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ChuckB
Good Luck Chuck

USA
11386 Posts

Posted - 08/09/2017 :  11:09:06  Show Profile  Reply with Quote
Anyone ever bought/sold FSBO? Have any tips/pointers for buyer and seller? It appears we are about to make an offer on a house, and things are falling into place without real estate agents. Nothing against agents, but this has all been word of mouth and lots of potential savings without agent commissions. The owners father of the house we are looking to purchase is an attorney that is willing do draft agreements at no charge, but it is safe to assume his daughters best interests will be covered. We are in our 2nd home, have been in it for 14 years, and really do not know what we are doing.
There is a packet I can purchase on FSBO.com that is state specific with needed documents for ~$50, money well spent?

'82 224 - Mobile, AL
Project Boats - Eric Nelson's 224
Repowered w/'04 Evinrude DI 200
Pulled by Space Shuttle Towing TUNDRA.

Transom and bottom - http://www.classicmako.com/forum/topic.asp?TOPIC_ID=31915

michigan dave
Peacekeeper

USA
8855 Posts

Posted - 08/09/2017 :  11:31:43  Show Profile  Reply with Quote
If your market is strong in your area then you should do fine for sale by owner...List it on zillow, and if their is a company that will list it on the MLS in your area for a reasonable fee (500$)
then I would also consider that.

Keep in mind, every dreamer with 10 dollars in their pocket is going to seem interested. Many wouldnt have the credit to buy a new car let alone a house. If you can figure out a way to weed them out it would save lots of sanity...

Good Luck!!



1978 Mako 19 with 90hp johnson
1996 Mako 22
1982 Mako 171 Angler 135 Black Max Mercury
1987 21b 225 Yamaha
1974 23 inboard Gusto gone.
1979m21 225johnson "blue dolphin" bought off this board and restored
with everyone's help!!Gone but not Forgotten....
1979 20 Mako 115 Suzuki gone
1977 19 Mako 115 Johnson gone
1976 23 Mako twin 140 Johnsons gone
1983 224 with closed transom and bracket
And 160 SOB (some other boats)
Venice Florida, Traverse city Mi.
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ChuckB
Good Luck Chuck

USA
11386 Posts

Posted - 08/09/2017 :  12:00:15  Show Profile  Reply with Quote
Thanks Dave. We are good with those aspects. What has us a little uneasy is the documentation processes on both sides, from selling ours to purchasing other. The chit one usually leans on a realtor for .

We currently have 2 new listings in the neighborhood that will drive buyers into the area, and we bigger, newer, have better curb appeal, and will be priced lower per sq/ft.

'82 224 - Mobile, AL
Project Boats - Eric Nelson's 224
Repowered w/'04 Evinrude DI 200
Pulled by Space Shuttle Towing TUNDRA.

Transom and bottom - http://www.classicmako.com/forum/topic.asp?TOPIC_ID=31915

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Paradise Found
Member

97 Posts

Posted - 08/09/2017 :  12:19:38  Show Profile  Reply with Quote
I've looked into FSBO and best thing to do is contact an escrow company and for a fee around 750.00 here in California have them do all the title search and money transactions. They have contract forms etc that the real estate agents use. No difference in FSBO and an agent doing it.
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snappergapper
The Freshman!

USA
2726 Posts

Posted - 08/09/2017 :  13:01:38  Show Profile  Reply with Quote
Does it have room for a 241 with a bracket built into the mortgage? Are you moving to water or bigger house? After 14 years why sell as you are almost paid off as I assume you as an CPA only did a 15 year mortgage.


1984 Mako 224
1977 Mako 15
Clermont, Florida-
http://www.classicmako.com/forum/topic.asp?TOPIC_ID=37212 -Rewire
http://www.classicmako.com/forum/topic.asp?TOPIC_ID=40627 -Tank/Misc
http://www.classicmako.com/forum/topic.asp?TOPIC_ID=58615 - Aft Box removal
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DukeS
Member

743 Posts

Posted - 08/09/2017 :  13:21:45  Show Profile  Reply with Quote
I have done both.

Agent (a good one) will help if you are in a hurry or at distance, a great one will pay for themselves. A bad one will leave you shaking your head in disgust, wishing you had kept the money for yourself.

FSBO- Find a recommended realestate lawyer to handle the transaction and be the settling agent. between them and the bank owners (if mortgage involved), they will make sure it is up and up. Make sure you get papers on everything. I had a mortgage payoff that the mortgage company never filed the satisfaction papers on a refi, bit me later.

Raymond Palmer in Gulf Breeze, FL did me right on 2 FSBO, quit claims on a divorce settlement and using an agent he recommended for another sale.

Richard Snyder
Wachapreague, VA

http://www.classicmako.com/forum/topic.asp?TOPIC_ID=43622
http://www.vims.edu/esl/
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ChuckB
Good Luck Chuck

USA
11386 Posts

Posted - 08/09/2017 :  14:36:21  Show Profile  Reply with Quote
quote:
Originally posted by snappergapper

Does it have room for a 241 with a bracket built into the mortgage? Are you moving to water or bigger house? After 14 years why sell as you are almost paid off as I assume you as an CPA only did a 15 year mortgage.



