For Sale by Owner FSBO April 27, 2013

FSBOing: This Time It Was Embarrassing

After failing to sell his NYC apartment on his own as a For Sale By Owner (FSBO), Colby Sambrotto hired a broker and paid a 6% commission in order to get the job done. His personal experience helps refute some of the myths Sambrotto has been espousing for over a decade. Let’s look at two of those myths:

Myth #1 – You Will Pocket More Money Selling on Your Own

Most FSBO sites say you can save the commission by selling on your own. What happened in Sambrotto’s sale?

From the WSJ article:

“The broker, Jesse Buckler, said he told Mr. Sambrotto the apartment in the Lion’s Head building on West 19th Street near Sixth Avenue was priced too low and wasn’t drawing the right buyers.

By May, it went into contract, he said, after attracting multiple offers. It closed in the last few days for $150,000 more than the original asking price.”

Myth #2 – The Internet Alone Can Sell Your Home

Many have said that, with the introduction of home search on the internet, hiring an agent is no longer a necessity. What happened to the FSBO guru when he attempted to only depend on the internet?

From the WSJ article:

“Looking to move his family to the suburbs, [Mr. Sambrotto] said he carefully staged his apartment for sale himself, and put it on the market. But after using a mix of websites to publicize his apartment, he said he had only ‘middling success’ and switched to a broker because many buyers were so reliant on brokers.”

Bottom Line

There is a reason the real estate industry has been around for centuries: it performs a valuable service.

Considering Selling? Give us a call, we would be happy to provide you with a complimentary market value analysis of your home.

Steve Hill and Sandra Brenner
Windermere Real Estate Seattle-Northwest
Telephone 206-769-9577
 

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Home Selling FSBO April 25, 2013

Selling Your Home Alone – FSBO

crazy1A well-known legal profession axiom:

“The attorney who represents himself is dumb and has a fool as a client.”

We believe this also applies if you attempt to sell your own home as a For Sale by Owner (FSBO). In today’s volatile market, you need an experienced professional!

You and your family need a skilled negotiator

In today’s market, hiring a talented negotiator could save you thousands, perhaps tens of thousands of dollars. Each step of the way – from the original offer, to the possible re-negotiation of that off after a home inspection, to the possible cancellation of the deal based on a troubled appraisal – you need someone who can keep the deal together until it closes.

Here is a list of some of the people with whom your agent will potentially negotiate on your behalf:

  • The buyer
  • The buyer’s agent
  • The buyer’s attorney
  • The home inspection company
  • The termite company
  • The buyer’s lender
  • The appraiser
  • The title company
  • The town or municipality
  • The buyer’s buyer
  • Your bank (in the case of a short sale)

How do you know if an agent negotiates well?

Realize that when an agent is negotiating their commission with you, they are negotiating their own salary; the salary that keeps a roof over their family’s head; the salary that puts food on their family’s table. If they are quick to take less when negotiating for themselves and their families, what makes you think they will not act the same way when negotiating for you and your family? If they were Clark Kent when negotiating with you, they will not turn into Superman when negotiating with the buyer in your deal.

Bottom Line

You need a great negotiator. We believe that famous sayings become famous because they are true. You get what you pay for. Just like a good accountant or a good attorney, a good agent will save you money…not cost you money.

Considering Selling?

Give us a call and let us show you how we can save you money, time and aggravation.

Steve Hill and Sandra Brenner
Windermere Real Estate Seattle – Northwest
Telephone 206-769-9577

 

Home For Sale by Owner April 24, 2013

FSBO – For Sale By Owner

Anyone in the real estate industry for any length of time realizes that the education required and the resources necessary to be a true industry professional have dramatically increased over the last two decades. In today’s volatile market, it is necessary to have a true real estate professional if you want to sell your home for the best possible price in the shortest amount of time – and make sure the deal gets to the closing table!

The National Association of Realtors (NAR) has recently reported that as many as 15% of all deals never make it to closing. Tighter lending requirements, stronger disclosure forms and tougher appraisal standards have all contributed to the more treacherous minefield through which today’s seller must navigate.

The good news is homeowners have realized that attempting to sell their home on their own is an arduous process best left to an industry expert. According to NAR’s most recent Profile of Home Buyers and Sellers, the percentage of sellers selling on their own, known as For Sale By Owners (FSBOs), has dropped in half over the last 20 years; from 19% to 9%.

Bottom Line

If you are selling a home in today’s confusing real estate market, it is best to take on the services of a local real estate expert. He/she will guide you through each step of the transaction thereby increasing the likelihood that there will be fewer inconveniences for you and your family.

If you are considering selling your home For Sale by Owner, give us a call, we would be happy to share with you the pros and cons ofselling your hme FSBO.

Steve Hill and Sandra Brenner – Windermere Real Esate Seattle – Northwest – 206-769-9577