Selling for sale by owner vs realtor

[txbob34]

I am selling my designer house in Marsh Bend (south of the turnpike). My neighbors are telling me that this neighborhood is one of the most desirable in this area as its next to the softball fields and stores. They are also telling me that several people sold their homes by owner within days of advertised it and used a real estate attorney to draw up the contract.

I was told that a couple of the people who sold it on their own had consulted a Villages realtor who recommended selling their homes for considerably less than they ended up selling on the own.

Being the market is so hot at the moment. What advantage is there selling a house using a realtor vs using a real estate attorney to write the contract?

[dewilson58]

May want to look online for a "contract", forms are out there.

For $30k of broker fees, a little self-work is pretty good money.

[retiredguy123]

You will still need a title company to handle the paperwork, hold the earnest money, and prepare and record the deed. Tri-County Title is one company that will provide you with a free FSBO package. Other companies will too. Before you start to show the house, you need a sales contract, which is part of the FSBO package. You and the buyer can sign the contract, and the buyer can make out an earnest money check directly to the title company. I have seen people try to sell their house, but when they find a willing buyer, they don't have the necessary sales contract paperwork to formalize the deal, or a company to accept the earnest money, and the deal falls through.

[Babubhat]

Cost is your time. I have never used a realtor in selling my houses. In this market I can’t believe a realtors added value is anything close to their fee

[wisbad1]

You will still need a title company to handle the paperwork, hold the earnest money, and prepare and record the deed. Tri-County Title is one company that will provide you with a free FSBO package. Other companies will too. Before you start to show the house, you need a sales contract, which is part of the FSBO package. You and the buyer can sign the contract, and the buyer can make out an earnest money check directly to the title company. I have seen people try to sell their house, but when they find a willing buyer, they don't have the necessary sales contract paperwork to formalize the deal, or a company to accept the earnest money, and the deal falls through.
McLain and Burnstein charges $1000. to do all

[txbob34]

McLain and Burnstein charges $1000. to do all

Thanks for the information.

[txbob34]

You will still need a title company to handle the paperwork, hold the earnest money, and prepare and record the deed. Tri-County Title is one company that will provide you with a free FSBO package. Other companies will too. Before you start to show the house, you need a sales contract, which is part of the FSBO package. You and the buyer can sign the contract, and the buyer can make out an earnest money check directly to the title company. I have seen people try to sell their house, but when they find a willing buyer, they don't have the necessary sales contract paperwork to formalize the deal, or a company to accept the earnest money, and the deal falls through.

Thanks. Sounds like the FSBO package is just the ticket.

[Boomer]

In TV? In this market?

Absolutely try it yourself.

People are now popping in to this thread to recommend local title companies that will take care of the paperwork for you at a whole lot less than 6%.

If you have never FSBO’d, you might want to read up on things to do before showing your house. Of course, you know about how it should look its best, but don’t forget things like making sure there are no prescriptions in the medicine cabinet or anything around that can be easily picked up. (Yes. I know, all Villagers and potential Villagers are the salt of the earth, all 150,000 of them……uh,huh.)

I cannot imagine that you would need to bother with an open house. But I guess you could if you want to. You should have a buyer fast and have no need to mess with the lookie-lou crowd traipsing through.

You can get a feel for pricing by looking at sumterpa.com and at ads and by going to open houses for houses that are comparable to yours. (Yes. I know. That’s being a lookie-lou.)

Speaking of being a lookie-lou, I have gone to open houses for the specific purpose of meeting the agent and basically conducting an interview — during a time when there were no “live ones” for the agent to talk to. (I would never monopolize an agent on duty in an open house when they have potential buyers on the premises, but eventually there will be a lull.) That is how I sometimes have found agents to sell our own houses. All agents are not created equal. I see working with an agent as being like going into business with a partner — so I have always made sure it’s a match. We have sold via FSBO and also with agents. It just depends on what we think we want to do at the time.

You probably already know this, but……..

If the house is your primary residence and you have lived in it for 2 years, there will be no capital gain tax on any profit……..

But I am not an accountant, so check that one, but I don’t think that part of the tax law has changed since it went into effect in the 1990s. I always liked that 1990s change because it has allowed a lot of regular people to make money on their own houses. I can remember the days when if you did not buy a more expensive house after selling, you were taxed on the profit from the sale of yours.

If it is not your primary residence, then at income tax time, make sure you have good records and receipts for any improvements you have made to the house and any associated selling costs. The amount you have spent will help you close the taxable gap between what you paid for the house and your selling price. (Again, check the tax stuff with someone who actually knows what they are talking about.)

My guess is that you will be receiving PMs from people who are reading this thread.

Do your homework and go forth and make some money.

Good luck.

(Phew…..The OP asked for the time and I built him a clock. Oh well, that is enough from me today. I can always tell when I am procrastinating with TOTV when I have things in my real life that I do not want to do.)

Boomer

[manaboutown]

"KEY TAKEAWAYS
You can sell your primary residence and be exempt from capital gains taxes on the first $250,000 if you are single and $500,000 if married filing jointly.
This exemption is only allowable once every two years.
You can add your cost basis and costs of any improvements that you made to the home to the $250,000 if single or $500,000 if married filing jointly."

From: Do You Have to Pay Capital Gains Tax on a Home Sale? (https://www.investopedia.com/ask/answers/06/capitalgainhomesale.asp)

[wisbad1]

You know you are taking thousands of dollars away from some realtors pocket. Boo hoo .

[AZ SLIM]

Does Florida require a seller's disclosure statement?

[ldovermiller]

Stay away from the Village's realtors, they stuck it to me. License to steal!!!!!!!!!!!!!

[tsmall22204]

Why don't you ask your neighbors you have taken their advice until now.