This will likely delay boat dreams. Obviously current house was purchased before children, it is a nice size home, and we assumed had plenty of room to grow into; we weren't completely right. With two boys close in age and not yet teenagers the 2 areas we have quickly realized lacking, problem continues to grow with boys, is pantry and laundry room. Plus Beth has had a career change, and for a few years has desperately needed a home office. The new house is barley a mile from current location, but bigger, laid out perfect for our situation, has a lot of garage space , water access with private ramp (some lots come with a slip), community pool, etc... We are also friends with half the neighborhood.

We have debated for years to spend money on current house and look for Island 2nd home in future, or sell and go to this specific neighborhood. No other location has ever even been considered, and word of mouth got us on this house. In talking with friends we have now looked at 4 unlisted homes, but seem to be set on the original.

So to summarize yes bigger and sort of on water.

'82 224 - Mobile, AL
Project Boats - Eric Nelson's 224
Repowered w/'04 Evinrude DI 200
Pulled by Space Shuttle Towing TUNDRA.

Transom and bottom - http://www.classicmako.com/forum/topic.asp?TOPIC_ID=31915

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gmcauliffe
Member

USA
1749 Posts

Posted - 08/09/2017 :  14:41:08  Show Profile  Visit gmcauliffe's Homepage  Reply with Quote
FSBO is fine, but you should ALWAYS ALWAYS have your OWN lawyer looking out for YOUR interests on this, as DukeS says.



NYC & L.I. - 1974 "Classic" Mako 20' - Suzuki 2006 DF150 - Fly & Light Tackle, C&R
My boat: http://www.classicmako.com/forum/topic.asp?TOPIC_ID=23444#159594
Personal website: http://www.georgemcauliffe.com/
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BlueCrab
Member

USA
361 Posts

Posted - 08/09/2017 :  16:27:01  Show Profile  Reply with Quote
It's a shame you are not in MD
I have a cousin who is a real estate attorney.

Good Luck I wish you all the best.

Brian

1992 Mako 221
1987 Bayliner 17 (sold)
1963 Elgin (sold)

Pasadena,MD
bkbo529@verizon.net

I am a PROUD DEPLORABLE
"Make America Great Again"

http://imgur.com/XX3AKC4
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ChuckB
Good Luck Chuck

USA
11386 Posts

Posted - 08/09/2017 :  16:32:16  Show Profile  Reply with Quote
Thanks guys! Clearly we are right to be concerned with owners father doing documentation. I will reach out to my mortgage guy for a recommendation on title co or real estate attny.

'82 224 - Mobile, AL
Project Boats - Eric Nelson's 224
Repowered w/'04 Evinrude DI 200
Pulled by Space Shuttle Towing TUNDRA.

Transom and bottom - http://www.classicmako.com/forum/topic.asp?TOPIC_ID=31915

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dodge
Intimidator in a Cadillac

USA
1356 Posts

Posted - 08/10/2017 :  19:27:16  Show Profile  Reply with Quote
I've done it several times, just have your attorney review and be present at closing If possible. We always used our attorney for the closing but buyers would bring there lawyer. It's cheap compared to commissions


Nick Dodge
Maysville, GA
1990 Mako 261 Broken Arrow



Project Thread- http://classicmako.com/forum/topic.asp?TOPIC_ID=56182&whichpage=1
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Sailor
Moderator

USA
10432 Posts

Posted - 08/11/2017 :  08:50:55  Show Profile  Visit Sailor's Homepage  Reply with Quote
R/E agents are good at doing the legwork to find you a home and then make sure that all inspections are ordered at the right time. You don't need them with a FSBO, but you better have a good mortgage guy and a good title company to keep things on track. There are standard real estate contracts that you can get off the internet, just make sure it's the Bama state version. You can also sometimes strike a deal with a friendly realtor to write the contract for you and then they are done.

Feel free to email or call with any questions and I'd be happy to look over your Loan Estimate to make sure you aren't paying any junk fees and getting the best rate possible. I've got ten loan officers working for me so I see all kinds of weird things all day long and I lend in all 50 states. I would personally close at a title company that has an attorney on staff in case there are any questions.

1978 Mako 25 - Blind Hog
1985 Mako 20c - sold
Mary Esther, FL
http://www.classicmako.com/forum/topic.asp?TOPIC_ID=42841

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ChuckB
Good Luck Chuck

USA
11386 Posts

Posted - 08/11/2017 :  09:01:53  Show Profile  Reply with Quote
Thanks Steve! When all this came about I thought about you, and I'll likely call and discuss when mortgage deals get rolling. My mortgage guy is a very old friend, a client, and he owns a lot in potential neighborhood. I have obviously used in the past, referred him business, and consulted with on this, so I'm expecting to get best deal possible. Not being in the business I obviously do not know if that is happening or not .

