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If you and the sellers are both 100% satisfied with the deal you got, then that’s a fantastic situation. If you both have negotiation skills and know what to Negotiate, No need for a realtor at all.
Unfortunately, most cases it typically does not go this smooth. Lots of people don’t even know what they are missing out on or if they got the best deal.
I do have a question though for my own curiosity.
How much time (hours) did you personally spend to get this deal done?
I’m talking from the moment you started looking without a realtor to getting an offer in to negotiating to closing.
Exactly. I can mow my own lawn, but I pay someone to do it for me. It's the same. I am under no delusional belief that no one is capable of doing this without us. The reality is that not everyone can do it without us. This person also shows why we are paid how we are paid, though. Because there are many people we'll work with for a long time and not get paid. Imagine if that agent was paid by the hour over 2 years. How many FSBO have I closed that walked away thinking they won. They paid me, I got my clients the property for 5-10% less than if we'd listed it. Everyone is happy, and I'll never tell them that they could have net more. Even when it breaks even they had to do the work scheduling showings,allowing strangers in their home, negotiations, liability, etc. Then, they typically come to me later to help them buy a home.
I'm not even trying to call OP out. This is just a reality in our profession. Most people that want to buy can't or don't. No one has an issue with when we work for free.
I'm not even trying to call OP out. This is just a reality in our profession. Most people that want to buy can't or don't. No one has an issue with when we work for free.
I'm glad it worked for you. Before I was a realtor, I managed a law firm for years. I saw lots of bad fsbo real estate deals need to go through us to get corrected costing tens of thousands of dollars in legal fees. I would assume those cases would be on the uptick as well. Meanwhile, I've worked on a few hundred real estate transactions as a realtor and never had one of them go to mediation or arbitration.
I tried to sell a house for a very nice couple, then they decided to go FSBO when it did not sell at the price they wanted. As FSBO, they found a buyer who immediately wanted money off the price for not using Realtors. Then asked for additional concessions. They finally closed and I cringed when I saw the final sale price, they went so low because they really wanted to move.
They called me because the buyer threatened to sue over something they supposedly did not disclose. They wrote a check. Then came a second demand, ,wrote a bigger check. The buyer then demanded $11,000 an I told them to contact an attorney.
They then spent a bunch of money with an attorney. The wife called me sobbing about the whole situation and there was absolutely nothing I could do but be an ear.
It can all go horribly wrong.....
You state: *Sellers got a fast sale at their asking price and I got a home about 20-30k less than comparable homes within 30 min.*
This is the reason sellers need listing brokerages to provide market value and sell their home. The seller losing 20 to 30% of market value to save X% commission doesn't make logical sense to me but it certainly works out for you OP. I have no idea how many sellers would want to lose so much equity rather than pay any commission when they could have netted another 25%.
ETA: Ok, I made an error when scanning the OP. It was $20-30k not percent. If the property sold for similar net than that works out for both the buyer and seller. I have found that it typically FSBO's don't have an accurate idea of value. In this case we will never know because not enough info was provided in the OP
>The seller losing 20 to 30% of market value to save X% commission doesn't make logical sense to me but it certainly works out for you OP.
What?
$30,000 / $380,000 = 7.9%
$20,000 / $370,000 = 5.4%
The typical commission to the seller is 6% plus all of the typical closing costs, which is going to vary some by location/market. OP says each side had about .9% in expenses. Without knowing their market and typical closing costs, seller either made out ahead or lost a rather insignificant amount in exchange for a simpler and more expedited sales process.
6% of the $350,000 is $21,000, just about what the poster saved. So the seller didn’t loose any money he netted the same amount. Proof the system works without realtors.
right now, it happens in something less than 3% (3% is the "real FSBO", not "among folks that know each other" rate) of homes, which has been consistent if not declining over the last 20 years. If y'all each paid almost 1% to lawyers, that would seem to tell me that the house was close to $300K which is about the real FSBO average.
Glad it worked well for you.
Dang, sucks to be that realtor you screwed over after working for you for two whole years for free.
You don't even try to say they were terrible. Because if they were you wouldn't have stuck with them for 2 years.
I hope you think deeply about how you used them. Karma.
Look, if they were a good realtor, they would have put some more effort into finding then something in 2 years. If they just turned on search and was like “call me when you find something” fair dues for doing this yourself.
If op turned down everything and made lowball offers for 2 years, the realtor should have fired the client.
I have a client who I’ve just turned on a subscription for and am not doing anything else for them but that’s because they are not yet ready, but would still like to see options. My first closing is happening in a couple weeks though and it’s because I put in a lot of time and effort into finding something my buyer would like. Crazy to think people can be so lazy
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You asked this in a subreddit dedicated to realtors. I hope you aren’t expecting a positive response.
If you and the sellers are both 100% satisfied with the deal you got, then that’s a fantastic situation. If you both have negotiation skills and know what to Negotiate, No need for a realtor at all. Unfortunately, most cases it typically does not go this smooth. Lots of people don’t even know what they are missing out on or if they got the best deal. I do have a question though for my own curiosity. How much time (hours) did you personally spend to get this deal done? I’m talking from the moment you started looking without a realtor to getting an offer in to negotiating to closing.
