[MizAlice]

Hi, I am looking for advice. We are trying to sell our home by owner, and I am getting a lot of hits, but no one has contacted us about it. I have us listed on Craigslist, For Sale by Owner.com, Yahoo, and Zillow. FSBO.com tracks how many people have looked at our listing, and we are up to 36 (!) but still no one has wanted to come see it. We are priced at the median range of home sales in our neighborhood, so I don't think that's a problem. Anyone have any helpful advice? Specifically, I am using a digital camera to take pictures and I can't figure out how to show how large the rooms are. The house has crown molding, so I am trying to show that in the pics, but I can't seem to fit the whole room in. Again, any help or advice would be greatly appreciated!

[nmnita]

Originally Posted by MizAlice

Hi, I am looking for advice. We are trying to sell our home by owner, and I am getting a lot of hits, but no one has contacted us about it. I have us listed on Craigslist, For Sale by Owner.com, Yahoo, and Zillow. FSBO.com tracks how many people have looked at our listing, and we are up to 36 (!) but still no one has wanted to come see it. We are priced at the median range of home sales in our neighborhood, so I don't think that's a problem. Anyone have any helpful advice? Specifically, I am using a digital camera to take pictures and I can't figure out how to show how large the rooms are. The house has crown molding, so I am trying to show that in the pics, but I can't seem to fit the whole room in. Again, any help or advice would be greatly appreciated!

You sound like you are doing everything right, as for the pix I am the last one to give advise on that. The only thing I will mention and this is coming from an X realtor and someone who has owned several homes, to get much action when you are trying to sell by owner your home needs to be lower than the mid range. If it isn't buyers do not see it as any bargain and the only reason to buy a home directly by owner is to get a super deal...

Nita

[Sneezyone]

We sold our house FSBO but it was in WA state and we were allowed, for $600 +/-, to list on the MLS, rent an electronic keybox and get the disclosure forms we'd need to provide to the buyer. My understanding of Arkansas is that real estate is a particularly closed industry, has a strong lobby, and that U-sell outlets have had little/no success gaining access to the MLS to list FSBO homes. Essentially, this forces people to use agents b/c the MLS is the only way to access the largest possible pool of buyers/sellers.

Before doing FSBO, I was told (by other agents) that Realtors/agents may be unwilling to show a FSBO home because they a) want to protect the business and encourage the use of agents and b) don't want the perceived hassles of dealing with an owner rather than another agent. Then again, as a seller, I didn't want to deal with FSBO buyers either for fear that they wouldn't have their "stuff" together in terms of finance.

Some suggestions, if you're willing to offer a buyer's agent commission, 2.5-3 percent (which we did), you may be able to expand your buyer pool. Advertise that you're willing to work with/compensate buyers agents. Make yourself into an 'agent' as much as possible. Be neutral, detached and professional when looking at your home. See if you can borrow a high-end digital camera with flash from someone so your Web pictures are clear when enlarged (if they're not already). Stand on a ladder or stool to capture the size of your rooms, make sure all the lights are on, windows open (cloudy/overcast days are best for this). Declutter and remove all tchotchkys (sp?)before taking pics (if you haven't already). If you have wallpaper up, especially a floral, avoid taking pictures of it. Highlight your home's strong points in your photos, do you have nice landscaping or views? Make flyers and take 'em around/post 'em up. Try to pull together an agent-only open house (long shot for the reasons already mentioned). In short, think like an agent...be aggressive...spread the word.

Good luck! It can be done but I'm not sure that Arkansas is nearly so FSBO-friendly as WA. Especially in a down market, it may take some serious work.

[MizAlice]

Thanks for the info. I hadn't thought of standing on a stool for the pics , I will try that. I guess I will have to consider working with a buyer's agent, I was just hoping that if someone was using an agent THEY would have to pay the commission fees, not me as the seller. So I will look into that.

[Sneezyone]

Both the buyer and seller agent commissions (typically 6% total) usually come out of the proceeds of the sale. If you want to act as your own agent, you can still work with a buyer's agent and realize significant savings. We saved $6500 after expenses, even with the buyer's agent commission (which was well worth it IMHO). If you're not real familiar with the laws regarding real estate and seller disclosures I'd also HIGHLY recommend you consult an attorney. A little money there will save you a lot of potential heartache.

[LERRET]

We are priced at the median range of home sales in our neighborhood, so I don't think that's a problem.

prices are falling and falling prices means the market is changing. If there are a lot of foreclosures, those foreclosures are competing with your listings. Even an appraisal is likely not to 'catch' a falling sword. Most Real Estate BROKERS I talk to (I am an appraiser but not a broker nor have I ever sold RE) are seeing 20 - 40 showings per home to get a sale and a high percentage of sales are "fallen" contracts. The appraisal is coming back lower than the bank will accept and they are often requiring up to 20% cash up front to make a loan.

Be sure you've fixed all significant defects and "stage" the house for each showing as well as when the appraiser comes out. As part of the sales contract, you can also require the BORROWER give you a copy of the appraisal. The BORROWER can obtain a copy from the LENDER. But neither the BORROWER nor YOU can obtain the report directly from the appraiser. The appraiser works for the LENDER and federal law prevents them from DISCUSSING or PROVIDING a copy of that report directly to you. Further, Arkansas recently passed a anti-pressure law which makes it a crime to pressure or mislead an appraiser to a higher value... leave them alone.

I never recommend people FSBO. A few folks have the smarts to do so. Most do not. And if you have a poor grasp of the real value of your property (that "median" neighborhood value means absolutely nothing, depending upon the source of that data, when it comes to the appraisal) you will show and show and have spent a lot of time for naught plus wasted other people's time.

Currently in NWA the average marketing time is between 3 months and 9 months and larger properties are running up to and over one year exposure to the market before a sale is made.