Featherbee, this is a different post from your last, with some of the same questions.

I suggest you take this in two steps. You want to go FSBO, for your current home. Do it, and stop the questions from people who have no idea from whence you are. List it, and go. Sell that baby.

A buyer's agent, on the other side, has nothing to do with your current sales ideas- except for trust that- if you are counting on that sale, in a hot market? Will my buyer/client be in a position to capitalize on anything I show her? Which means- is the sale of the existing property far enough along for that buyer's agent to spend time with you?

Hot markets exist on both sides. Embrace it. Go FSBO, as you want to. Just understand that, unless you have cash for the new property, an sale that is far enough along to trust OR an iron clad pre-qualify that doesn't include your current property, a buyer's agent may not work well for you. In a hot market, he/she has plenty of pre-qualified folks with financing set up, or cash in the bank- without spending time with somebody who finds a dream property but cannot execute an offer, because current property hasn't sold.

You are confident in FSBO. Get your place under contract, then work your tail off with a buyer's agent.

902 Juanita - thank you thank you!!! I appreciate the advice.

"You are confident in FSBO. Get your place under contract, then work your tail off with a buyer's agent."

You bring up excellent points... My main concern is, I don't want to sell my home unless I find a new one. See the issue? I can't put mine on the market until I'm under contract on one. I realize going forward with FSBO could cause issues, especially if it takes me longer to sell, and meanwhile I have a contract on a new home.. Time & money could be an issue.

I guess I need to talk with my bank and see how much I can be pre-approved for without my home being sold... (aka having 2 mortgages)...

Bridge financing is an option.

My main point is? You've been sitting on a property in a self-described "hot market" for weeks now. How many buyers have you lost, while you contemplated? What were the results of your chats with local Realtors? Do they see your home as competitive, or one that will mainly attract investors i.e.- do you have features in your home (carpeting in bathrooms, sub-par counters etc) that don't "stack up" to neighboring properties, or are they all about the same?

Go. Test your FSBO. Then and only the will you have peace about buying a new place.

902 brings up good points. If homes are being sold in hours or days, then a seller is more than likely not going to waste their time with a buyer that still has a house to list and sell, especially when they find out you plan on selling it FSBO.

Talk with a lender and see if you can prequalify for two mortgages and if not, then list yours and negotiate a long enough closing time that it allows you to get into the other house with little to no down time.

If you do list FSBO, it would be wise to offer any buyer's agent the normal commission split to encourage agents to show your home.

902 Juanita - thanks for the info on bridge financing - that is new to me so I'll look into it.

You ask,

"You've been sitting on a property in a self-described "hot market" for weeks now. How many buyers have you lost, while you contemplated? "

I'm not worried about the lost buyers because I ONLY want to move if the right house pops up. I LOVE my current home. It's updated and in a prime location for me. So I'm not giving up my home unless I find the right one to replace it. You have to understand this... I ONLY want to sell if the right home pops up. Otherwise I'm happy staying where I'm at.

I'm trying to get my home ready just incase that dream home of mine pops up. I'm trying to get the photos done, lawyer lined up, etc...

ncrealestateguy - thank you for the advice. You say-

"If homes are being sold in hours or days, then a seller is more than likely not going to waste their time with a buyer that still has a house to list and sell, especially when they find out you plan on selling it FSBO."

My concern exactly.

I guess I'll keep getting my current home in line and if that dream home pops up then I'll go into full blown freak out mode and see what happens. If the deal falls thru then I will rethink my options going forward.

Linda Doherty - good points, thank you.

We listed last weekend FSBO in a hot market in rural North Carolina. We accepted an offer last night. We had calls from buyers agents wanting to know if we would give them 3% if they brought a buyer and handled the paperwork, qualification, etc. We said that we would, but knew that we would not drop our price as much because of the 3%. They wanted to have us sign an open selling agreement (something to the effect that they can bring buyer and we can have our own buyers, but if we sell to their buyer, we have to pay the commission).