'82 224 - Mobile, AL
Project Boats - Eric Nelson's 224
Repowered w/'04 Evinrude DI 200
Pulled by Space Shuttle Towing TUNDRA.

Transom and bottom - http://www.classicmako.com/forum/topic.asp?TOPIC_ID=31915

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ChuckB
Good Luck Chuck

USA
11386 Posts

Posted - 08/16/2017 :  09:31:45  Show Profile  Reply with Quote
So when listing FSBO do you state agents welcome? There are potential buyers out there that already have a buyers agent looking for them a house. If you do allow agents do you discuss commission up front? Can you state you will only pay x% to agents in listing?

'82 224 - Mobile, AL
Project Boats - Eric Nelson's 224
Repowered w/'04 Evinrude DI 200
Pulled by Space Shuttle Towing TUNDRA.

Transom and bottom - http://www.classicmako.com/forum/topic.asp?TOPIC_ID=31915

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Sailor
Moderator

USA
10432 Posts

Posted - 08/16/2017 :  15:52:35  Show Profile  Visit Sailor's Homepage  Reply with Quote
quote:
Originally posted by ChuckB

So when listing FSBO do you state agents welcome? There are potential buyers out there that already have a buyers agent looking for them a house. If you do allow agents do you discuss commission up front? Can you state you will only pay x% to agents in listing?



Absolutely but make it known up front that you are only willing to pay their commission, usually 2-2.5%. Agents with buyers who come across a fsbo without commission roll right on. Trust me.

1978 Mako 25 - Blind Hog
1985 Mako 20c - sold
Mary Esther, FL
http://www.classicmako.com/forum/topic.asp?TOPIC_ID=42841

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ChuckB
Good Luck Chuck

USA
11386 Posts

Posted - 08/16/2017 :  16:22:33  Show Profile  Reply with Quote
quote:
Originally posted by Sailor


Absolutely but make it known up front that you are only willing to pay their commission, usually 2-2.5%. Agents with buyers who come across a fsbo without commission roll right on. Trust me.



Where does the 2-2.5% come from? Is that a Gulf Breeze or National average? Online I am seeing people say willing to pay up to 3.5%, and some listings say will pay fixed __%. I feel I should offer a fixed %, but I don't want to shoot in the foot with too low or high of a percentage. If I say up to 3.5% I could get some agent that usually gets 2.25% charging me 3.5% (that is a considerable amt of $ different).

'82 224 - Mobile, AL
Project Boats - Eric Nelson's 224
Repowered w/'04 Evinrude DI 200
Pulled by Space Shuttle Towing TUNDRA.

Transom and bottom - http://www.classicmako.com/forum/topic.asp?TOPIC_ID=31915

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Doc Fees
BBG - Barney Be Gone

USA
7891 Posts

Posted - 08/17/2017 :  06:46:46  Show Profile  Reply with Quote
I'm sure the more you're willing to pay in commission,the more willing agents are to bring clients to your house.5% is typical total commission.It is split according to who is "listing agent" and who brings the client.The "listing agent" gets the lions share...3% and the clients agent gets 2%.That's the long and short of it,although there are other scenarios that can be spelled out ahead.

1985 Mako 21B w/ 2013 Yamaha F300
http://classicmako.com/forum/topic.asp?TOPIC_ID=42046
1967 Boston Whaler 13'
1971 Boston Whaler 13'
Richmond Hill,GA
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Sailor
Moderator

USA
10432 Posts

Posted - 08/17/2017 :  08:45:34  Show Profile  Visit Sailor's Homepage  Reply with Quote
Correct and the amount of the split is negotiable, hence the range.

quote:
Originally posted by Doc Fees

I'm sure the more you're willing to pay in commission,the more willing agents are to bring clients to your house.5% is typical total commission.It is split according to who is "listing agent" and who brings the client.The "listing agent" gets the lions share...3% and the clients agent gets 2%.That's the long and short of it,although there are other scenarios that can be spelled out ahead.


1978 Mako 25 - Blind Hog
1985 Mako 20c - sold
Mary Esther, FL
http://www.classicmako.com/forum/topic.asp?TOPIC_ID=42841

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gmcauliffe
Member

USA
1749 Posts

Posted - 08/17/2017 :  09:30:05  Show Profile  Visit gmcauliffe's Homepage  Reply with Quote
Offering 3.5%, and having two agents bring in competing bids, is probably a better $$ scenario for you than offering 0, or 2-2.5%, and not getting a bid for 6 months.


NYC & L.I. - 1974 "Classic" Mako 20' - Suzuki 2006 DF150 - Fly & Light Tackle, C&R
My boat: http://www.classicmako.com/forum/topic.asp?TOPIC_ID=23444#159594
Personal website: http://www.georgemcauliffe.com/

Edited by - gmcauliffe on 08/17/2017 09:31:26
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