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Has anyone attempted to do this, care to share their experiences?
I would imagine even if you don't hire a broker for the seller, you would ultimately have to pay the buyer's broker.
All this of course omits the actual tediousness of this entire process.
In this era where we have zillow, streeteasy, what are the main obstacles? Thanks.
To further clarify my question.
Say in a situation such as:
Seller wishes to sell without a broker. Finds a buyer online through streeteasy, word of mouth, or whatever, doesn't matter as long as not through a broker.
And then we mutually hire attorneys. Am I missing something?
NYCbabble - it is just a matter of having time and dealing w/ it. if yes on both, you'll save some money. The perfect middle ground is hiring an assistant or an intern. pay say 10k and have them do 95% of what a broker does.
I tried this very recently and would not recommend it at all. Many brokers will not show an apartment that is FSBO, so it decreases the buying pool significantly. I am in PR and was able to get my apt featured on Curbed.com and on the NY1 real estate segment...i also used real direct and did a social media campaign. While I had one offer that fell through, after 4 four months i gave up and hired a broker. Many buyers/brokers are reluctant to not have a broker on the other end of a deal to handle board package and feel that working with a broker adds credibility to the listing and the pricing. Also, buyers walking through the apt are often uncomfortable with the owner present, and tell them what they think they want to hear rather than what they really think. I have a 1-BR with a private roof terrace and a WBF in a very desirable area, so thought I could save money by doing w/out a broker. It just doesn't work in NYC. I was able to negotiate a smaller commission when I signed w/a broker, so that is one way to save some money.
Here's the story of a regular here who did it: http://streeteasy.com/nyc/talk/discussion/11953-open-book-sale-at-425-east-79th-street-11k
Here's a FSBO who did a good job: http://streeteasy.com/nyc/sale/628770-coop-320-west-end-avenue-upper-west-side-new-york
There're lots of StreetEasy threads about bad and good FSBO histories; too many to weed through.
I had similar negative experience as gramercy, although not in NYC, but same thing: brokers would just not show, those that would would first call really aggressive making it clear that I would work with brokers. I think here the issue is that buyers figure the broker is free so then they just go with one, thinking that there is no cost to them. And once you start working with one it can get a little awkward.
I think your chances would be easiest if you were selling something that had very clear comparables: as in same unit upstairs cost X, and then you would have to build in a very attractive price. AND would have to be in area where lots of people were going to open houses so they can just pop in.
But, if time is on your side then you could always try for a bit.
Will be interesting to hear other's experience.