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