Advice on FSBO Process

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  #1  
Old 03-20-2011, 05:14 PM
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Default Advice on FSBO Process

I was in a store yesterday and I mentioned I would be putting my condo up for sale very shortly. The sales woman asked me, was I was asking for my condo and when I told her, she mentioned her niece was looking in that price range.

I am keeping my fingers crossed this will be the buyer I'm looking for.

Since I have not signed with a real estate agent, I was wondering what I would need to do to process a sale.

I think I remember someone saying they would pay a fee to a real estate firm just to process the paperwork. I'm totally ignorant of what the process would be so any advice would be greatly appreciated.
  #2  
Old 03-20-2011, 06:38 PM
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We bought a home in TV via a FSBO transaction last fall. Find a local law firm that is experienced in handling FSBO transactions. It will be up to the buyer (and their lender) to determine what inspections and contingencies they would want to have - general home inspection, termite inspection, and so on. It's also up to the buyer to orchestrate those types of things - they're traditionally handled by the realtor in a realtor-involved sale. So it does put a little bit more of the onus on the buyer in a FSBO transaction.

Hope that helps!
Bill
  #3  
Old 03-20-2011, 06:55 PM
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Originally Posted by 2BNTV View Post
I was in a store yesterday and I mentioned I would be putting my condo up for sale very shortly. The sales woman asked me, was I was asking for my condo and when I told her, she mentioned her niece was looking in that price range.

I am keeping my fingers crossed this will be the buyer I'm looking for.

Since I have not signed with a real estate agent, I was wondering what I would need to do to process a sale.

I think I remember someone saying they would pay a fee to a real estate firm just to process the paperwork. I'm totally ignorant of what the process would be so any advice would be greatly appreciated.
Some Real Estates will help you out for a flat fee (as opposed to a percentage commission rate). When I was a Real Estate Broker I would occasionally help a friend out this way.

Or you can pay a lawyer to advise you .. and that is probably your best choice.
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  #4  
Old 03-20-2011, 07:09 PM
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I have sold my last two residences plus a vacation cottage via fsbo. I arranged in each case with a local realtor to handle the transaction just as they would one of their own listings. I also promised them that if I was unable to sell within a reasonable time frame I would give them the listing. I did all the marketing, flyers, signs, showings, and open houses (fwiw I used to be a realtor). When I got a party interested in making an offer I referred them to the realtor - that way I did not have to directly bargain price with them. Once the realtor got the contract signed they handled everything up to the closing for 1%.
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Old 03-21-2011, 10:18 AM
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I have sold my last two residences plus a vacation cottage via fsbo. I arranged in each case with a local realtor to handle the transaction just as they would one of their own listings. I also promised them that if I was unable to sell within a reasonable time frame I would give them the listing. I did all the marketing, flyers, signs, showings, and open houses (fwiw I used to be a realtor). When I got a party interested in making an offer I referred them to the realtor - that way I did not have to directly bargain price with them. Once the realtor got the contract signed they handled everything up to the closing for 1%.
Ed, that is exactly the way I handled the sale of a house I sold in September. However, if I didn't have a real estate background, I'm not sure I could have achieved my goals quite as easily.
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Old 03-21-2011, 10:46 AM
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FSBO is actually not that difficult, especially if you have found the buyer already. Go to McLin and Burnsed in downtown LSL and ask them for their FSBO package. Get the basic agreement between you and the buyer and take it back to them with your buyer along with their deposit check. They will sit with you and get all the required information and a binding agreement in place. This agreement will have all items required by each party to be completed to finalize the sale. They will hold the deposit in escrow and the agreement is designed to protect both parties. They will have both of you sign a disclosure that they represent neither party, but only the execution of the sale. It will provide dates when inspections have to be completed, each parties rights under Florida law and other important items. Then when everything is in place they will handle the closing.

Did one this way and it worked very well. Will use them again when I buy or sell another home in TV. No need to engage a real estate agent.
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