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For Sale By Owner......Thoughts? #517062 02/19/20 11:39 PM
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Uncle Shawn Offline OP
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As of about an hour and a half ago, we've decided to sell our home "By Owner". Originally, the gentleman that helped us buy this home years ago was going to represent us on a reduced commission.


Looking to hear about your experiences in selling your own homes. Things you wish you would have done. Wish you would have done differently. Tips, tricks or anything you can think of sharing.


I sat here thinking about the speed at which our realtor was working.....divided by the commission he would be making.... calculated the money I would save by selling it myself.....putting the savings toward the POND budget..... what was I originally thinking! laugh


Uncle Shawn
Re: For Sale By Owner......Thoughts? [Re: Uncle Shawn] #517068 02/20/20 09:07 AM
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I know of a person that sold by owner and somehow for some reason he was sued by a prospective buyer. I would stay away from selling by owner, a reduced rate from the realtor I would consider insurance. What makes a good manager is to surround himself with good people and let them do their job. Hay that's just me , but you asked.


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Tracy
Re: For Sale By Owner......Thoughts? [Re: Uncle Shawn] #517069 02/20/20 09:18 AM
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If you are going to sell something yourself, then you must have a good attorney to handle the closing, and that attorney can make sure you are 'clean' in the sale.

I think the realtor value comes into play regarding time on the market, and potentially negotiating skills (although not all realtors are good at negotiating).


Excerpt from Robert Crais' "The Monkey's Raincoat:"
"She took another microscopic bite of her sandwich, then pushed it away. Maybe she absorbed nutrients from her surroundings."

Re: For Sale By Owner......Thoughts? [Re: Uncle Shawn] #517070 02/20/20 09:32 AM
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We found a realtor who handled the contract for us for a flat fee that was only a few hundred dollars. She was able to guide us through the disclosure requirements and make recommendations of items that needed to be in the contract. Pretty much all the rest was either the buyer's responsibility or handled by the lawyer.

Re: For Sale By Owner......Thoughts? [Re: Uncle Shawn] #517071 02/20/20 10:26 AM
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My thought is if something happens to where the buyer is going to go as far as to sue you, they are going to come after you no matter realtor or not.. The realtor would just be among the parties being sued. I would not let this discourage you but make sure you cover your bases and you would be surprised how easy it is.


If I were to pick up and sell my home and properties I would definitely not use / pay a realtor to do it. In fact, a few years ago I purchased property using a real estate purchase agreement that covers both parties. I just asked a realtor friend of mine to send me a copy of what they would use for a similar transaction. I was honest and upfront to let them know that I was conducting the sale on my own in order to save money. Since it is a close friend there were no hard feelings. Whatever the agreement that is used, just make sure terminology is valid to your state and covers against being free and clear of any liens, back taxes etc.

Always get title insurance. I've seen it be needed in a transaction gone ugly. The insurance actually covered the entire sale amount of the property in dispute and in this case and refunded the buyer in full.

Re: For Sale By Owner......Thoughts? [Re: Uncle Shawn] #517072 02/20/20 10:43 AM
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I owned my own real estate company for 20 years and my wife still manages the largest title company around here. Many times in my career I had customers that would come to me just to help them fill out a contract and get them through closing.We charged a fee for that. Usually around $1000 but we showed NO REPRESENTATION OF EITHER PARTY in the transaction.In Texas anyone can use a promulgated form from the Texas Real Estate Commission and fill it out themselves but you better know what all the fine print is!! That is where we would come in.Hope this helps. Good luck!!


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Re: For Sale By Owner......Thoughts? [Re: Flame] #517078 02/20/20 12:32 PM
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We're still talking it over this morning. Thank you all for adding your experiences and advice. I have an attorney who is versed in real estate. We would use the same title/escrow company when purchasing this home.

I have two possible buyers. One has 10 acres next door and has live there couple years longer than we have here. The other just bought the 10 acres on the other side of me about a week ago.


All that being said, it could possibly be a slam dunk....or not. crazy That's why I was thinking of going for sale by owner. Save points and thousands of dollars from a real estate agent but using a portion of that money for my attorney.


Uncle Shawn
Re: For Sale By Owner......Thoughts? [Re: Uncle Shawn] #517079 02/20/20 12:59 PM
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That adds more color to the situation, Uncle Shawn.

No real need for a realtor if the buyer(s) are already identified.


Excerpt from Robert Crais' "The Monkey's Raincoat:"
"She took another microscopic bite of her sandwich, then pushed it away. Maybe she absorbed nutrients from her surroundings."

Re: For Sale By Owner......Thoughts? [Re: Uncle Shawn] #517080 02/20/20 01:19 PM
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I'm with you Sunil...and he stated he has an attorney who can draw up his contract for him. If that attorney is the owner of the title company where they will close, it would be that much sweeter!! Don't know the laws in Oregon but Shawn may have his own title insurance policy from when he purchased the property. The new BUYERS are the ones who need to purchase a title insurance policy to cover their investment. In Texas it is usually a negotiable item who pays for it but..I always made sure it was the buyers expense.After all, the seller has already payed for it once!! and in Texas title policies are non-transferable. Just my 2 cents worth and just trying to help.


Dear Alcohol, We had a deal where you would make me funnier, smarter, and a better dancer... I saw the video... We need to talk.
Re: For Sale By Owner......Thoughts? [Re: Uncle Shawn] #517084 02/20/20 03:41 PM
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John Fitzgerald Offline
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I did FSBO six years ago and used a realtor for a flat fee for the disclosures and closings. It saved me about $11,000 in fees. Realtor told me that finding and vetting the buyer is 90% of the process. I did 90, he did 10. I had the FSBO sign out about two weeks before a buyer took it.

Re: For Sale By Owner......Thoughts? [Re: Sunil] #517085 02/20/20 05:56 PM
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Bill D. Offline
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Originally Posted By: Sunil
That adds more color to the situation, Uncle Shawn.

No real need for a realtor if the buyer(s) are already identified.


I'm with Sunil. One of the big values a realtor brings to the party is advertising and finding potential buyers. If you've got that, don't waste money on a realtor just let a good attorney handle it....just my 1 cent



You'll never know what ya can catch unless you wet a line!
Re: For Sale By Owner......Thoughts? [Re: Bill D.] #517088 02/20/20 06:24 PM
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Uncle Shawn Offline OP
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Yes...... a horse of a different color it is. smile

I appreciate all of your feedback, I think it's helped us in the right direction.

I can think of much more enjoyable things to spend our money on. Aerators, mini pontoon, feeders....etc.

Going to meet with the attorney tomorrow and go over things. If I get the nod from him, we will go FSBO.


Uncle Shawn
Re: For Sale By Owner......Thoughts? [Re: Uncle Shawn] #517090 02/20/20 07:50 PM
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John Fitzgerald Offline
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Realtors will just put it on Zillow and some similar sites. Most people can handle that themselves. I don't hold most realtors in any great esteem.


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