For Sale By Owner Stories = The Good, The BAD, & the Ugly ->

By
Real Estate Broker/Owner with F.C.Tucker 1st Team Real Estate

For Sale By Owner Stories= The Good, The BAD, & the Ugly->

The Good….

Growing up in a small neighborhood on the south side of Chicago called Hegewisch, (where everybody knew everybody),  I can remember several FSBO transactions that happened without contracts Property was sold by verbal agreement and a handshake….. ah the good old days of  people who kept to their word.  Today, things are not always as easy, although many FSBO sales are successful. Lately, with the challenging economy &  Real Estate Market, the caveat of Buyer Beware calls even more for professional services of a licensed Real Estate Broker.

Since 1999, I’ve been compiling stories (maybe I’ll write a book someday:) of actual events of meeting with FSBO owners. Some we listed and sold, some we helped facilitate the sale by bringing a buyer. But some…. were TBA-AAC (to be avoided, at all costs). Here are just a few excerpts from some of our experiences of dealings with FSBO properties.

The Bad….

A son, with the same name first & last names as his father, met with us to discuss the sale of  a 3 unit investment property that we had a potential buyer for. He represented himself as the owner, but the  business card, which he gave us when we toured the property had JR. after his name…the county record did not!  When Jeff later called to confirm ownership and validity of intent to sell with the SR., his voice became sad for being the one to break shocking news to an elderly man about what his only son was attempting.

 A Husband and Wife (two separate last names on title, quickly explained to us when questioned about it, that the change was never made with the county after marriage). At the appointment later in the week, the couple  claimed they were motivated to sell, only problem, they must have forgot we printed the county record and when the husband introduced his wife with a different 1st name?…  truth = It was actually his mother on Title & Deed  - a quick phone call to Mom on the spot was enlightening... LOL …uh oh, no sale here after mama found out.

The Ugly….

A previous client tried to get his friend to at least talk with us before buying for sale by owner. He did not heed the advice, yet a few months after the sale, he did called us about a flood in the basement (neighbors eagerly informed  him the home always floods with heavy rains….something that was not told to him by the previous owner). We asked him what the Indiana Residential Sellers Disclosure FORM said….oh no - FSBO not required to disclose defects with the property in IN…so none was ever filled out, like every professionally LISTED property is required to have!

One beautiful FSBO home was listed 100 K over area comps (it was stunning, with an exceptional premium lot - so our buyers asked us to investigate).
The sellers told us they had several deals fall through - we asked why?  Apparently, the 3 mortgages on the property (all different lenders)  would not allow or come to an agreement on terms to permit any short sale…The sellers were so upside down on what they owed the banks on this property!
We wondered after leaving this home: How any potential buyers could entrust FSBO sellers in similar situations with thousand of dollars in earnest money??…not knowing important background information on the property liens ?

Remember the wise advise written in the refrain to the song Kenny Rogers sang called 'The Gambler'?

Know when to walk away. There are enough obstacles in a regular real estate transaction these days of getting safe, listed properties to close - no bluffing!
 
If you are currently trying to sell your property For Sale By Owner without success, give us a call to show you  Plan B - We’ve helped many previous FSBO clients get their home SOLD read some of our TESTIMONIALS.

If you are a serious pre-approved buyer and considering a FSBO property purchase - use our services as a Buyer Agent to represent you in the transaction.

Give us a call today @ 219-405-1232 to discuss any questions or your particular situation.

________

If we can help you find a home or land in NW Indiana, give us a call @ 219-405-1232 - we are Full Time Full Service Real Estate Brokers serving Lake, Porter, La Porte Counties in NW Indiana.

