long story short I am renovating a 4 br 3.5 bath, 3600 sq. ft. Comps at about 500 in 3 months or so.
Paid 231k after closing costs and in the end will have just under 100k in renovations in 6 weeks.
In order to get rid of the hosue as fast as possible I am going to put it up for 450k.
profit with realtor-97,000
profit without realtor (w/o other closing costs associated with a cash deal)- 124,00
What exactly is the process for selling for sale by owner. Does anyone have any recommendations for another MLS or getting mine on the main MLS without using a realtor?
If I were to find a buyer with cash/preapproval could I just go to my title company and have them close it out? My research on renovating/finding deals has been great through this site and I was hoping someone could exand my knowledge a little bit on the actual sale of a home.
Thanks in advance
Do Seller Financing, I believe there’s s free book on the home page its very good general knowledge. OWC.
You can use a Land Contract, Trust Deed, or a Wrap(AITD).
You can get on the MLS at MLS.com about $300. Run ads on craigslist.
If you want a quick close out deal you could sell the LC, TD, or Wrap Note.
But be advised that these Notes are always bought at a Discount, especially without seasoning. You don’t really need a pre-qaul., You qualify your Buyer.
herbster
You should definitely work with craigslist on this one. You also might consider putting some ads in your local newspaper as well.
You can probably put it on the MLS for a few hundred dollars… there are a lot of flat fee real estate brokers out there.
Use a Limited Service Broker. Search google for ‘Flat Fee MLS’. They will put your name and phone number on the listing for realtors to call direct. You will still have to pay the buyers broker usually 2%+, but you save the 2-4% on the buying side. Then goto Lowes / Home Depot and buy a lock box.
I offer the service for Connecticut. People who use it LOVE it.
I haven’t used the flat fee MLS listing yet, but I’ve heard they are well worth the money. Of course the downside is that you’ll have to offer a coop to the buyer’s agent. If you go craigslist and find a buyer that’s not working with an agent then you can save all commissions.
Call a few title companies and let them know you are selling without an agent. They can usually send you over a packet with a bunch of info and estimated closing costs. Most of the time, at least the ones in Ohio that I’ve talked to, there’s an attorney in the title office that handles the closing. It’s easier than I thought when I started looking into it.
Make sure you have a sign in the yard while you are working on the house! You might just get lucky and have someone come on by who is interested.
Don’t forget about holding costs when doing your calculations.
A good real estate agent is worth their weight in gold. You might consider offering to co-op with the flat fee option to get your property in the MLS for exposure. This will also allow you to direct market to all the real estate offices in your area, thereby having the opportunity for one of the agents to bring you a purchaser (and take care of the paperwork).
Keep yourself out of hot water make sure you (or your real estate attorney) know the exact contract notices and/or disclosures that a seller is required to provide to the purchaser.
If you want to FSBO then start marketing for potential purchasers ASAP. Not sure where you are located or what the market is like where you are in that price range but for much of the US the market is close to stagnant and owner’s homes are sitting longer than ever…
Best of Luck!