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FSBO CLOSING MONDAY!

10 years ago

:::Sigh of Relief::: What a long strange trip it's been.

If you are thinking of going FSBO, make sure you have LOTS of time for the details. And patience for the quirks of buyers and dealing with the bottom feeders.

http://www.gardenweb.com/gardenweb/query/FSBO-Follies/topic=realestate

Outstanding offers that fell through - the couple that wanted to rent for a month or two before closing because they still had a house in Canada. Turned out the house in Canada was not even on the market (something their agent should have clarified before making the offer) and their demands kept escalating on each round, ending up with an offer that was basically an open-ended rental with us taking responsibility for pool maintenance and yardwork with an option to buy some vague time in the future. Nope!

The people whose offer was contingent on us ripping out 2400 square feet of Saltillo-look tile and replacing it with bamboo, for no higher price. I countered with a "I'll supervise it, you pay for it" and they vanished into the woodwork.

The notorious over-bidder who we found out merely got his jollies from tying up houses and then failing to qualify for the mortgages. (Google is your friend, as is access to the courthouse databases and running credit union reports.)

Lots of others with offers and contingencies more complicated than the last nuclear arms treaty ... and unwilling to have a "kickout" clause that let us keep marketing while they cleared up their pending contracts. (multi-sale cascades are hard to pull off)

And the agent who wouldn;'t bring over a potential buyer until we took her as the sales agent for the transaction, letting her

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Final buyers had a very straightforward offer (thank the FSM) ... they just wanted to make sure the pile of flagstone stayed so they could expand the patio without stone matching issues.

All else was just "yes, it's a 35 year old, single-owner house, we're grown up enough to deal with it". They liked the color and the cleanliness and floor plan. They had a FAST loan officer. (offer to closing in under a month!)

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Y'all definitely want to know about pricing ... it was competitive for the area, considering the lack of upgrades. Had we spent $$$K on a new kitchen (cabs granite, appliances, etc) we would have made 80-90% of it back on the sale ... but the money went for a down payment and improvements on the house we bought to retire in, so it's no problem.

Comments (11)

  • 10 years ago

    lazy-

    Thanks for the instructive post!

    User thanked kudzu9
  • 10 years ago

    Congrats!

    User thanked User
  • 10 years ago
    last modified: 10 years ago

    A transaction should close within a month. I just closed on a personal purchase a couple of weeks ago (yes, post TRID) because I have a broker who understands how to get things done instead of sit back passively and wait for others to do things. Start to finish in three weeks. I'm now selling another house and the buyer agent has no freaking idea what is happening in his own transaction nearly to closing day. Very frustrating that I always have to herd through transactions while some agent for the other side (if I listed) shows up for a check.

    Glad you got yours sold! My FSBO's were always my easiest and cleanest sales and purchases. So much easier, in my world. FSBO's and auction purchases (estate, not foreclosure).

    Sorry you had to deal with the crazies. Normal people eventually show up, and they make it worthwhile.

    User thanked midcenturymodernlove
  • 10 years ago

    Also ... We kept track of the "carrying costs" of the house so we didn't get caught up in maximizing the sales amount while losing money on keeping the house insured and maintained and mortgage paid.

    It helps to have an engineer to figure these things out.

    Just sittin' here waiting for the e-mail from the escrow people. :)

  • 10 years ago

    So good to hear when things work out! Congratulations.

    User thanked gyr_falcon
  • 10 years ago

    Did you close?

    User thanked Linda Doherty
  • 10 years ago

    Linda -

    We CLOSED!
    Old Mortgage ZERO!
    Profits in BANK!

    ==========

    ADDING ... make sure you have a list and copy of ALL the various forms your area requires at the start of the process.

  • 10 years ago
    last modified: 10 years ago

    Good for you!

    I wish I were selling FSBO right now. Though I have a fee-for-service Realtor on my side, and that is great, the Buyer has a regular Realtor who has absolutely no idea what she is doing. Deadlines have been missed, despite numerous warnings. The closing has been missed.

    I generally hate deals with agents in them, honestly.

  • 10 years ago

    Chances are the agent is protecting her clients interests by missing the deadlines.

  • 10 years ago

    Not the case here, nc. This is a case of inexperience/incompetence. This isn't my first rodeo.