The lady who made the offer doesn't have an agent... we liked her offer and accepted. She was already pre-approved and can close in 30 days. We had an attorney on standby who could draft the contract to buy and handle the earnest money... he will also do the final settlement, so he started the title work right after drafting the contract this morning.

All that to say, if you're in a hot market, you need to know what and how you're going to handle things if you're doing FSBO. It's not rocket science, but you definitely can't do it blindly. The other thing you can do if you're not comfortable and the buyer isn't comfortable with going it alone... find an agent who will work as a Buyer's Agent for a reduced cost (1.5 - 2% versus 3%).

Thanks BethA and BIG CONGRATS! I hope it all works out. It's nice hearing some positive feedback. I like your last line/comment. Thanks again! :)

I like Linda's advice. Here's some more. Don't forget that on both sides, you're in a "hot market"- which means you'll be buying at inflated prices. Do make sure that any price you pay for the "make me move" home exists in a way that protects you.

Good luck!

I'm puzzled why, if you love your home, you're considering moving? What does your dream home have that your current one doesn't, to the extent that you're considering all the transaction costs of changing homes? If you're wanting to cash out on the hot market, buying in a hot market is going to negate those gains.

I'm not worried about the lost buyers because I ONLY want to move if the right house pops up. I LOVE my current home. It's updated and in a prime location for me. So I'm not giving up my home unless I find the right one to replace it. You have to understand this... I ONLY want to sell if the right home pops up. Otherwise I'm happy staying where I'm at.

And of course you do realize that in the time between your finding a place and then putting yours on the market, your hot market could cool down quite substantially. There is no crystal ball as to what the market will be like in 2 months or 6 months, depending on if and when you find your dream house.

weedyacres - good question... My long terms goals seem to fit a different style home. My dream house would be one that is cheaper and on a couple acres (more privacy). My goal is to help foster animals and it's hard to do that in my home now - it's in a subdivision and there isn't a ton of space. Plus my current home has high taxes due to the school district and I don't have kids.

But you bring up a good point, why move if it cost so much and I love my current home (?) I can only answer that if the right home pops up. Maybe it will, maybe it wont.

I tend to like unique homes or log cabins - stuff that doesn't pop up a lot. If the perfect little log cabin popped up on a couple acres for 100k less than my home now then I'd consider it.

cpartist - I'm well aware there is no crystal ball and the markets change. Bottom line, I'm not selling my home unless I find a new one. It may be this spring or it could be 2-3 years down the road.

Honestly, my goal is to just try and be prepared, should that dream house ever pop up. If my dream house really did pop up, then I may just use an agent to sell. What's 10k-15k more for your dream home in the long scheme of things? :)

I really appreciate all the advice and insight.. thanks again everyone

But your goal is not necessarily to move into a new home, but to be able to foster animals. If that's your goal, then do it. We need more places like that. Chances are that if you go about it with the attitude of "if it happens it will happen", then it won't happen.

You are confusing dream with ambition. It's your dream to find the perfect house. From what you have said, it's not your ambition.

If it were truly your ambition, you would commit to preparing your home FSBO and all of the detailed planning that involves. You would be lining up potential rental situations. By renting, you reduce your financial risk and exposure. It gets you one step closer to actually accomplishing your goals. Also, it provides you with the flexibility to truly search out the right property, be considered a serious buyer and close on it.

The chances of selling FSBO and finding the perfect new property under the limiting conditions you set forth is a dream.

Until you get started with the grimy details and dogged commitment this will require, this is in the realm of dream. Ambition is calculated and methodical. Ambition is willing to be inconvenienced and renting temporarily.

We can help you with ambition. We can't help you with a dream. So, which is it? Ambition or dream?

Honestly? Between two topics, we've run the gamut on this one, and only very, very recently learned of the OP's real wish.

As indicated, the OP may be willing to list with an agent for a quick sale, if the perfect property came along. Carry on, folks, but this topic's died it's natural death, for me.