[bowlingal]

Txbob...I would not say Marsh Bend is the most desirable at all. Not even close. Why are there so many houses for sale south of 44? And these houses are only practically brand new or a couple of years old. Makes you wonder...............

[RICH1]

Lol…. Best one yet April fools
Got me

[rsmurano]

You don’t need a realtor. I sold my last home without a realtor. Post it on a couple of websites and it will sell in days. I kept the down payment, not a title company. You can go to any title company that you want to us to close on your house and get the necessary forms for free. The 2 forms we used to start the process was the sales contract and the disclosure form. I sold ours cash with no inspection. If they want an inspection, make it within 7 days and keep trying to sell your house until the inspection period is over. It’s a good idea to have a backup sale in case the 1st buyer backs out.

[Lindaws]

Get contract from title co. , have them do closing

[retiredguy123]

You don’t need a realtor. I sold my last home without a realtor. Post it on a couple of websites and it will sell in days. I kept the down payment, not a title company. You can go to any title company that you want to us to close on your house and get the necessary forms for free. The 2 forms we used to start the process was the sales contract and the disclosure form. I sold ours cash with no inspection. If they want an inspection, make it within 7 days and keep trying to sell your house until the inspection period is over. It’s a good idea to have a backup sale in case the 1st buyer backs out.
Most experienced buyers would want the earnest money held in an escrow account by a third party, like a title company. As a buyer, I would not allow the earnest money to be held by the seller. Even when a broker sells a property, they use a third party escrow account for the earnest money.

Also, I think it is best to decide on a title company before showing the house, and use their contract documents. If you try to select or switch title companies after you already have a signed sales contract, they may not be comfortable with the contract documents that you used.

[sallyg]

Txbob...I would not say Marsh Bend is the most desirable at all. Not even close. Why are there so many houses for sale south of 44? And these houses are only practically brand new or a couple of years old. Makes you wonder...............
We live in MB and think it's the nicest village around. Easy access to amenities, no turnpike noise (that so many people seem to think is ubiquitous), and great neighbors.

[Fastskiguy]

Txbob...I would not say Marsh Bend is the most desirable at all. Not even close. Why are there so many houses for sale south of 44? And these houses are only practically brand new or a couple of years old. Makes you wonder...............

You can talk about Marsh Bend not being "desirable" but lots of people are getting nearly twice what they paid 2 years ago. So if you can sell your $400K designer for almost $800K.....some people are going to go for it.

Joe

[CJH929]

I am selling my designer house in Marsh Bend (south of the turnpike). My neighbors are telling me that this neighborhood is one of the most desirable in this area as its next to the softball fields and stores. They are also telling me that several people sold their homes by owner within days of advertised it and used a real estate attorney to draw up the contract.

I was told that a couple of the people who sold it on their own had consulted a Villages realtor who recommended selling their homes for considerably less than they ended up selling on the own.

Being the market is so hot at the moment. What advantage is there selling a house using a realtor vs using a real estate attorney to write the contract?
We sold our Creekside Villa by ourselves last summer.
We put a large sign in the garage window. In one day we had a buyer. No cash changed hands that day.
I went to McLin and Burnsed (above Starbucks in Lake Sumter Landing and picked up the FSBO package - no charge.
Both parties fill out their portion. We requested that they use Peninsula Title on the form and we asked for 1% earnest money which is held by McLin Burnsed.
Totally painless. 30 days later, we had our closing.

[mike1946]

I have owned for over 20 years in TV but I will still have to pay CGT on any profit 'cos I'm a Brit and not a resident ...watch out for that nasty curve fellow Brits.

[Dburesh]

You can definitely sell your home on your own...why pay the ridiculous commissions to a realtor? I've sold 2 of our villas & many homes for my friends in The Villages. I have some very good friends that are realtors & they agree that is the way to go if you are able. I used to be a real estate paralegal in Ohio & have looked into the FL law so I actually draw up the contract for you & do the negotiating(if you don't want to be involved), advertise on the free websites, conduct an open house if you need 1 for only $1,500! I also have connections with a Title Company if you need one. I used to do title work, prepare docs & perform the closings in Ohio, so I do have experience & enjoy doing it on the side, since I'm only 62 & am not able to work because of several health issues. Give me a call @ 513-222-2981 to chat! GOOD LUCK!!!

I am selling my designer house in Marsh Bend (south of the turnpike). My neighbors are telling me that this neighborhood is one of the most desirable in this area as its next to the softball fields and stores. They are also telling me that several people sold their homes by owner within days of advertised it and used a real estate attorney to draw up the contract.

I was told that a couple of the people who sold it on their own had consulted a Villages realtor who recommended selling their homes for considerably less than they ended up selling on the own.

Being the market is so hot at the moment. What advantage is there selling a house using a realtor vs using a real estate attorney to write the contract?

[Boomer]

Txbob...I would not say Marsh Bend is the most desirable at all. Not even close. Why are there so many houses for sale south of 44? And these houses are only practically brand new or a couple of years old. Makes you wonder...............


Two Years! I bet that is exactly why some of the homes — in that nice village — are for sale. Two years is the magic timing…..if a home is the primary residence — having lived in it for two years — the seller can walk away from a closing table with a whole lot of profit — cap gains tax free — thanks to a tax law that changed in 1997.

(See post #9 where manaboutown clarifies the allowed exclusion amounts.)

Fastskiguy says basically the same thing here in his post below that applies to profit in general. Primary residence and two years is the key to getting to keep the most change though.

Boomer



You can talk about Marsh Bend not being "desirable" but lots of people are getting nearly twice what they paid 2 years ago. So if you can sell your $400K designer for almost $800K.....some people are going to go for it.

