No. of Recommendations: 1
We have just read this book: How to sell your home in five days

While the title is catchy, even if you happen to get a cash buyer with no contingencies, actually 'selling' your home in 5 days is very unlikely. You may get to the point of having an accepted contract in 5 days, but your home is not actually 'sold' until you close and receive the proceeds. The old adage 'There is many a slip twixt the cup and the lip' often applies to real estate transactions in the escrow stage.

we are encouraged that we might be able to do just that – sell it fast, get a good price and do it without a realtor.

My first question to you would be - how do you know you are getting a 'good price'? What information are you going to use to set the price? Pricing the home too low is likely to result in a pretty quick sale, but may cost you more than the realtor's commission would have. If you have a plan on how to research and set the price, selling your home on your own may be reasonable, if you can also get plans laid out to resolve your other questions.

Has anyone here tried and had success with it?

Yes. It takes a lot of research and time to ensure you do it correctly, if you want to get top dollar:
- Finding out and executing what, if any, changes need to be made to your home to get the best price
- Figuring out what price you will ask
- Marketing the home
- Showing the home
- Negotiating and accepting a contract
- Then you get to those other pesky questions that you asked...

Also, what happens when we have an offer? How do we close the deal? We probably need some professional to officiate the transaction. Who? How do we find him/her?

I agree strongly with the other posters who said consult with an attorney - preferably one who specializes in real estate. You will also need a title company. If you have any friends or family who are active real estate investors, ask them for referrals. Otherwise, your local bar association may be a good starting point.

Please realize that by selling your home without an agent, you are likely cutting your pool of buyers, as many buyers who are using agents probably won't even be shown your home. And the buyers that you do add to the pool who are looking for FSBOs are often expecting that they will get a cheaper price because they know you aren't paying a commission.

That said, it can be done successfully if you are willing to put in the time and effort.

Print the post  


Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.