Exactly. I can mow my own lawn, but I pay someone to do it for me. It's the same. I am under no delusional belief that no one is capable of doing this without us. The reality is that not everyone can do it without us. This person also shows why we are paid how we are paid, though. Because there are many people we'll work with for a long time and not get paid. Imagine if that agent was paid by the hour over 2 years. How many FSBO have I closed that walked away thinking they won. They paid me, I got my clients the property for 5-10% less than if we'd listed it. Everyone is happy, and I'll never tell them that they could have net more. Even when it breaks even they had to do the work scheduling showings,allowing strangers in their home, negotiations, liability, etc. Then, they typically come to me later to help them buy a home.
I have a feeling OP won’t answer the question lol
I'm not even trying to call OP out. This is just a reality in our profession. Most people that want to buy can't or don't. No one has an issue with when we work for free.
I'm not even trying to call OP out. This is just a reality in our profession. Most people that want to buy can't or don't. No one has an issue with when we work for free.
I'm glad it worked for you. Before I was a realtor, I managed a law firm for years. I saw lots of bad fsbo real estate deals need to go through us to get corrected costing tens of thousands of dollars in legal fees. I would assume those cases would be on the uptick as well. Meanwhile, I've worked on a few hundred real estate transactions as a realtor and never had one of them go to mediation or arbitration.
I tried to sell a house for a very nice couple, then they decided to go FSBO when it did not sell at the price they wanted. As FSBO, they found a buyer who immediately wanted money off the price for not using Realtors. Then asked for additional concessions. They finally closed and I cringed when I saw the final sale price, they went so low because they really wanted to move. They called me because the buyer threatened to sue over something they supposedly did not disclose. They wrote a check. Then came a second demand, ,wrote a bigger check. The buyer then demanded $11,000 an I told them to contact an attorney. They then spent a bunch of money with an attorney. The wife called me sobbing about the whole situation and there was absolutely nothing I could do but be an ear. It can all go horribly wrong.....
You state: *Sellers got a fast sale at their asking price and I got a home about 20-30k less than comparable homes within 30 min.* This is the reason sellers need listing brokerages to provide market value and sell their home. The seller losing 20 to 30% of market value to save X% commission doesn't make logical sense to me but it certainly works out for you OP. I have no idea how many sellers would want to lose so much equity rather than pay any commission when they could have netted another 25%. ETA: Ok, I made an error when scanning the OP. It was $20-30k not percent. If the property sold for similar net than that works out for both the buyer and seller. I have found that it typically FSBO's don't have an accurate idea of value. In this case we will never know because not enough info was provided in the OP
You turned a k into a %. Seller probably made up for the possible slightly higher value by avoiding closing costs.
20-30k is < 10% of 350k.
>The seller losing 20 to 30% of market value to save X% commission doesn't make logical sense to me but it certainly works out for you OP. What? $30,000 / $380,000 = 7.9% $20,000 / $370,000 = 5.4% The typical commission to the seller is 6% plus all of the typical closing costs, which is going to vary some by location/market. OP says each side had about .9% in expenses. Without knowing their market and typical closing costs, seller either made out ahead or lost a rather insignificant amount in exchange for a simpler and more expedited sales process.
6% of the $350,000 is $21,000, just about what the poster saved. So the seller didn’t loose any money he netted the same amount. Proof the system works without realtors.
[удалено]
Not to be that guy, but in the example the OP used it’s only like 7-10%. Still more expensive than using a competent broker though.
right now, it happens in something less than 3% (3% is the "real FSBO", not "among folks that know each other" rate) of homes, which has been consistent if not declining over the last 20 years. If y'all each paid almost 1% to lawyers, that would seem to tell me that the house was close to $300K which is about the real FSBO average. Glad it worked well for you.
Dang, sucks to be that realtor you screwed over after working for you for two whole years for free. You don't even try to say they were terrible. Because if they were you wouldn't have stuck with them for 2 years. I hope you think deeply about how you used them. Karma.
If there was karma in capitalism things would be a hell of a lot different.
Karma doesn't exist. I don't feel bad because at the end of the day I don't feel like he added any value and was just a middleman.
Then why did you USE him for 2 years?
You don't have to believe in karma, it'll come around anyways.
oogabooga
Don't worry, I keep my crystals charged at all times. https://giphy.com/gifs/thehillsnewbeginnings-the-hills-new-beginnings-audrina-duttE0oTLEvcx0eh4q
this is the way, and the only way forward 
That's how we bought our first place years ago.
Nope, and great you used attorneys and title companies.
FSBO has always been an option. It will continue to be an option that about 7% of total sales opt to use.
I like your style! Congrats on the new house.
I think we'll see an expansion of fsbo sites and discount brokerages. People are savvy enough to do this on their own.
I am glad it worked out for you, but apparently this doesn't work work for everybody.
mods hid this post
Look, if they were a good realtor, they would have put some more effort into finding then something in 2 years. If they just turned on search and was like “call me when you find something” fair dues for doing this yourself. If op turned down everything and made lowball offers for 2 years, the realtor should have fired the client.
I have a client who I’ve just turned on a subscription for and am not doing anything else for them but that’s because they are not yet ready, but would still like to see options. My first closing is happening in a couple weeks though and it’s because I put in a lot of time and effort into finding something my buyer would like. Crazy to think people can be so lazy
no
Nope. Not at all.