Joe

[jparsoneau@aol.com]

You do not need an attorney or a real estate agent. and I see people are giving you tax advice as well which I would talk to your CPA or tax accountant about that even though it sounds correct. And all you need is the title company they will do everything for the buyer and the seller other than the contract between the two of them. But they are not a real estate agent they just do the paperwork for both parties. Be careful taking any legal advice on any Internet source
For what it’s worth I am interested in picking up a rental in the villages if you want to message me I would be more than happy to find out what you’ve got and what you’re asking?

[Boomer]

Most experienced buyers would want the earnest money held in an escrow account by a third party, like a title company. As a buyer, I would not allow the earnest money to be held by the seller. Even when a broker sells a property, they use a third party escrow account for the earnest money.

Also, I think it is best to decide on a title company before showing the house, and use their contract documents. If you try to select or switch title companies after you already have a signed sales contract, they may not be comfortable with the contract documents that you used.



Yeah. I cringed at that one, too. A buyer should never hand over earnest money directly to the seller. And you are also right about the documents. Using a title company for a FSBO costs a whole lot less than a real estate commission. But, even so, don’t be “penny wise and pound foolish” because that could really cause a mess. Use a title company where there will be in-house lawyers.

Boomer

[RealJudy]

It is in the buyers’ best interest to have that knowledge.

[JMintzer]

Stay away from the Village's realtors, they stuck it to me. License to steal!!!!!!!!!!!!!

My agent was wonderful...

[MandoMan]

I am selling my designer house in Marsh Bend (south of the turnpike). My neighbors are telling me that this neighborhood is one of the most desirable in this area as its next to the softball fields and stores. They are also telling me that several people sold their homes by owner within days of advertised it and used a real estate attorney to draw up the contract.

I was told that a couple of the people who sold it on their own had consulted a Villages realtor who recommended selling their homes for considerably less than they ended up selling on the own.

Being the market is so hot at the moment. What advantage is there selling a house using a realtor vs using a real estate attorney to write the contract?

6% real estate commission on $100,000 is $6,000, even if the house sells for cash in a day. If your house sells for $500,000, that is $30,000 commission. That’s a lot of money to give away. But if you are going to sell it yourself, have all the forms you need on hand before you put it up, and have a real estate lawyer chosen and have a talk with him or her (and expect to pay for that), and line up an escrow company.

[retiredguy123]

You can definitely sell your home on your own...why pay the ridiculous commissions to a realtor? I've sold 2 of our villas & many homes for my friends in The Villages. I have some very good friends that are realtors & they agree that is the way to go if you are able. I used to be a real estate paralegal in Ohio & have looked into the FL law so I actually draw up the contract for you & do the negotiating(if you don't want to be involved), advertise on the free websites, conduct an open house if you need 1 for only $1,500! I also have connections with a Title Company if you need one. I used to do title work, prepare docs & perform the closings in Ohio, so I do have experience & enjoy doing it on the side, since I'm only 62 & am not able to work because of several health issues. Give me a call @ 513-222-2981 to chat! GOOD LUCK!!!
Interesting. I understand that you don't need to be a licensed real estate agent to accept a fixed payment associated with the sale of a house. But, you may want to explain what your legal role is and whether you have a Florida license of any type, or Florida credentials, especially with respect to preparing contracts and handling a closing.

[manaboutown]

You can definitely sell your home on your own...why pay the ridiculous commissions to a realtor? I've sold 2 of our villas & many homes for my friends in The Villages. I have some very good friends that are realtors & they agree that is the way to go if you are able. I used to be a real estate paralegal in Ohio & have looked into the FL law so I actually draw up the contract for you & do the negotiating(if you don't want to be involved), advertise on the free websites, conduct an open house if you need 1 for only $1,500! I also have connections with a Title Company if you need one. I used to do title work, prepare docs & perform the closings in Ohio, so I do have experience & enjoy doing it on the side, since I'm only 62 & am not able to work because of several health issues. Give me a call @ 513-222-2981 to chat! GOOD LUCK!!!

UH OH!

"Unlicensed Practice of Real Estate in Florida

Unlicensed Practice of Real Estate is a Third Degree Felony in Florida.
Under Florida Statute 475.42(1)(a), the crime of Unlicensed Practice of Real Estate is committed when a person engages in real estate activities listed under Florida Statute 475.01(1)(a) without a real estate license for compensation.

Real Estate Activities Requiring Licensure

In Florida, it is unlawful to engage in the following real estate related activities for compensation without possessing a real estate broker’s license or sales associate license.

Advertising or marketing another person’s timeshare or property for compensation.
Auctioning or attempting to auction another person’s property for compensation.
Buying or attempting to buy real estate on behalf of another person for compensation.
Listing another person’s timeshare or property for compensation.
Operating as a real estate broker or sales associate without a license.
Renting, leasing, or attempting to rent or lease real estate on behalf of another person for compensation."

From: Unlicensed Practice of Real Estate in Florida (https://www.richardhornsby.com/crimes/regulatory/unlicensed-practice-of-real-estate.html)

[toeser]

I am selling my designer house in Marsh Bend (south of the turnpike). My neighbors are telling me that this neighborhood is one of the most desirable in this area as its next to the softball fields and stores. They are also telling me that several people sold their homes by owner within days of advertised it and used a real estate attorney to draw up the contract.

I was told that a couple of the people who sold it on their own had consulted a Villages realtor who recommended selling their homes for considerably less than they ended up selling on the own.

Being the market is so hot at the moment. What advantage is there selling a house using a realtor vs using a real estate attorney to write the contract?

None that I can think of since I have sold multiple properties FSBO. Be prepared for more work, but at a huge return for your effort.