Jeff& GraceSafrin " Spouses Selling Houses" TM

Real Estate Broker /Owners of  F.C. Tucker - I1st Team Real Estate ( Independently Owned 7 Operated)

the 32nd affiliate office of F.C.Tucker => Indiana's Largest Real Estate Company

On  Facebook  ?...... be-friend us - look up Jeff Safrin  : ) 

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F.C.Tucker 1st Team Real Estate

13 Lincolnway Suite # 203 

Valparaiso, IN 46383         

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serving Lake, Porter, La Porte, Jasper, Newton & Starke Counties in NW Indiana

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Rainer
205,537
Sylvie Conde
Sutton Group-Associates Realty Inc., Brokerage - Toronto, ON
Broker, Toronto Real Estate

It's hard to believe that people still have not learned that they can't take on the biggest sale of their life (or the biggest purchase), without the help of professionals, who can save their ASSets - some cases you've mentioned above - and with all the mortgage and title fraud going on these days, why would anyone take any chances?

Do people go to the hardware store when they need a tooth pulled?
:)

Apr 23, 2009 11:59 AM #1
Rainmaker
608,329
Kathy Toth
Ann Arbor Market Center Keller Williams - Ann Arbor, MI
Ann Arbor Real Estate Experts - Kathy Toth Team

You know, I think the biggest thing that needs to be stressed is not that we don't believe you CAN sell your home on your own.  You can.  People do it all the time.  The important thing to know is that you can sell your home for more money and with less stress and aggravation if you use a licensed agent.  Thanks for pointing out the good, bad, and ugly of selling FSBO!

Kathy

Apr 24, 2009 06:23 AM #2
Rainmaker
526,651
Jeff&Grace Safrin
F.C.Tucker 1st Team Real Estate - Valparaiso, IN
SpousesSellingHousesTM

Hello Sylie - Your comments are quite Succinct ! Jeff uses the self treatment analogy also :) Trying to be Penny wise to end up dollar foolish is more common than we think. The FSBO company's that just put a listing online on a webiste ( a few minutes work) charge anywhere from several hundred to tens of thousands of dollars....we've known waitressess deplete their savings accounts of 5K only to have the home sit fsbo one year later - yet not want to sign with a REALTOR for FREE?

Hello Kathy, we've taken FSBO listings where the seller is SURE they have a GOOD buyer - so we ask them to give us the info (names & phone numbers) so we can refer them to a lender to get prequal...the potential fsbo buyers sometimes conveniently forget to mention they had a Bankruptcy recently and their intent was the rent to own option to purchase the home (rent being for an amount less than the current sellers monthly mortage payment:)) and some even hope to apply most or all of the montly rent to a downpayment LOL...when we point out the clause in the sellers mortgage notes that prohibits rental to others and inform them of the rest....they just shake their head.....

Thanks to you both for sharing your comments

Sincerely,

Grace

Apr 25, 2009 02:42 AM #3
Rainmaker
485,915
Robert L. Brown
www.mrbrownsellsgr.com - Grand Rapids, MI
Grand Rapids Real Estate Bellabay Realty, West Mic

Jeff we all have stories to tell. Some people have to learn the hard way.

Sep 25, 2009 10:07 AM #4
Rainmaker
526,651
Jeff&Grace Safrin
F.C.Tucker 1st Team Real Estate - Valparaiso, IN
SpousesSellingHousesTM

for sure Robert - for sure - thanks for taking time to stop by and comment.

Sincerely,

Grace

Sep 25, 2009 10:17 AM #5
Rainmaker
485,915
Robert L. Brown
www.mrbrownsellsgr.com - Grand Rapids, MI
Grand Rapids Real Estate Bellabay Realty, West Mic

Came back here Grace to see if you had more stories. I was kinda bored and all. I needed some excitement.

Dec 02, 2009 07:55 AM #6
Rainmaker
526,651
Jeff&Grace Safrin
F.C.Tucker 1st Team Real Estate - Valparaiso, IN
SpousesSellingHousesTM

Hi Robert, LOL sorry to disappont you - hope to have another interesting story soon.

Sincerely,

Grace

Dec 02, 2009 11:15 AM #7
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Rainmaker
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