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Author: brewer12345 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127680  
Subject: FSBO experience update Date: 7/25/2002 2:05 PM
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We listed our condo for sale in a hot market without the aid of a broker. The condo was advertised in the local paper and that is all we ever did to make the general public aware that we were selling. We set up an open house on the first Sunday after the ad came out, and by the time Sunday rolled around we already had 3 showings and 1 offer. The open house drew abbout 15 potential buyers. After the open house, we continued to show the condo, and approx. 40 potential buyers have seen the place.

The condo was listed at 219k. Our first offer was 175, then 185, then 195, then 200. Finally we got an offer we would accept of 205 (on Monday). However, the potential buyer has yet to come up with a pre-approval letter or deposit, so we kept showing the house. Today we got a pre-approved offer of 220, but it was a broker that brought a client, so we'd net 206.8. Since we are now bidding on a house, we will most likely take this offer.

Lessons learned:

- Open house buyers are often casual lookers who are not really ready to buy, mixed in with some brokers. It is good exposure, but don't expect serious buyers.

- Be willing to play ball with brokers, even if you list it yourself. You'd be amazed at the number of buyers who simply go to a broker and ask to see what they have. We were even asked several times by the clueless "do you have any other apartments we could look at?"

- It is a lot of work to do all of this. Having two dogs and a cat didn't help.

- The brokers do a valuable service of screening buyers. There were plenty of potential buyers that I couldn't take seriously without very subtstantial atestations of their ability to come through with the green.

All in all, I'm not sure I would FSBO again. In the end, it appears that my buyer will come through a broker, and the whole rigmarole was a lot of work. You can't beat the out-of-pocket, though: my only promotion expense was the $186 for the newspaper ad.
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