[montagnard1969]

In this or any other market the only advantage you receive from a realtor is exposure through MLS. Since this market is so seller advantaged, the only thing you need is a
good closing attorney or Title Company. You do the advertising and the showing and leave the legal issues to the attorney or title company. It is amazing how much money you will save doing it yourself.
The real estate agent has only one interest in mind, making a sale and their commission. They will get you to sell even if it means you get less for your home. Their allegiance is to their bank account, not yours.
As the market goes, you are beginning to see discount real estate brokers entering the market. As with automobiles, soon much of the real estate market will be the same, online sales. In most cases real estate agents will be going by the wayside. They claim personal service, but is it worth 7% of the sale price? Personally, I don't think so.

[bp243]

You will still need a title company to handle the paperwork, hold the earnest money, and prepare and record the deed. Tri-County Title is one company that will provide you with a free FSBO package. Other companies will too. Before you start to show the house, you need a sales contract, which is part of the FSBO package. You and the buyer can sign the contract, and the buyer can make out an earnest money check directly to the title company. I have seen people try to sell their house, but when they find a willing buyer, they don't have the necessary sales contract paperwork to formalize the deal, or a company to accept the earnest money, and the deal falls through.

Always enjoy reading your responses...clear, concise and unbiased!

[Mspacak]

Hello
I am bought from a "sale by owner " courtyard in Fenney .
The seller saved 30k on commission
He used this title company who I highly recommend
Johnathan W. Thompson

Fidelity National Title

333 3rd Avenue North, Suite 500C

St. Petersburg, FL 33701

727-539-9941

He used live in the Villages and knows exactly what needs to be done to sell for you.
You can the PSA agreement on line for the contract and hire an attorney if needed.
Good luck
Good luck on your sell

[nordic tug]

McLain and Burnstein charges $1000. to do all
McLin & Burnsed

[BlueStarAirlines]

this neighborhood is one of the most desirable in this area as its next to the softball fields and stores.

As others have said, no harm trying to sell it yourself. I would caution as for me, this would make this a less desirable spot. Just like most don't want to live next to a pickleball court, I would hate to live next to a softball field....make that any field especially if they have lights. Living close to shopping is good, but next to shopping isn't desirable. Lights, delivery trucks, etc are very unappealing.

[Debfrommaine]

Hello
I am bought from a "sale by owner " courtyard in Fenney .
The seller saved 30k on commission
He used this title company who I highly recommend
Johnathan W. Thompson

Fidelity National Title

333 3rd Avenue North, Suite 500C

St. Petersburg, FL 33701

727-539-9941

He used live in the Villages and knows exactly what needs to be done to sell for you.
You can the PSA agreement on line for the contract and hire an attorney if needed.
Good luck
Good luck on your sell

We worked with Jonathan; highly recommend as well, very knowledgeable.

[davem4616]

I am selling my designer house in Marsh Bend (south of the turnpike). My neighbors are telling me that this neighborhood is one of the most desirable in this area as its next to the softball fields and stores. They are also telling me that several people sold their homes by owner within days of advertised it and used a real estate attorney to draw up the contract.

I was told that a couple of the people who sold it on their own had consulted a Villages realtor who recommended selling their homes for considerably less than they ended up selling on the own.

Being the market is so hot at the moment. What advantage is there selling a house using a realtor vs using a real estate attorney to write the contract?

good luck...never done a SBO

wish you well

[Bonanza]

McLain and Burnstein charges $1000. to do all

What are you calling "all," i.e. exactly what are you including in your use of the word "all?"

If you are speaking about what an attorney or title company will charge the seller, that amount is high for simply doing the paper work. There are a number of other fees for the seller, including but not limited to documentary stamps, recording fees, taxes, etc. A seller should be prepared to pay at least 1%+ at closing if selling as a FSBO, not including what an attorney or title company charges.

[Vermilion Villager]

UH OH!

"Unlicensed Practice of Real Estate in Florida

Unlicensed Practice of Real Estate is a Third Degree Felony in Florida.
Under Florida Statute 475.42(1)(a), the crime of Unlicensed Practice of Real Estate is committed when a person engages in real estate activities listed under Florida Statute 475.01(1)(a) without a real estate license for compensation.

Real Estate Activities Requiring Licensure

In Florida, it is unlawful to engage in the following real estate related activities for compensation without possessing a real estate broker’s license or sales associate license.

Advertising or marketing another person’s timeshare or property for compensation.
Auctioning or attempting to auction another person’s property for compensation.
Buying or attempting to buy real estate on behalf of another person for compensation.
Listing another person’s timeshare or property for compensation.
Operating as a real estate broker or sales associate without a license.
Renting, leasing, or attempting to rent or lease real estate on behalf of another person for compensation."

From: Unlicensed Practice of Real Estate in Florida (https://www.richardhornsby.com/crimes/regulatory/unlicensed-practice-of-real-estate.html)
This law applies to someone selling real estate for another person. Does not apply to a FSBO.

[Bonanza]

In this or any other market the only advantage you receive from a realtor is exposure through MLS. Since this market is so seller advantaged, the only thing you need is a
good closing attorney or Title Company. You do the advertising and the showing and leave the legal issues to the attorney or title company. It is amazing how much money you will save doing it yourself.
The real estate agent has only one interest in mind, making a sale and their commission. They will get you to sell even if it means you get less for your home. Their allegiance is to their bank account, not yours.
As the market goes, you are beginning to see discount real estate brokers entering the market. As with automobiles, soon much of the real estate market will be the same, online sales. In most cases real estate agents will be going by the wayside. They claim personal service, but is it worth 7% of the sale price? Personally, I don't think so.

As in any sales profession, earning a living is what is paramount. Of course, making a sale is important, but your comment is ridiculous! And an agent will NOT make a seller sell for less than what the house's value is unless there is a bonafide reason for doing that. An agent is looking for the highest and best price for the property.

And yes, agents and Realtors don't claim personal service -- they GIVE personal service! I have not seen a 7% commission in many years but a commission is definitely worth letting an agent/Realtor handle the sale. An agent works hard and has many expenses to pay in their profession; don't forget, most agents have to get their split from their broker and do not receive the entire commission.

