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Message
Real Estate Question
Posted on 6/4/18 at 1:55 pm
Posted on 6/4/18 at 1:55 pm
I'm looking at a house FSBO and was looking to get a CMA for the house. What would be the best way to get this? Obviously if the deal go through FSBO, I won't use a realtor, but there is always a chance it falls through (or the seller ends up listing with a realtor).
Is this something a realtor will do for free or is there any service to get this done for a small fee? I'd definitely throw them a bone if i ended using a realtor in the future.
Is this something a realtor will do for free or is there any service to get this done for a small fee? I'd definitely throw them a bone if i ended using a realtor in the future.
7
Posted on 6/4/18 at 2:03 pm to KingofZydeco
quote:
I won't use a realtor
quote:
Is this something a realtor will do for free
I don't too many people who work for free.
Why wouldn't you just use a realtor if you're the buyer? Commission is still paid by the seller, so its not costing you anything.
Posted on 6/4/18 at 2:03 pm to KingofZydeco
A lot of FSBOs are willing to pay a buyer's agent commission just not the seller's commission so I'd have a Realtor at least make the initial call to see. Then you'd be getting the Realtor services for "free." But expect that the commission they will have to pay come into play when negotiating the price.
Otherwise, I'd call an agent and tell them you'll buy them dinner to run comps for you. Realtors like knowing that they might have a future client or someone they can hit up for referrals.
Otherwise, I'd call an agent and tell them you'll buy them dinner to run comps for you. Realtors like knowing that they might have a future client or someone they can hit up for referrals.
This post was edited on 6/4/18 at 2:06 pm
Posted on 6/4/18 at 2:07 pm to KingofZydeco
Many times a seller on FSBO will be willing to pay between 2-3 percent on buyer's commission if they have an agent. If neither of you have an agent, the buyer has a little extra leverage for a better price since the seller is saving thousands of dollars not using a realtor. You can do the calculation by figuring out what the seller is saving on the price of the house less 5-6%. You can potentially get 2-3% less purely out of not using a realtor on either side.
Just some food for thought
Just some food for thought
Posted on 6/4/18 at 2:09 pm to oreeg
quote:
Otherwise, I'd call an agent and tell them you'll buy them dinner to run comps for you. Realtors like knowing that they might have a future client or someone they can hit up for referrals.
This is what I was thinking.. there is a good chance that this falls through (still waiting on selling my house out of town). If it was a quick service... I'd definitely pay if forward (or just give them a little $ up front if preferred).
The seller didn't want to deal with realtors, so we saw the house on our own. I've done my best to run the comps, but wanted to have a second opinion if possible.
Posted on 6/4/18 at 2:12 pm to Tiger Prawn
quote:
Why wouldn't you just use a realtor if you're the buyer? Commission is still paid by the seller, so its not costing you anything.
This comment always drives me nuts. If I'm selling a house FSBO and I have a number in mind that I need to clear, then my ability to negotiate with the buyer is limited by the commission that "I" am paying.
Example: House is listed for $250k. I need to clear $225k. If the seller is not paying any closing cost or commissions, then the buyer can offer $225k and I would accept it. If the buyer brings an agent, and that agent wants 3% commission, I now can't accept any offer below $232k. Throw in some money towards closing costs, a home warranty, etc, and my bottom line price increases.
Posted on 6/4/18 at 2:12 pm to KingofZydeco
I'll be happy to do it for you. Post your email for a second so I can get it then take it down.
Posted on 6/4/18 at 2:14 pm to KingofZydeco
quote:
Is this something a realtor will do for free
Posted on 6/4/18 at 2:15 pm to KingofZydeco
Keep in mind, when you eventually pull comps that the numbers you pull will be be transactions that involved realtor commissions of 5-6%. More likely than not, that seller is using those numbers to price his house without an agent's commission involved.
Posted on 6/4/18 at 2:21 pm to Rohan
quote:
Rohan
Appreciate it... I'd definitely pass your information along any chance i get!
