FSBO the way to go?

I am going to be buying a home to do a 2 year LO. The home will run about 100k or less most likely. I need to make sure the difference between current appraisal and buy price is 10k+.

Anyway, I was looking over some FSBO’s and it seems easier to find deals. Also because there is no realtor fee, there is more room to play. Are there major issues when buying a FSO home? Should I stick to MLS and realtor only?

It’s all about the numbers. I have seen a couple FSBOs in my area, they were first put into realtor hands, and they did not sell in the 6 month period, so the owners dropped the realtors and put the red FSBO signs out. Both were over priced in the begin with. One was a old home in town on a very very busy corner, they wanted 279K, did not sell with the realtor, now they have it at 279K FSBO. Other was a ranch home with a 2 car garage, wanted 349K, did not sell with the realtor and now want 349K FSBO. You would think they might have trimmed 10K off the price when they dropped the realtor but they didn’t. In my opinion they were way over priced in begin with. But sometimes you can find a FSBO who is underpriced by a great deal for some reason or another, they are out there, just gotta find em.

Another home I drive going to work has been on the market for 2 years, three different realtors and once with FSBO signs, homes around it have been listed and sold but this one. The problem, over priced by 50K and the owners will not budge. And everytime they re-listed it, they raised the price. I must live in crazy town.

Howdy Dan732:

I just caught the tail end of the Property Ladder show. He listed the condo for $600,000 hoping to get $700,000 and he got a contract for $700,500 with 14 offers over a 6 day time frame I believe. Now that is crazy, bonkers even


forget about the L/O w/ a realtor listing. realtors get paid out of sale proceeds… so i doubt many are going to be to keen on the idea.

other than that, in my opinion it doesn’t necessarily kill a deal, its all about the numbers.

Yeah it is crazy. That had to been awesome to get bids like that. My aunt had a townhouse in South Brunswick NJ that she put on the market for 249K and got 15 offers the first day upto 289K. And that was a few years ago before the hot and crazy market that area is now. If she held out for two years she would have saw 380-450K. But she was moving out of state.

I was just saying that some people with FSBO are out of line with actual real estate prices. Some just pick any number or they “dream” of a big number. In my experience FSBO in my area are usually more than comparable homes on the MLS. And I always like the ones that ditch their realtor and sell them selves, I always say if the Realtor could not find a sucker to pay 50K over comps, what makes you think you could?

Pip, I am not looking for an LO. I was saying that after I buy the prop, I will probably offer it on a LO.

As to FSBO, I see some potential deals but I see TONS of homes that are overpriced or listed at what they would be in the MLS.

I watched today’s property ladder about a woman rehabbing a condo to sell. Talk about how not to get things done. What a mess she made. If she had a drop of organization and did not look for help at the local bars, it would have been done much better and quicker.

yeah, i misread your question.

What is whaere is “the property ladder?”

Howdy Zin44:

It is a new TLC TV show about rehab projects.