There obviously is a reason you are so anti-real estate agent or Realtor but your comments are sarcastic, angry, and unfairly given.

[Bonanza]

Does Florida require a seller's disclosure statement?

By law, a seller must divulge all defects regarding their property. Defects are not limited to only the house or property. For instance, if there are sinkholes in the area or flooding, that kind of thing must also be mentioned.

[Bonanza]

Stay away from the Village's realtors, they stuck it to me. License to steal!!!!!!!!!!!!!

The Villages does not employ Realtors. The Villages only have sales agents. They are not a member of the local Assn. of Realtors and do not abide to the Code of Ethics as set by the National Association of Realtors.

[Bonanza]

Most experienced buyers would want the earnest money held in an escrow account by a third party, like a title company. As a buyer, I would not allow the earnest money to be held by the seller. Even when a broker sells a property, they use a third party escrow account for the earnest money.

Also, I think it is best to decide on a title company before showing the house, and use their contract documents. If you try to select or switch title companies after you already have a signed sales contract, they may not be comfortable with the contract documents that you used.

Many brokers have a separate account for earnest money deposits which is strictly governed by law. The broker must follow exact guidelines for that account or be faced with penalties as drastic as possibly losing their license to do business.

[manaboutown]

This law applies to someone selling real estate for another person. Does not apply to a FSBO.

You obviously did not read the post to which I was responding wherein an unlicensed individual was advertising charging $1,500 for brokerage services.

[retiredguy123]

What are you calling "all," i.e. exactly what are you including in your use of the word "all?"

If you are speaking about what an attorney or title company will charge the seller, that amount is high for simply doing the paper work. There are a number of other fees for the seller, including but not limited to documentary stamps, recording fees, taxes, etc. A seller should be prepared to pay at least 1%+ at closing if selling as a FSBO, not including what an attorney or title company charges.
Even if you use a real estate agent, you still need to pay those fees.

[retiredguy123]

This law applies to someone selling real estate for another person. Does not apply to a FSBO.
Read Post No. 22. If you pay someone to advertise and negotiate the sale, then how is that a FSBO? Also, as a buyer, I wouldn't feel comfortable if a non-attorney and unlicensed person prepared the contract and conducted the closing without a title company. If something goes wrong, who is responsible? I think that both the seller and the buyer are better served by using a licensed title company to handle the contracting and the closing.

[bhancock]

[QUOTE=retiredguy123;2079551]Read Post No. 22. If you pay someone to advertise and negotiate the sale, then how is that a FSBO? Also, as a buyer, I wouldn't feel comfortable if a non-attorney and unlicensed person prepared the contract and conducted the closing without a title company. If something goes wrong, who is responsible? I think that both the seller and the buyer are better served by using a licensed title company to handle the contracting and the closing.

I've been in the mortgage biz for many years. Using a realtor does 2 things; it creates a larger selling arena, and it takes a lot of "work" away from you. If neither of these two things are important, and especially in this market, by all means do a fsbo. Also, don't discount using an outside realtor, instead of a villages sales person.

If you are shopping for a title company to handle it all for you, check out State Title. In fact, you can tell them you know me, Bruce Hancock, and they may help you out a bit.

[Luggage]

Well over 40 years ago, my mother-in-law sold their house and pocketed a beautiful new Cadillac as a difference they would have had to pay a real estate agent. This is a fantastic market. My only suggestion is have someone take great photos and pay them a few hundred bucks and also go to several real estate sites to see what the market is for your square footage and your particular geographic area realtor.com and zillow.com but mostly use your common sense and price it at the right price that you're not going to have to wait months in other words don't overprice it by $50,000

[davem4616]

Also, don't discount using an outside realtor, instead of a villages sales person.

[/QUOTE]




I've heard that the independent real estate folks outside TV are more open to a smaller fee...worth a try

[CartColor]

Just curious....how many of you used 1 or 2 (MLS/VLS) Realtor(s) when you bought your home? How much did you pay them to help you find a home? If you bought by owner was that the only home you looked at?

[BayLady57]

I can't speak for how the sale of real estate works in The Villages but having just sold my R.I. home of 32 years I am glad I had an agent and a good one at that.

Our home was listed on MLS at 8 am a week ago Wednesday with a scheduled open house on the Sunday that followed. Our agent called us 2 hours after the listing went up to inform us he had received 9 calls from agents wanting to bring over very interested pre-qualified clients that day. We said fine, headed out of the house and left the rest to our agent who scheduled all 9 appointments in 15 minute intervals. When we returned 3 hours later our agent informed us 3 strong offers came in which we reviewed closely together. Due to the strength of those offers my agent contacted the 3 agents and told them by 6 pm the following day their clients were to give their final and best offers. Those 3 best and final offers came in to be nearly identical all $36k over asking. My agent then called the 3 agents and told them the offers were almost identical and they needed to do a little better if their clients really wanted the house. An hour or so later two offers came back $7,500 higher, and the 3rd offer the one we accepted came back that they would go $7,500K above the highest offer up to $650K, they were putting down $100K which was $50K higher than the other 2, waived the inspection which the others did not, and if the appraisal came in lower than the offer price they would make up the difference out of their pocket not ours which that was also not noted in the other offers. After all was said and done we sold our home $50K over asking with a hard to beat contract and our closing is scheduled for 4/29/22. That $50K above asking covered the money we spent doing upgrades getting our house sell ready as well as the agent's commission, and we really think looking at the comps in our area, had we not not done the upgrades and had an agent to handle the sale we would have likely ended up selling our home for $100K less than we did. So after all was said and done I believe we did come out $50K ahead of the game.

