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Old 08-09-2012, 04:43 PM   #46
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Originally Posted by hammerlane View Post
Technically the realtor can't stop a potential buyer from making an offer but the realtor could say things to the buyer to "guide" them away from making an offer. Use your imagination to understand the meaining of "guide".
According to CREA and OREA which are the governing bodies that regulate practicing realtors, here in Canada anyway, we must adhere to a mandated strict code of ethics that clearly states the tactic you outlined is unethical.

Hope you memorized all 50 pages of the legal speak when your ex wrote her exam

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Old 08-09-2012, 05:50 PM   #47
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The figures you speak of are the calculations negotiated between your ex and her broker. Please take note of the word NEGOTIATED.

Again, by your logic, if my ex were a lawyer I wouldn't think of myself as qualified to dispense legal advice just by proximity
Obviously you do not understand the difference between advice and practicing law.

Regardless the figures are factual for the broker that was her employer. Whether you think I am giving sound advice is immaterial.

We live in the real world and steering a buyer away from a FSBO does happen. I dont care how many ethics books or codes of conduct one professes.

Last edited by hammerlane; 08-09-2012 at 05:54 PM.
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Old 08-09-2012, 05:59 PM   #48
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Look Babshoney...this back and forth between myself and creeper is going nowhere. Creeper believes realtors are the greatest thing since sliced bread and necessary to transfer real estate and I don't.

But everyone has to eat.

Just note that if you FSBO, any commision is negotiable with a buyer's realtor if the buyer has an agent.

Thats really all I was trying to get across.

Good luck with your sale.
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Old 08-09-2012, 10:43 PM   #49
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Well I will say in a lot of the posts that happened very quickly I thought "aren't these folks actually agreeing and not realizing it?!"

But to lay the issue to rest: we are only doing FSBO for about three months. If it works, awesome; if it doesn't then at least we tried. My mom is extremely flexible on a lot of points and understands the most important thing is that we get the dang house sold. I am also loving the opportunity to learn and do something I have always been interested in.

I posted in an effort to get advice and I have had awesome tips up to this point so feel free to keep them coming as I will do my best to update with our progress!
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Old 08-10-2012, 10:22 AM   #50
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I personally don't think realtors are as necessary as they make themselves out to be. I have lived in 2 states now where the realtors don't really do much outside of find houses for you. And the only reason they do that is because they don't give access to the general public.

In Arkansas I sold 2 houses as FSBO and purchased 1 house through a realtor. In all 3 events it was easy. The title companies really do all the work when it comes to the actual sale and purchase. They work with the bank to get the payment all lined out.

Now I am in North Carolina, whole different mess to deal with. Its law that a lawyer must be involved so after the purchase agreement the attorney's deal with all the paperwork.

I understand the job of a realtor but for any above average intelligent person they can sell their own house. You even have access to place an add on the MLS through a 3rd party for a pretty small fee. But when doing that I get a feeling that some realtors do still steer their clients away from you.

My first house sale was tough, I had it listed with a realtor for 4 months with very few bites. I then dropped the listing and put a sign up, it sat there for about 2 months and then sold.

My second house sold the same day I put my sign out. No lie. I flew back into town for a week to get ready to rent it, changed my mind and put a sign up. Same day I got a call, they viewed, and made an offer. It was fate.


Babs, price it lower than market value. And be sure to point out your plans to sell it through a realtor after X date and the price will be Y. You are selling it less than that price because you don't have the fees to contend with. Folks will appreciate the honesty as well as have it in their head they are getting a better deal. $/sqft tells the story. Have comparables.
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Old 08-10-2012, 10:53 AM   #51
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I personally don't think realtors are as necessary as they make themselves out to be. I have lived in 2 states now where the realtors don't really do much outside of find houses for you. And the only reason they do that is because they don't give access to the general pubic

Now I am in North Carolina, whole different mess to deal with. Its law that a lawyer must be involved so after the purchase agreement the attorney's deal with all the paperwork.

I understand the job of a realtor but for any above average intelligent person they can sell their own house. You even have access to place an add on the MLS through a 3rd party for a pretty small fee. But when doing that I get a feeling that some realtors do still steer their clients away from you.



.
In Canada the role of lawyer in a RE transaction is not to be involved with the paperwork..That part of the legalities are up to the Realtors to hash out. The role of the solicitor is to verify that the buyer is getting a tittle free and clear of liens and to handle the exchange of funds, the discharge of mortgages and to settle any adjustments. The lawyer also verifys that all conditions have been fufilled. It is the Realtor who sets out which conditions are asked for and negotiated before any offer goes firm.

If a private buyer forgets to address certain things in an offer and that offer is accepted it is too late. Your lawyer can't change it. Thats not their role

As already mentioned, the issue of the general public having access to MLS is still before the Competition Bureau. Try and see it from our point of view.

The MLS is a private website that was created by, and is still paid for by Realtors in the huge annual licensing and board fee's that we are obligated to pay. Is it fair that Joe Public can access our livilhood for a small fee.

Also there is a gross misconception of how hard it is for a Realtor to carve out a living. Sure, sometimes you get lucky and the Buyer happens to be there early in your process, but most of the time that is not the case.

Don't be too quick to judge
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Old 08-10-2012, 12:54 PM   #52
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Oh I am not judging you. Its a sales job. As with any sales job it is your job to do 2 things, sell what ever the commodity is and to make it look easy. I am not saying by any means that selling houses for a living is easy. Being good at sales is a horribly hard skill to master. That is why there are those in the housing business that fail. But those that are good at it thrive and make a fortune. I am great at sales but don't really like the shady side of things. And yes, there is a shady side to selling houses. There is 0 liability on the realtors if they sell a bad house. All that 99% of sales people care about is that the fish likes the bait they are eating. I am not saying that is how you operate, just that the market in general operates that way. True for cars, houses, flooring, etc...

