Colorado For Sale By Owners Speak – What Is It REALLY Like?

I asked my Facebook followers and friends to share their experience with For Sale By Owner(FSBO). 

What they said was so helpful and enlightening, I decided to share it here.

Facebook Post - What is Colorado For Sale By Owner really like?

I am uber active on the Socials (Facebook, Instagram, mostly). I LOVE it! It’s amazing to be able to connect with new people, keep up with those that I’ve known, and have access to a platform with few, if any, filters for communication. While the lack of oversight of who posts what can cause issues, in my opinion it is better to have an open platform than not.

I use it to communicate with people who want to buy my seller’s homes, to educate and therefore help those I may have not even met about the world of real estate, and to post cute pics and videos of my son :).

Occasionally, I’ll throw a question out there to get a real gauge on an issue that I’ve been wondering about.

When it came to FSBO’s, you all didn’t disappoint. Here are the comments generated from my question “For Sale By Owners!! Who has done it? Who has succeeded? Who has failed? Share for a future blog post please!” (Facebook).


DarrenFacebook

Tried to sell two different homes FSBO. First time I had no idea what I was doing and simply ended up wasting my time and money. Years later tried it again with a different home. I did my homework and got serious: got on the MLS, built my own website for marketing the property, convinced the Post-Gazette (https://bit.ly/1RgiF3D) and the Tribune-Review to feature it in articles in their respective Real Estate sections, hosted well-attended, weekly open houses, etc. Actually received an offer, but the prospective buyers weren’t willing to negotiate so it fell through. Given that we had to sell by a certain date since we were building another home, I ultimately went with an agent and it was sold in a few weeks. Would I ever try FSBO again? Maybe. I learned FSBO feasibility really depends on the house and the market.

 


Caroline

Always had the mindset – you wouldn’t be your own lawyer or heart surgeon – let the experts do what they do best. ~Facebook


Heather

We sold by owner in Iowa! Great experience!. ~Facebook

Because I knew what a helpful person Heather is, I decided to ask her to elaborate. I asked her, “What was the easiest part? And what was most challenging?”

Well we had an open house during town wide yard sale day so advertising was sinch (we had a yard sale too). It sold in one day! The challenging part was negotiating, but even that wasn’t so bad. They wanted termite mitigation on a garage that was at least 50 years old. There was no evidence of new termite activity in the 4 years we lived there. ~Facebook


YES! Have Paul send me a FREE CUSTOM REPORT on my Real Estate Situation!

Mike

Hey Paul Wozniak. I bought our current home For Sale By Owner. We got lucky with the negotiations, they accepted our offer and fixes;but after the fact, after closing, it would’ve been nice to have some representation. Things that were supposed to be done, were done poorly and I had to fight with the previous owners to get the corrected. But, we saved $20k in fees. So there are pros and cons.

Don, another Facebooker, was wondering how they saved money from the buyer’s side when the seller’s side of the transaction is usually the one who ultimately pays both real estate brokerages to handle the transaction.

Don – As a buyer how did you save 20k in fees? Most of the time the real estate agent gets paid via the seller not the buyer. Paul keep in mind studies have shown that FSBO sell less than if sold using an agent.~Facebook

Mike replied, with love for us Realtors® :)…

Hey again Paul Wozniak That is correct. But, I mentioned that the negotiations went well. The fact that the seller didn’t have to pay circa 6% to an agent, I was able to negotiate that amount off of the selling price. Hey, don’t get me wrong, I’m not arguing the benefit of having an agent. I didn’t search for a home that was being sold by owner. We just happened to want a home that was.


HELPFUL LINK! – WHEN AND HOW DO I PAY MY COLORADO REALTOR®? Another great blog post by Realtor® Paul Wozniak


Karrie Ann

I am doing a FSBO now. I have done them in the past. Mostly is saves me money. It is an easy process…. I use a realtor when buying though… if I am in a hurry to sell, I will use a realtor then. ~Facebook


Rebecca

Rebecca went off topic a little bit, and I’m so glad she did. It gave me a chance to highlight the massive difference between selling a home in Colorado on your own, as compared to almost any other product.

I’ve sold a car using Craig’s List. It was easy and I got my asking price. ~Facebook

I was able to pull from my personal experience to reply to Rebecca.

 Paul – I like that comparison because I literally just had a FSBO, who is also an auto mechanic, considering a Realtor say, “Why do you think so much about your home valuations? I can give you an estimate on your car repairs in 20 minutes!” A difference, of course, is that the car repairs probably won’t cost $350,000. While an auto sale isn’t easy, the amount of money is what increases the difficulty. And the stakes. ~Facebook

Rebecca replied:

I so agree! My only FSBO has been a car. I can’t imagine selling a house!!!

By the way, Rebecca is also one of Colorado’s best authors. Check out her work here… 🙂


John

I’ve found that it’s difficult the negotiate with FSBO folks. They usually think they know what their house is worth and don’t want to come down much on their asking price. As a buyer, I try to avoid them. ~Facebook


Mike (different Mike than above)

We found our current house on Craigslist. Worked out great!!! ~Facebook


May I help?

I provide this website and all my digital and real world outreach in order to make your real estate life more successful and rewarding. While I won’t recommend FSBO, if you that’s your way, I don’t begrudge you. I will tell you that even modern FSBO’s, what with their Zillows and Craigs lending a hand, still generally net less or similar to what they would have if they used a Realtor®. This is our job and we do it every day and we do it generally better than you can. You do your job, and in your spare time, enjoy your life. Let us worry about selling your home, and I predict a lot less headache and heartache will ensue.

If you are going to sell or buy a home I want you to know two things:

  1. I will listen to you
  2. I care about what you want, and helping you achieve it!

YES! Have Paul send me a FREE CUSTOM REPORT on my Real Estate Situation!

REMAX Alliance Fort Collins South Compliance Logo