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Author: inparadise Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127810  
Subject: Re: Five day home sale Date: 5/28/2013 4:12 PM
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To me, the biggest problem with a FSBO is that the seller must show the house. When you are selling, ALWAYS get out of the prospective buyer's way. This can be done with an agent, but much more difficult with a FSBO. If a seller stays for a showing, they almost always run off their mouth and give away way too much information that can be used against them in negotiatating a sale, or worse yet chase off a buyer with information that is not always mandatory to disclose, depending on your state. There are questions that a buyer's agent can not ask, (at least in my state,) but no such prohibition is in place for a prospective buyer.

To give you a better idea of what I mean, some examples we've personally experienced was the seller of our current residence telling us how it killed her every time she had to come back to the house, (she came to turn off the alarm on the empty house rather than giving the agent's the code or shutting it off.) We low balled with an offer that made our agent blanche, knowing that she was running out of steam, and she accepted without counter. This past weekend in VA, a non-disclosure state, the seller showed me plot after plot of garden, leaving me convinced that though it was a beautiful place, it would require way too much upkeep. She went on to tell us of all the things that she just couldn't keep up with on this old house, and the plans she had to fix things but never got around to. Someone will get a great deal on that place, as she went on at length about how desperate she was to move for health reasons. And of course there is our current place in VA, where the owner's live in girlfriend told me he was about to be foreclosed on. That allowed me to play hard ball, but also wound up as a win win, since he cleared his debt and walked away with a few grand rather than lose it all to the bank. I probably would have paid less as a foreclosure, but also would have risked not getting the property.

A buyer's best bet is to chat up the seller...a seller's best bet is to not be there for that to happen.

IP
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