Anyone thinking about trying FSBO?

@CrossMyPlace

If you are looking for some more information about FSBOs, I have pasted two other discussions on our site below.

General FSBO Discussion - http://streeteasy.com/talk/discussion/38031-fsbo

FSBO Selling Technique - http://streeteasy.com/talk/discussion/13724-fsbo-selling-techniques

If you have any questions, please email the Support Team at support@streeteasy.com.

http://www.wsj.com/articles/some-homeowners-go-solo-to-sell-their-real-estate-1434635270?KEYWORDS=For+sale+by+owner

We sold FSBO, co-op in Manhattan, in January 2015. No broker either side. The New York Times is essential. If you aren't experienced in real estate, tho, I would recommend an agent, especially for a co-op.

Thanks for the posts. @StreeteasySupport - I saw those posts but most of them are over 5 years old. I thought it might be time for a new thread since so much has changed since then.

When listing, I think marketing is key and depending on the location, i agree having a listing on either streeteasy or NY Times (or both) is essential.

Congrats @Flutistic!

The market in the city is strong. Getting your best price unless you have such a desirable apartment that dozens of people are fighting for it, the art of negotiation is a skill that takes years and years to master.

Once you list FSBO, you'll be hearing from lots of agents, which is handy. If you can't move it on your own, you have a list of agents you've already met who have seen the property.

Also, I agreed to prepare the co-op board package. The parents buying for children refused to fully cooperate with the coop application process. The board told the kids (in their 40's by the way) that if the parents came off the app, they would accept them as buyers. So that's what happened. But it was really a chore fighting with the buyers over the parents not wanting to reveal.

If buyers show up without their own agent, be aware of the possibility--not guaranteed, but possible--that agents had passed on working with those buyers for some reason. If I had it to do again, I would have asked all buyers without agents if they had talked with any.

AND one more thing---my otherwise rather inexperienced lawyer required that the buyers disclose if they had been previously turned down by a co-op board. Knowing what I know now, I would not go to contract with any buyer who was previously turned down, no matter what they say about the reason they think they were turned down.

I'm proud of myself for selling the apartment for full asking price without paying any broker's commission. But it was seriously not an easy process. Saving 6% was definitely worth it to me but I'm nonworking by choice so I have oodles of time to do things, like write this stuff ;)

I wanted to do FSBO last year to sell my apartment, as avoiding the broker fee was the only way I wouldn't lose money on the sale. I wound up using Real Direct - you pay about $400 per month and they list your apartment on all of the major sites. We offered 2.5% commission to buyer brokers which I have to say was worth it. We received a number of offers, some with brokers and some without, but ultimately decided on a full price offer from someone with a broker - it was helpful to us to have someone on their end helping them fill out the board package. Was overall a great experience and we still saved a ton of money.

Basically epj622's message is if you are within 3% of losing money on a sale vs. your purchase price, this is a great experience.

@CrossMyPlace > I'm doing a FSBO now. I ran my own business as a broker for six years in Harlem, so I have the structure in place. What stats were you looking for? What part of the city are you listing in. #BuddySystem. JW

>What part of the city are you listing in.

Smart question.

Yes, I am about to list soon but may wait till fall. Are there any good apps to use for FSBO or does everyone post directly here and other places like postlets and deal with buyers over the phone/email.

I like postlets because it's free, but it doesn't get you in RLS (REBNY listing service, basically the NYC MLS) ... hauseit.com isn't exactly an app but that's a good way to get on there if you're willing to consider an agent managed FSBO approach.

Agree on Hauseit if you want to be in RLS. Some people who want to FSBO don't even want to pay a buyers' agent, if that's the case just list on any variety of popular search websites available.