Tough decision to make using an agent vs doing a FSBO. Wish you the best of luck in whatever method you choose selling your home.

[TeresaE]

Real Estate Broker here. No, in Florida a seller’s disclosure is not required, but you should do one anyway because it reduces liability. Sellers are required to disclose any material defects that cannot be easily seen. There was a case of a cracked chimney that the seller knew of but didn’t disclose. The seller was found liable in court. Also, if you are selling yourself you may want to contact a brokerage that does a flat fee listing so your property shows up in the mls. That service usually runs around $500. Local real estate agents will bring their buyers. You can offer those agents 1 or 2 percent for their efforts. They will be glad for that in this market. They will also be glad to help you with the selling process. There’s this misconception that all real estate agents do is drive folks around and open doors. Yes, we do that, (there’s a lot of work that goes into settings up those showings). But the real work begins when a house is under contract. Getting sellers to the closing table isn’t easy. Deadline must be met, buyers get cold feet, accept the wrong offer and the deal will fall through. We just make it look easy to spare our buyers and sellers the stress. It’s hard work, but there’s nothing better than helping someone into a new home.

[JMintzer]

The Villages does not employ Realtors. The Villages only have sales agents. They are not a member of the local Assn. of Realtors and do not abide to the Code of Ethics as set by the National Association of Realtors.

You know, someone may have mentioned that once or a thousand times...:1rotfl:

[JMintzer]

Stay away from the Village's realtors, they stuck it to me. License to steal!!!!!!!!!!!!!

Care to back that up with some facts, rather than paint 100's of people with that broad brush?

[jrref]

I can't speak for how the sale of real estate works in The Villages but having just sold my R.I. home of 32 years I am glad I had an agent and a good one at that.

Our home was listed on MLS at 8 am a week ago Wednesday with a scheduled open house on the Sunday that followed. Our agent called us 2 hours after the listing went up to inform us he had received 9 calls from agents wanting to bring over very interested pre-qualified clients that day. We said fine, headed out of the house and left the rest to our agent who scheduled all 9 appointments in 15 minute intervals. When we returned 3 hours later our agent informed us 3 strong offers came in which we reviewed closely together. Due to the strength of those offers my agent contacted the 3 agents and told them by 6 pm the following day their clients were to give their final and best offers. Those 3 best and final offers came in to be nearly identical all $36k over asking. My agent then called the 3 agents and told them the offers were almost identical and they needed to do a little better if their clients really wanted the house. An hour or so later two offers came back $7,500 higher, and the 3rd offer the one we accepted came back that they would go $7,500K above the highest offer up to $650K, they were putting down $100K which was $50K higher than the other 2, waived the inspection which the others did not, and if the appraisal came in lower than the offer price they would make up the difference out of their pocket not ours which that was also not noted in the other offers. After all was said and done we sold our home $50K over asking with a hard to beat contract and our closing is scheduled for 4/29/22. That $50K above asking covered the money we spent doing upgrades getting our house sell ready as well as the agent's commission, and we really think looking at the comps in our area, had we not not done the upgrades and had an agent to handle the sale we would have likely ended up selling our home for $100K less than we did. So after all was said and done I believe we did come out $50K ahead of the game.

Tough decision to make using an agent vs doing a FSBO. Wish you the best of luck in whatever method you choose selling your home.

We had a similar situation selling out home in NY. The Realtor got us offers significantly over ask. The pictures and video they took made the house look great. I know the Realtor is expensive but it's a judgement call. If you think you really know the value of your home and are not concerned about your time marketing it, showing it, and all the rest of the stuff that the Realtor does then go for it. If not get a good Realtor and let them do all the work. Remember, the Realtor's know what's going on in your community real time and know what people are looking for. They will also tell you to fix or change things that might not be apparent to you to get your house sold faster and get more money.

[OhioBuckeye]

LOL, we were told that we were in the most desirable neighborhood. Don’t Jack the price of your home up to much just because someone thinks your neighborhood is where everyone want to move to.

[Amohernyikes]

I am selling my designer house in Marsh Bend (south of the turnpike). My neighbors are telling me that this neighborhood is one of the most desirable in this area as its next to the softball fields and stores. They are also telling me that several people sold their homes by owner within days of advertised it and used a real estate attorney to draw up the contract.

I was told that a couple of the people who sold it on their own had consulted a Villages realtor who recommended selling their homes for considerably less than they ended up selling on the own.

Being the market is so hot at the moment. What advantage is there selling a house using a realtor vs using a real estate attorney to write the contract?

Question on selling FSBO and Capital Gains. Looking for clarification on if we would sell our home (and we have been here a year), would we still have to pay capital gains on the profit if under 250K, but we have not been in the house for 2 years. Can anyone explain capital gains a tad more on selling a house on our own and have a profit of less than $250K. I thought if you reinvested the monies into a new home prior to a year, you would be okay and not have to pay the taxes. But doing a little research that doesn't seem to be true.

[retiredguy123]

Question on selling FSBO and Capital Gains. Looking for clarification on if we would sell our home (and we have been here a year), would we still have to pay capital gains on the profit if under 250K, but we have not been in the house for 2 years. Can anyone explain capital gains a tad more on selling a house on our own and have a profit of less than $250K. I thought if you reinvested the monies into a new home prior to a year, you would be okay and not have to pay the taxes. But doing a little research that doesn't seem to be true.
The reinvestment rule has been gone for more than 20 years. The newer rule is that you must use the house as your primary residence for at least two of the past five years to avoid capital gains taxes. So, if you have been in the house for more than a year, but less than 2 years, you will owe capital gains taxes.

[Marathon Man]

The Villages does not employ Realtors. The Villages only have sales agents. They are not a member of the local Assn. of Realtors and do not abide to the Code of Ethics as set by the National Association of Realtors.

I'll ask this question again.

