Home Forums Hunting & Shooting Hunter's Campfire Home for sale by owner?

I am a semi-retired Realtor. A lawyer is certainly qualified to read over a contract and tell you if it is what you think it says. However, a lawyer knows nothing of your area real estate market trends, home warranty coverages and prices. Lawyers know nothing about marketing properties nor will they make any attempt to do so. Lawyers do not, as a rule, research and see to the issuing of property tax issues and HOA regulations, fees, transfers, etc. What about any required or desired insurance for the property? What about any flooding potential? Again, not a lawyer's area of expertise. Lawyers know nothing about arranging financing for the buyer. You may think that is not an issue for the seller, but you would be very much mistaken. Basically, this is the buyer's responsibility, but just because a buyer says they want to or say they have the ability to buy your property is meaningless. Furthermore, just because they say or even if they have a lender say they have financing arranged, do they really? A good Realtor will research this. Realistically, even then financing may fall through. Many lenders will give a letter saying that a buyer is pre-qualified for a loan. This is a perfectly legal document that a lawyer would find no problems with. However, don't be fooled, it actually only says that the buyer has spoken with them. It does not say they will do a loan. I have actually had loan officers send me a pre-qual form letter and tell me to just fill in the buyer's name and the amount needed for anything I wanted and they would figure out after a contract was accepted and negotiated if they could do the loan. By the way, I have always refused to do so as I consider this to be unethical at best and fraudulent at least. A good Realtor will try to establish if a buyer actually can qualify for a purchase, even if the buyer is represented by another Realtor. I, as a seller's agent, have several times arranged for a buyer's financing on a transaction that the buyer's original lender was unable to complete, saving the transaction. Lawyers simply do not do any of this. It is not their expertise. As an example, I have a good friend who is a well experienced lawyer who just closed the sale of his home this past Friday. It was a $400K+ transaction. He gladly used a local to him Realtor and paid full commission. No, it was not me as he lives 6 hours away and in a state that I am not licensed in. Some suggest Zillow. Let me tell you something: Somethings on Zillow are accurate. Much of it is not. I have on several occasions had people come into my office and want to see a property they saw on Zillow. I would look up the property and find that not only was it not currently on the market, but it had last sold 4 or 5 years ago. Two such buyers got extremely irate and accused me of being grossly incompetent as they showed me on Zillow the properties. I tried to explain this to them respectfully to no avail. I finally told them to go to the properties, knock on the door and ask whomever was living there if I was lying or not. Never heard from them again. You see, Zillow would pull property listings from the local Multiple Listing Service and post them on their site. That's fine and dandy, but they never would update the site when a property sold or went off the market, making it look like all these houses were available on Zillow. This also led people to believe that the prices for properties that were on the market 5 or 6 years ago were current comps for the area. Not true at all. Another example of misleading Zillow info is that they would give an estimated property value by comparing the general area building size prices per square foot sales or tax value and calculating this to determine a building's value. Well, this is fine and dandy IF you are comparing comparable properties. Zillow does not look at properties. I had a potential buyer contact me from west Texas who was wanting to buy a property that he was convinced was a steal that he found on Zillow located in Galveston. I went and looked at it for him and he was not pleased with what I told him. The property would cost him more money to demo and clear the lot than the lot value would be. It was unfit to occupy and dangerous to enter. But, according to Zillow, the property was worth multiple 6 figures. So, yeah, I've a pretty low opinion of Zillow. Zillow is OK if you can find something that is accurate and current. The problem is, finding something that is current and accurate. On the other hand, if you have someone to buy your property and have the expertise to work with a title company to handle the closing documents, escrow funds, arrange for inspections and negotiate any resulting repairs needed, arrange for any survey that may be needed by local authorities or arrange for an existing one to be approved, tax required documents and tax pay offs, do lien and judgement research, can get a sales contract legally and properly prepared and executed, arrange for and negotiate any home warranty and any repair negotiations, arrange for any HOA transfer documents and approvals, arrange for any financing needed, etc., etc., then by all means do so yourself. Some transactions are relatively easy. Most all will have unexpected surprises, even when purchasing a new home. Sorry for the long post, but there is a lot to these real estate transactions than what meets the eye. Some, a LOT more so than others.

