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Flipping Houses for Profit: Is it legit? |
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For Sale By Owner...a good idea?You might think we'd say "never" but we're not. I'm going to say "maybe" instead. There are instances where a FSBO might be the best way to go. For example, if you have no equity and cannot afford to sell at market price AND pay a commission, you should probably go FSBO. Or, if you have lots of spare time to take telephone calls, show your home and advertise, and if you don't have small children or loved ones who could be at risk in the event an intruder or robber stops by to have a look, you might consider it. The truth is that the majority FSBO's do not sell. One reason is that most people who are seriously looking for homes use Realtors. Most people that shop FSBO's are people that are looking for rockbottom prices...and that's what they usually offer you, the FSBO...rock bottom prices. However, when a FSBO sells, its usually because it is in a subdivision that is highly sought after. Some people "keep their eyes on" a neighborhood and drive by it once a month or so to see if there are any new listings. In that case, a FSBO might sell quickly. But if its still available after 30 or 60 days, you might be wise to go ahead and list...at the same price. Don't jack the price up in the amount of the commission. Any sophisticated buyer with a sharp agent will see through that one. Still, go ahead and try it if you like. Some people can do it. List your property on many of the FSBO databases you'll find online. Consider paying a real estate firm a nominal fee to place it in your local MLS. But even if you do sell it yourself, go ahead and spend a few hundred dollars and hire a realtor as a "consultant" to handle the contract paperwork for you and lead you through the landmines of getting from contract to closing. There is much, much more to it than you realize. Many agents will gladly do this for a fee, and the money they may save you is worth it. Also remember there are security concerns associated with allowing people into your home that you don't know. They may be serious buyers--or they may be con artists searching for a home to break into later. Or worse. If you need a "consultant," as your agent if he or she will be willing to provide you that service for a mutually agreed upon fee that is less than full commission but yet which still compensates them for their time at a professional's rate of pay. AL | AL | AZ | AR | CA | CO | CT | DE | D.C. | FL | GA | HI | ID | IL | IN | IA| KN | KY | |LA | |ME | MD | MA | MI | MN | MI | MO | MT | NE | NV | NH | NJ | NM | NY | NC | ND | OH | OK | OR | PA | RI | SC | SD | TN | TX | UT | VT | VA | WA | WV | WI | WY (C) 1999, 2000, 2001, 2002. 2003 , 2004 RealtySeek
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