One thing you pointed out is 100% true, there are different rules on who does what everywhere you go. So generalizing what someone would need to do isn't really fair. But i will stick to my guns and say that if you have a good head on your shoulders you can sell your own house. And having a good head on your shoulder means you aren't trying to ask for full market value on a FSBO. That's just unrealistic.


On a side note, a friend of ours that was a realtor would sit their customer on the computer and show them how to browse houses if they wanted to. They could surf through all of the MLS not just what the realtor wanted them to go see. If a realtor is hiding houses for any reason it really makes you wonder why. Low commission sales, fsbo, etc...
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Old 08-24-2012, 06:00 AM   #53
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Babshoney:

Its been a couple of weeks. Have you had any showings?
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Old 08-24-2012, 09:05 AM   #54
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Nope, but we still haven't put the sign out.

This house has ten years of not being maintained that well and LOTS of people and animals in and out of its doors. It's taking considerably longer to get it all ready than we thought it would. Not too mention there are a few quite messy non-helpers living here. It's an uphill battle for me and my mom.

But at this point my mom is pretty sick of waiting so she said we are putting it out Monday no matter what. Earlier this week I made a website and this weekend I hope to start getting pictures put on it. And today my mom took a flyer I made to hang in the doctor's lounge.

The good news though is her friend that is also selling her house is thiiiiisssss close to being ready and they close on the new house this coming week.
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Old 08-24-2012, 09:58 AM   #55
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I have a few tips. When my mom passed away, she left the estate equally split among my brother, my sister, my aunt, and myself (excuse my grammar if incorrect).

They agreed since I was the only one living in the same city as her home that I would take the responsibility of selling it. (I had previously helped mom with the sale and purchase of FSBO and I bought mine FSBO).

I found a great reference book (can't remember the name-I'll try to find it) and I read it cover to cover specifically with regard to realtors, contracts, and property item disclosure.

Tip one - To avoid wasting too much time on tire kickers, do not make individual showing appointments. Schedule an open house just like a realtor would. That way, the showing is on your schedule (especially helpful for a gated community).

Two - having read the book about contracts, prepare the letter detailing your FSBO position and have copies ready to give to the buyer's realtor. In my case, we advised that the buyer would be responsible for their own realtor fees and commission. There are many ways to write it. It depends on your situation.

Three - read up on disclosure. KNOW what you are supposed to disclose & don't assume that if they don't ask, you don't need to tell. We are a litigious society. It is better to CYA than to lose it in a lawsuit.

Four - this is optional (know disclosure before you proceed). Hire a good inspector before you list and find out any critical items that need attention. This makes negotiation easier down the road if you indicate "the house is priced accordingly factoring such and such."

Five - gather the utility bills and prepare averages for the coldest and warmest times of the year. Know how old the roof is and how many layers. Every buyer who walked through asked me this.

FSBO has worked for me both as buyer and seller. Mom's house sold in 2 months. Would have sold faster had the buyer worked out her credit stuff in advance but it all worked out in the end.

Last tip - require a deposit just like a professional realtor. We asked for $500 but the house was only $100K.

I'll see if I can dig up the name of that book. It was awesome and an easy read.
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Old 08-24-2012, 10:18 AM   #56
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The book I read was 100 Questions Every First-Time Home Buyer Should Ask by Ilyce R. Glink. I read it as a buyer and reversed it as a seller but I think she has specific seller books too. Her writing style was clear and the answers were concise. Good luck! Keep us posted on the progress.
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Old 08-24-2012, 12:18 PM   #57
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The jury is still out on the effectiveness of open houses. Personally, I rarely hold them. I feel they are for the benefit of the Realtor to pick up prospects for other sales.
Selling the home at an open house is not unheard of.. just rare

Here's a couple of articles

http://www.crackerjackagent.com/arti...p-doing-open-h


http://ezinearticles.com/?Do-Open-Ho...s%3f&id=435996

Last edited by creeper; 08-24-2012 at 12:23 PM.
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Old 08-24-2012, 12:48 PM   #58
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Creeper,

Well here is how I approached it. When I got calls to show it, I advised all callers that the house would be open for showing appointments from 3-7pm on such and such dates. Basically an open appointment for all comers. Worked really well for me and pretty flexible for potential buyers as well.
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Old 08-24-2012, 01:15 PM   #59
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I can see the benefits to that approach. Especially since you have taken a call from a prospect (s). It would be better then just having an open house and hope some real potentials show up.

Also as mentioned somewhere in the articles, It could create more interest for the buyers because human nature is such that " if they want it then so do we"

Maybe if you are using this approach to showings it would be a good idea to tell the buyers that other interested parties have also been scheduled for this time
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Old 08-24-2012, 02:10 PM   #60
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I think I may have read that book, although it was a few years ago. Back when my husband and I first started thinking about buying, I read just about every book our library had.

The website I made isn't searchable and only reachable by direct link. Part of why I did it is so if someone calls I can ask to email it to them first. That way they can get a virtual look first and it's one more piece of info I have to contact them (getting their email address).
Honestly I'm here every day now that I'm helping do this so as far as people coming to look the only requirement is that it doesn't interfere with my kiddo's nap time.

I've been trying to gather up quite a bit of documentation. Some of it is pdf's on the site, and some I just have in case the info is asked for.

I am already ready for this to be over though. It's never ending. Once this house is done there is a ton that the new house needs. Then maybe someday I'll be able to get back to all the work my house needs.

But... When we're estimating to be done with our house it will be time to move and we'll be starting all over again. :D

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