Unless there’s a bigger cash down.......Around here offers that come in over are common and almost always all cash quick close. These are $700,000+ homes so it’s not just a little bit of cash. My dad sold the family home after mom died and it was all cash, no inspection, quick close. My buddy just sold his last 6 homes here and everyone came in way over asking (comp+) and every one was all cash. He started to list the minimum asking and begin accepting offers that he’d open and review after a predetermined amount of days (5-10 days). He was able to go through and accept the one that best suited them....all cash quick close. It was worth it to him to accept an offer that was $10k less than the highest offer but more than asking if it was cash.

Be sure and check out prices that other homes are selling for in your area .

In a lot of places new home building hasn't caught up with demand . Homes are selling for thousands more than appraisal.

Exactly what we are seeing around our property in north Idaho. Cash buys above listing.

You guys must had chosen bad realtors, I'm not a realtor, but seems like you're stepping over a dollar to save a dime.On on probably one of the biggest financial deals of your lives the realtor's commission is very cheap insurance.Lots of of pit falls in real estate transactions. Do you trust your other financial transactions to free on line advice? Do you know what the real value of your house is, Zillow sure as hell doesn't! Can you evaulate best offer with all the ins and out of offers,. Hand shake or do you have a contract? These days hand shake deals or always trouble!

I am a semi-retired Realtor. A lawyer is certainly qualified to read over a contract and tell you if it is what you think it says. However, a lawyer knows nothing of your area real estate market trends, home warranty coverages and prices. Lawyers know nothing about marketing properties nor will they make any attempt to do so. Lawyers do not, as a rule, research and see to the issuing of property tax issues and HOA regulations, fees, transfers, etc. What about any required or desired insurance for the property? What about any flooding potential? Again, not a lawyer's area of expertise. Lawyers know nothing about arranging financing for the buyer. You may think that is not an issue for the seller, but you would be very much mistaken. Basically, this is the buyer's responsibility, but just because a buyer says they want to or say they have the ability to buy your property is meaningless. Furthermore, just because they say or even if they have a lender say they have financing arranged, do they really? A good Realtor will research this. Realistically, even then financing may fall through. Many lenders will give a letter saying that a buyer is pre-qualified for a loan. This is a perfectly legal document that a lawyer would find no problems with. However, don't be fooled, it actually only says that the buyer has spoken with them. It does not say they will do a loan. I have actually had loan officers send me a pre-qual form letter and tell me to just fill in the buyer's name and the amount needed for anything I wanted and they would figure out after a contract was accepted and negotiated if they could do the loan. By the way, I have always refused to do so as I consider this to be unethical at best and fraudulent at least. A good Realtor will try to establish if a buyer actually can qualify for a purchase, even if the buyer is represented by another Realtor. I, as a seller's agent, have several times arranged for a buyer's financing on a transaction that the buyer's original lender was unable to complete, saving the transaction. Lawyers simply do not do any of this. It is not their expertise. As an example, I have a good friend who is a well experienced lawyer who just closed the sale of his home this past Friday. It was a $400K+ transaction. He gladly used a local to him Realtor and paid full commission. No, it was not me as he lives 6 hours away and in a state that I am not licensed in. Some suggest Zillow. Let me tell you something: Somethings on Zillow are accurate. Much of it is not. I have on several occasions had people come into my office and want to see a property they saw on Zillow. I would look up the property and find that not only was it not currently on the market, but it had last sold 4 or 5 years ago. Two such buyers got extremely irate and accused me of being grossly incompetent as they showed me on Zillow the properties. I tried to explain this to them respectfully to no avail. I finally told them to go to the properties, knock on the door and ask whomever was living there if I was lying or not. Never heard from them again. You see, Zillow would pull property listings from the local Multiple Listing Service and post them on their site. That's fine and dandy, but they never would update the site when a property sold or went off the market, making it look like all these houses were available on Zillow. This also led people to believe that the prices for properties that were on the market 5 or 6 years ago were current comps for the area. Not true at all. Another example of misleading Zillow info is that they would give an estimated property value by comparing the general area building size prices per square foot sales or tax value and calculating this to determine a building's value. Well, this is fine and dandy IF you are comparing comparable properties. Zillow does not look at properties. I had a potential buyer contact me from west Texas who was wanting to buy a property that he was convinced was a steal that he found on Zillow located in Galveston. I went and looked at it for him and he was not pleased with what I told him. The property would cost him more money to demo and clear the lot than the lot value would be. It was unfit to occupy and dangerous to enter. But, according to Zillow, the property was worth multiple 6 figures. So, yeah, I've a pretty low opinion of Zillow. Zillow is OK if you can find something that is accurate and current. The problem is, finding something that is current and accurate. On the other hand, if you have someone to buy your property and have the expertise to work with a title company to handle the closing documents, escrow funds, arrange for inspections and negotiate any resulting repairs needed, arrange for any survey that may be needed by local authorities or arrange for an existing one to be approved, tax required documents and tax pay offs, do lien and judgement research, can get a sales contract legally and properly prepared and executed, arrange for and negotiate any home warranty and any repair negotiations, arrange for any HOA transfer documents and approvals, arrange for any financing needed, etc., etc., then by all means do so yourself. Some transactions are relatively easy. Most all will have unexpected surprises, even when purchasing a new home. Sorry for the long post, but there is a lot to these real estate transactions than what meets the eye. Some, a LOT more so than others.

