Posted in Moving forward, Randomness

FSBO – yay or nay?

Anyone who has ever sold a home knows how valuable a realtor can be. But is a realtor, even a good one, worth 6 percent or more? Think about it: Say you list and sell your home $250,000. 6 percent of $250,000 is $15,000! Add to that title costs and all the other fees associated with the sale, and we’re talking upwards of $20,000 right off the top!

In the past year we have sold two residences; one, a 2/2 condo, and the other a much sought after 3/2 pool home under $300,000. The condo went with an agent, and arguably, trying to sell amid the COVID crisis was challenging at best. I barely broke even and, after realtor fees and other costs, I limped away with a paltry sum. So when we were ready to list our pool home, we decided to try it ourselves. There are plenty of FSBO sites online, and after much research we settled on Houzeo.com. Beginning in October of 2020, we went through the very clear steps of listing with a Houzeo rep to get our place on the Northeast Florida MLS and immediately, within 24 hours, we had an offer. We were thrilled! After going through the many steps of document signings, appraisals, and inspections, within the required 15 days, they backed out.

It went back on the market and again, two days later, we had a second contract signed. After another round of document signings (thank God for e-sigs), appraisals, and another inspection, we felt pretty good about this deal. And again, 15 days in, their agent called to tell us they never mentioned they needed to sell their house.

Is this where a realtor earns their keep? From what I’ve heard, this isn’t typical for two deals to fall through within a month of each other. Both buyer’s realtors apologized profusely, and both said they’ve never had this happen to them before.

What we discovered during this time was that all of the potential buyers were from north of us. We learned through a couple local agents who brought customers through that they never saw our listing on our local MLS. That wasn’t going to work for us, so we contacted Houzeo and insisted they find us an agent who could list our place locally as well as regionally. And back on the market it went again.

The third time was a charm, a cash deal from someone who never actually saw the house. We got our asking price, plus they paid all the typical seller’s title fees, and their title company even came to our home for the closing. Though this ended up being pretty painless, I wasn’t going to count any chickens prematurely and, feeling a bit gun shy, we didn’t tell anyone about this third contract until after the deal was done.

Would we do it again? Probably. FSBO saved us close to $20,000. And while there was a lot of angst and hours involved, I think it’s definitely worth another try.

I’ll give it a YAY!

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