In any of the thousands of homes sales completed by Properties of The Villages, has a problem occurred because the sales agent was not a member of the local Assn. of Realtors?

[SusanStCatherine]

It's a hot sellers market. Definitely should be able to sell yourself. I had a buyer for my house so I asked a realtor what he would charge and got his services looking out for us for a flat fee of $2500. Buyers often have agents and you may need to pay their approximate 2% which we did. We avoided a for sale sign in front of our house and people traipsing through. We also got our personal asking price which was slightly higher than what our realtor recommended. Good luck!

[newgirl]

You will still need a title company to handle the paperwork, hold the earnest money, and prepare and record the deed. Tri-County Title is one company that will provide you with a free FSBO package. Other companies will too. Before you start to show the house, you need a sales contract, which is part of the FSBO package. You and the buyer can sign the contract, and the buyer can make out an earnest money check directly to the title company. I have seen people try to sell their house, but when they find a willing buyer, they don't have the necessary sales contract paperwork to formalize the deal, or a company to accept the earnest money, and the deal falls through.

Do not use this company! I bought mine by owner confident that things would be easy, straight up deal being I sold realestate for 20 yrs ( supported 3 kids and a big house) and I did all the paperwork needed.
The title company was beyond incompetent! First , they got upset that I had the paperwork done( we were told in no uncertain terms we cost them over $500 by doing it ourselves) then , the paperwork they did was totally wrong in many areas. #1-They refused to let me see the title policy prior to close ( had I been in Mi.this would never had happened) they said that they never let buyers read prior( insane, legal ? Not sure..),#2 the numbers were totally wrong and we tried to tell her to fix it but she refused, seller wrote a check at the table for the correct numbers , I would not have closed it at all there that day if I did not respect the seller and know it would harm him had it not happened that day.#3 I have never worked with a title company that did not call the local assessors office to confirm homestead ect numbers, THEY did not even do this!!! My seller had only bought my house 6 months prior and had yet to recieve a tax bill, so assumed since he closed on it Jan 1, that it was homesteaded( yep, they had done his prior closing) NOPE! It was non homestead and cost me $600 more for this mistake( seller again wrote me a check) . WHEN I found this out and called them, in Mi. if the title company misses something or the numbers are incorrect, they bring both parties in and work it out..but never have I seen a title company( again,20 yrs in business, thousands of closed deals) be incorrect on homestead issues.
#4 I have never ever dealt with the rudeness that was shown to both seller and myself. The lady should not be in a public job!
Did I forget, I ask that my house go in my trust name( had copy of trust with me) ,they refused saying if I wanted that then they would need 4 weeks to close ( cash deal, again ,outside title, all paperwork was done) knowing the seller had a closing with The Villages later same day and it would cost him $$$$$ if he did not close on time( so of course, I did not put it in trust at that time)
Just a warning! If u use them, pay a lawyer to over see and make sure you hire a realestate lawyer. Not all lawyers understand realestate law( most I have sold homes to needed educated on thier sale or purchase) just as you hire the right doctor to do your surgery, even though it is legal for a foot surgeon to do plastic surgery.

[JMintzer]

...just as you hire the right doctor to do your surgery, even though it is legal for a foot surgeon to do plastic surgery.

It is??? Who knew? I'm gonna' start doing boob jobs! :icon_wink:

[Robbb]

I've been in the market for a home in the Villages for some time, I stopped looking at homes for sale by owner because I never saw one that was not totally overpriced. Seems as though we all have a dramatically overvalued sense of our homes worth.

[retiredguy123]

I've been in the market for a home in the Villages for some time, I stopped looking at homes for sale by owner because I never saw one that was not totally overpriced. Seems as though we all have a dramatically overvalued sense of our homes worth.
I agree, but it also seems to apply to pre-owned houses in general. New houses are a better bargain. People selling a pre-owned house seem to think that they should get 100 percent of the cost of any upgrades they made to the house.

[Stu from NYC]

I agree, but it also seems to apply to pre-owned houses in general. New houses are a better bargain. People selling a pre-owned house seem to think that they should get 100 percent of the cost of any upgrades they made to the house.

Be that as it may but resale houses are going to contract faster than we have ever seen.

Amazing how much appreciation we have in our house but since we have no plans to sell does not really matter.

[melpetezrinski]

I've been in the market for a home in the Villages for some time, I stopped looking at homes for sale by owner because I never saw one that was not totally overpriced. Seems as though we all have a dramatically overvalued sense of our homes worth.

What type of house? I'm selling my patio villa in a few days. It is located between the 6's and will be less than $290k. It will be turnkey and with a golf cart included. In this market, I guarantee most people will say it is NOT "dramatically overvalued".

[Babubhat]

Watch the recent Reality executives video. Market is slowing down except for sub 400k homes. Interest rate increases affecting the market and too many overpriced homes. Wait for Richmond and get new .

[Stu from NYC]

Watch the recent Reality executives video. Market is slowing down except for sub 400k homes. Interest rate increases affecting the market and too many overpriced homes. Wait for Richmond and get new .

What makes you think the market is already slowing down?

[Skunky1]

The Villages agents are not Realtors!

[JMintzer]

The Villages agents are not Realtors!

You sure about that? :ohdear:

[Marathon Man]

The Villages agents are not Realtors!

I'm still waiting for someone to tell a story of something bad happening because sales agents at Properties of The Villages "are not realtors". Thousands of homes sold through them. No issues.