I didn't realize there was this much stupid here willing / dying to throw their money away.

I've bought and sold over a hundred houses. Seems it was a waste of time describing in detail how to do that.

Feel free to throw your money away on realtors.

You and I have that in common.

Selling on your own just scares some folks that's never done it.
So, whatever it takes to make them feel warm and fuzzy.

I see it much like buying or selling a car or boat, do it all the time.

I read the real estate listings 2 or 3 times a day just looking for that property that I feel I can turn a buck on..

All the good deals are sold within a week, gotta move fast.
My offers are most always well below asking price, all cash, wave the home inspection and close in 7 days.
That typically gives my about a 50/50 chance of a seller biting or coming back with a counter offer but a 100% chance I'm gonna make some good money if I buy.

If it wasn't for the comp's the banks and realtors go by I'd make far less money in real estate

I could careless what the comp's are, if a place has unique qualities such as amazing views or stronger than your adverage features I'll sell for well over the comp price. I don't mind being a trend setter.

There are enough cash buyers out there to move a property for over comp. Banks will finance for over comp, they just require more out of the buyer, they can put up a second home, stocks or whatever collateral they might have to cover the distance the bank won't go on a property.

I don't entertain weak buyers when selling.
I don't care where they get their money as long as they show up at closing with a check.

Typical tire kickers all sing the same song, "when we sell our home, we'll buy yours" they'll be fishing for closing in 90 days and expecting 5K to hold the property until they sell theirs.
I just tell them to hold onto their 5K and come back and see me after they sell.

I close on my sells in 30 days and entertain every back up offer that comes along during that 30 days.
Buyers should hit the market ready to buy.

I keep blank buy/sell agreements in my center counsel, I fill them out on the hood of my truck once we strike a deal.

Realtors seem to spend a lot of time trying to shoehorn marginally qualified buyers into homes, maybe it's what they have to do to stay in a pay check, idunno, I just don't use them.

If I ever sell my house(or property) I would tell the realtor..... Hey, this is what I want, you get anymore, keep it.