This post was edited on 6/4/18 at 2:26 pm
Posted on 6/4/18 at 2:23 pm to KingofZydeco
email sent
Posted on 6/4/18 at 2:44 pm to CubsFanBudMan
quote:
Example: House is listed for $250k. I need to clear $225k. If the seller is not paying any closing cost or commissions, then the buyer can offer $225k and I would accept it. If the buyer brings an agent, and that agent wants 3% commission, I now can't accept any offer below $232k. Throw in some money towards closing costs, a home warranty, etc, and my bottom line price increases.
100%
I bought my house FSBO without an agent, and subtracted 3% from their asking off the top. Then I negotiated closing costs, etc...
Posted on 6/4/18 at 2:58 pm to CubsFanBudMan
quote:
This comment always drives me nuts. If I'm selling a house FSBO and I have a number in mind that I need to clear, then my ability to negotiate with the buyer is limited by the commission that "I" am paying.
Example: House is listed for $250k. I need to clear $225k. If the seller is not paying any closing cost or commissions, then the buyer can offer $225k and I would accept it. If the buyer brings an agent, and that agent wants 3% commission, I now can't accept any offer below $232k. Throw in some money towards closing costs, a home warranty, etc, and my bottom line price increases.
We just bought a house that was FSBO without an agent on either end. A few months before that just went thru selling my grandmothers house with the "help" of real estate people.
This FSBO has been so easy. About a week ago, I talked directly to the seller/owner instead of going thru waiting for agents to call us back. We saw the house, called, talked with owner, agreed to buy it, drew up papers and go to closing next week and will pay cash so no dealing with the mortgage people and their BS.
Total cost $250 for title transfer, $650 for title search. (Due to the unique construction of the home, we did not want/need termite, septic or other inspections. We got a great price by dealing personally with the owners and they were very open about everything to do with the house).
Dealing with the agent to sell gram's house was expensive, aggravating and took months to accomplish and we were not happy with the result. Everything was a huge deal and took so long and had agents, brokers and other people involved. Total nightmare.
By comparison, this FSBO deal has been great. It has gone off as more of an adoption that a real estate transaction and we couldn't be happier.
(Yes i understand that newer houses should have all those inspections, protections ( or may require them per mortgage requirements) and such so my experience may be unique. But I also bought my other house decades ago as a FSBO and was also very pleased with it.)
This post was edited on 6/4/18 at 3:04 pm
Posted on 6/4/18 at 3:00 pm to gingerkittie
Congrats, but I aint reading all that
Posted on 6/4/18 at 3:04 pm to KingofZydeco
quote:
Is this something a realtor will do for free
You mean.. like volunteer work?
Posted on 6/4/18 at 3:05 pm to Count Chocula
quote:
Congrats, but I aint reading all that
TL;DR - FSBO > For Sale by agent
Posted on 6/4/18 at 4:05 pm to KingofZydeco
Here is some info on a DIY CMA and what you need to do.
LINK
LINK
Also Zillow shows the info on other houses in the area, what they sold for, what the zillow value is, how much $ per sq ft is and other data that may be helpful. It also tells you what that house sold for in the past and the taxes and such
We didn't do a professional CMA as were confident of what we did in our own research.
best of luck to you
LINK
LINK
Also Zillow shows the info on other houses in the area, what they sold for, what the zillow value is, how much $ per sq ft is and other data that may be helpful. It also tells you what that house sold for in the past and the taxes and such
We didn't do a professional CMA as were confident of what we did in our own research.
best of luck to you
This post was edited on 6/4/18 at 4:13 pm
Posted on 6/4/18 at 4:32 pm to KingofZydeco
Pay $500 for an appraisal.
Posted on 6/4/18 at 5:34 pm to gingerkittie
quote:
(Due to the unique construction of the home, we did not want/need termite, septic or other inspections. We got a great price by dealing personally with the owners and they were very open about everything to do with the house).
Lender didn't require termite inspection to underwrite loan?What type of unique property was this?
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