[retiredguy123]

///

[manaboutown]

I did did a search of Realtors in The Villages and here are the results. Find Realtors & Real Estate Agents in The Villages, FL | realtor.com(R) (https://www.realtor.com/realestateagents/the-villages_fl)

[retiredguy123]

I did did a search of Realtors in The Villages and here are the results. Find Realtors & Real Estate Agents in The Villages, FL | realtor.com(R) (https://www.realtor.com/realestateagents/the-villages_fl)
After talking with a Villages agent, I found out that The Property of The Villages brokerage is not a member of the National Association of Realtors. Therefore, agents who work for them are not allowed to join the NAR and cannot advertise that they are Realtors. But, many of the experienced agents were previously Realtors for years before coming to work for The Villages, but they can no longer be a member. That is why you won't see any Villages agents on the NAR member list. However, their bio will indicate prior membership in the NAR.

[JMintzer]

After talking with a Villages agent, I found out that The Property of The Villages brokerage is not a member of the National Association of Realtors. Therefore, agents who work for them are not allowed to join the NAR and cannot advertise that they are Realtors. But, many of the experienced agents were previously Realtors for years before coming to work for The Villages, but they can no longer be a member. That is why you won't see any Villages agents on the NAR member list. However, their bio will indicate prior membership in the NAR.

And?

[Retoline]

Does title company charge an extra fee to handle it?

[melpetezrinski]

Does title company charge an extra fee to handle it?

$450 total with buyer and seller splitting the costs.

[Pairadocs]

I am selling my designer house in Marsh Bend (south of the turnpike). My neighbors are telling me that this neighborhood is one of the most desirable in this area as its next to the softball fields and stores. They are also telling me that several people sold their homes by owner within days of advertised it and used a real estate attorney to draw up the contract.

I was told that a couple of the people who sold it on their own had consulted a Villages realtor who recommended selling their homes for considerably less than they ended up selling on the own.

Being the market is so hot at the moment. What advantage is there selling a house using a realtor vs using a real estate attorney to write the contract?

This is one of those questions that will probably leave you still confused or undecided. We used a real estate agent ONCE. There is not tale of horror to tell, but we never did it again (the next 4 times we sold, moved, etc.) The agent was a "nice" person, but broke a lot of promises. We signed a contract that said we'd get 24 notice before a showing... that almost never happened. We were told people would be accompanied in every room when going through the house, that never happened (even found dresser drawer opened and not closed completely, we were told there would absolutely be NO smoking in our home, found a "make shift ashtray, a 1/8 full old soda, on our deck table (forgot it I guess) and TWO crushed cigarette butts on our garage floor. So, we realized not all agents are like this, but found later many people other than us had agents who would do anything NOT to "insult" a possible buyer, even give permission or say nothing, about smoking, or even using our bathroom behind a locked door ! ? So, while some have no problem with any of this, we made the decision the amount of money we didn't get out of the sale, was not worth what we got (inability to control the traffic, anxiety about when we would get a call that "someone was flying out in 3 hours and agent was bringing them RIGHT over, etc. etc.). After that, we sold by owner, never a hitch, great attorney (much better than the one the bank has attend the closing and you "only THINK" is representing you ! No matter where we were, we were able to find an excellent and reasonable attorney, NOTHING like a 4%, 5% and even 6% "fee" to the agent. Others are going to tell you nothing but horror stories I am sure, so this may not help at all....LOL ! I can tell you my own family member just sold a designer home for 26K MORE than the agent wanted to list it for... my relatives believe wanted it listed low to either make a very quick sale, but really don't know. They sold it themselves, took just about two weeks to sell, and they got the the price they had researched and wanted it listed for. Sold for $486K, agent wanted it listed for, $459.990 ! That could have been a BIG expensive, mistake to agree with agent ! Now just watch the fireworks begin because this is an honest post ....LOL !

[Robbb]

I agree, but it also seems to apply to pre-owned houses in general. New houses are a better bargain. People selling a pre-owned house seem to think that they should get 100 percent of the cost of any upgrades they made to the house.

Oh totally agree, I don't know if its the agents jacking things up, but the prices of many pre owned homes are just not realistic. I'm coming down on Monday to start looking at a new home. Just doesn't make sense to me to purchase a pre owned for more than a new one. Compared to the inflated prices on pre-owned new ones are a better value.

[JMintzer]

Oh totally agree, I don't know if its the agents jacking things up, but the prices of many pre owned homes are just not realistic. I'm coming down on Monday to start looking at a new home. Just doesn't make sense to me to purchase a pre owned for more than a new one. Compared to the inflated prices on pre-owned new ones are a better value.

Location, Location, Location...

[melpetezrinski]

Oh totally agree, I don't know if its the agents jacking things up, but the prices of many pre owned homes are just not realistic. I'm coming down on Monday to start looking at a new home. Just doesn't make sense to me to purchase a pre owned for more than a new one. Compared to the inflated prices on pre-owned new ones are a better value.

It all depends upon the "value" a buyer assigns to a homes features. How much value do you put on a house that is located in a quiet, established neighborhood as opposed to a having a TURNPIKE in your backyard? Or loud, construction vehicles kicking up dust for the next several months? Do you play a lot of golf? Between the 6's are your best bet for quick, easy access to most of the executive and Championship courses. You also have to remember that new homes come with a bond. Some of those $220k new villa's have a $32,000 bond AND an new $1,000 line item on your property tax bill (Wildwood tax).

[JMintzer]

It all depends upon the "value" a buyer assigns to a homes features. How much value do you put on a house that is located in a quiet, established neighborhood as opposed to a having a TURNPIKE in your backyard? Or loud, construction vehicles kicking up dust for the next several months? Do you play a lot of golf? Between the 6's are your best bet for quick, easy access to most of the executive and Championship courses. You also have to remember that new homes come with a bond. Some of those $220k new villa's have a $32,000 bond AND an new $1,000 line item on your property tax bill (Wildwood tax).

And don't forget, many resales already have the upgrades many folks like.

Epoxy Garage floor
Painted Driveway/Lanai
Water Softener/Filter
Upgraded flooring
Upgraded landscaping