. Be prepared to tell them you aren't interested in listing but will protect them if they bring you a buyer. Good luck.
Investor · Jasper GA · Member since 2015 · 1k+ posts · 1k+ votes
6y
Don't be bashful about asking for POF. I would put it in the ad that you require POF for a showing and blame it on Covid. Just be upfront and weed out the tire kickers and nosy neighbors. If not you will waste a lot of time. Also your phone will blow up from realtors. Be prepared to tell them you aren't interested in listing but will protect them if they bring you a buyer. Good luck.
Real Estate Investor · La Fayette, NY · Member since 2017 · 110 posts · 27 votes
6y
I've only bought a few properties and held onto them for STR/Airbnb. First time selling on my own. This is what I placed on my website: "
Showings by Appointment only
Potential buyers; please have mortgage pre-approval documentation or proof-of-funds letter prior to showings."
I think many serious buyers know this is pretty much a requirement in this market if they want to get ahead. Have two showings scheduled for early this week before it goes on MLS. The other wording is letting people/realtors know that offers will not be reviewed until Saturday or Sunday. As others have said on here, It's alot of work unless you do this for a living :o) But I always wanted try it and experience it.
Real Estate Investor · La Fayette, NY · Member since 2017 · 110 posts · 27 votes
6y
First person looked today with their realtor (whom they should fire, weird story there) and texted they know it wouldn't be published MLS till Wednesday (cause that's how I did it my website and FB groups and I mentioned to the realtor how I'll likely be asking for all offers to be submitted for Sunday). They asked "when are all offers due, we loved the house"
QUESTION: MLS requires a Delayed negations addendum typically. SHould I file for that and how should I word "Showings Thursday thru Sunday with all offer due by Sunday midnight" (or Monday noon)
Real Estate Investor · La Fayette, NY · Member since 2017 · 110 posts · 27 votes
6y
Well I think I'm going with this.. "The Seller will review offers Sunday night at 9pm. If there are any offers then please be sure preapprovals are ready and/or proof of funds is indicated and shown" I was thinkin of monday but some offers may not want to wait another day. ANd most shopping are preapproved or know to have proof of funds letter. Again, another hom in a same area went on today and multiple offers due my th 23 (yes they have multiple offers already.
Real Estate Investor · La Fayette, NY · Member since 2017 · 110 posts · 27 votes
5y
Well Offer was accepted! It was a VERY solid offer with great terms and buyer. Multiple offers came in. FSBO route was a alot of work and for a one time deal DEFINATELY not worth it, but 2 a year or so I can see it. MLS flat fee is the only way to go. I did a great website, blasted my FB groups that have thousands of local members, excellent visible house. but in the end it was the MLS that brought buyers to my house. FB listing was a joke and attracted idiots; including one who asked for the address (website was the address and in the website)
PRO FSBO:
* It Educates you!
* You control discussions and negotiations and in a way your price
* $$ Yes you save some money
* Keypad lock - A MUST for easy access for realtors.
CONS to FSBO
* LOT and LOTS of time prepping. Could have spent time doing other stuff and spending family time for beginning of school.
* STRESS - Planning and preparing and organizing for appt. and discussions. wasn't as bad as I anticipated, but could behave been.
* TRUST/INTEGIRTY - I think Realtors like dealing with realtors. I believe there's hesitation with FSBOS because realtor VS Realtors know what to expect and act within Ethics (I think).
* PRICE- I feel more multiple offers could have came in and would have been taken more seriously.
In the end though I worked with a smaller botique firm and a large franchise and still got a great price. As for price, BE careful if you list with a realtor. I friend of mine who is a succesful realtor laughed when I told my price and explained. I stood my ground and went with my price. I stood my ground because I focus on a "niche" client and he focuses on what numbers show for the market. I got the client type I anticipated when I first bought the rundown house and that client will be getting a nice home.
Closing should go smooth and stress is weaning a bit.
Real Estate Investor · Minneapolis, MN · Member since 2011 · 49 posts · 19 votes
5y
Congrats! I agree that flat fee MLS is the way to go, but you have to be very careful. There are some absolutely terrible flat fee websites out there. If you don't see hundreds of positive reviews, keep looking until you do. One website that has good reviews actually sneaks in a fee that the seller doesn't see until they sign the listing agreement. Others put you in a far away MLS that does no good because agents in the area don't use it. The most advertised websites and cheapest tend to have the worst reviews and most unsuccessful sellers. Look for a brokerage that guarantees being in the right MLS and no hidden fees!
Real Estate Investor · La Fayette, NY · Member since 2017 · 110 posts · 27 votes
5y
I did, lots of flat fees but mine was a broker in neighboring city that covers many local MLS groups. Also conversed with a few who use their services and reviews were spot on. Was a true and worthy flat fee broker. I have heard other take the $$ post it and thats all you ever hear!