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Workin' 4 Toys
04-30-2006, 01:16 PM
Anyone ever check, use, buy or sell at Buyowner.com ?

JimN
04-30-2006, 01:58 PM
Haven't used or seen any reviews but am seeing more of their signs on some pretty nice homes. I'll be selling mine soon and will definitely look into them.

east tx skier
04-30-2006, 04:17 PM
I looked at their website. A lot of it seems to be for yard signs, listing on their website, and contracts IIRC. I can't remember if you get an MLS listing with that.

Workin' 4 Toys
04-30-2006, 10:14 PM
I have been seeing ALOT of them around here. And some seem to sell very fast. One not to far from here sold in about 2 weeks. (although I only know about how long the sign was in the yard, and not so much how long it was listed)
Although some realtors have been able to bring in higher $ than the asking prices.

Leroy
04-30-2006, 10:46 PM
It seems like easy money, but real estate agents really do some key things. Depending on how you value your house, how you can negotiate, you could lose the commission easily.

I would be tempted to look at using this if I were paying the agent but I also had a real estate license in the past.

6ballsisall
04-30-2006, 10:54 PM
As Leroy said, a good realtor is worth every bit of 6 or 7%. Most people think (and I think the industry even romanticizes it) that Realtors make a bunch of easy money. In reality they bust their arse to get it. The last 5 years have been easier than normal to make a good living as a realtor in most markets. I guarantee you will see a decreasing number of realtors in your local markets in the next few years.

:twocents:

Workin' 4 Toys
04-30-2006, 11:47 PM
I just can't justify giving that kind of $ to someone for what I think will be an easy sale.
Our last house sale comm., that wasn't as hard to give up.
But 7% of .....:eek:

I need some more feedback.....

JimN
04-30-2006, 11:51 PM
You can sometimes negotiate the commission rate, too. I was offered different rates when I sold my parent's house a few years ago, but that may be from knowing the realtor since 4th grade Sunday school.

Workin' 4 Toys
04-30-2006, 11:57 PM
Our realtor we used was a regular used by a family member. If I recall, I "THINK" he was at 5%, but if it was sold through a 3rd party agent, he would split 7% with them. (Give or take a few %, my memory is stressing right now)

Kevin 89MC
05-01-2006, 12:38 PM
W4T, if you're talking about selling your home yourself, I've done it twice. There is an outfit called For Sale By Owner here that will cater to whatever you want. Just a yard sign, help with publishing ads, MLS listing, etc for various fees. Probably similar to buyowner.com. I figured I'd try it and if it didn't work I'd be out ~$200 and then go hire a realtor. Both my houses sold within 2 weeks. Of course, that was in '99 and '01 when the seller's market was strong, and I had houses in great locations. They sold themselves. In tougher times (like now), it might not work so well. You do take on more risks, but if you're up for it, give it a shot. If your house is priced right & a good location, it should sell. It saved me money. If it deosn't work, you can always hire a realtor later.
Good luck.

6ballsisall
05-01-2006, 12:47 PM
Also check HelpUSell.com. They have various programs from low priced help to full service. Alot depends on the area if a FSBO will sell quickly or not.

In my subdivision when I see a FSBO I'd bet the farm within the next month they have a realtor. Your local market W4T could be very different. IF you go FSBO the best thing you can do for yourself is price it right from the get go. So many people think "oh, I'll start higher than I'll take and let them offer me a lower price" That sounds nice but your first 45 days on you home for sale is your best opportunity to close a deal. Nothing is worse than a house that sits for sale for a while with several price reductions.

Just my :twocents: from someone in the industry.

Workin' 4 Toys
05-03-2006, 12:54 AM
It seems like most are steering me towards a realtor.

Ok, I know you do not have any idea where I am, or what my market is. How soon is too soon? How far before the move in place is ready to close would you list? Is there a general rule of thumb?

Is there any highly recognized website to see home values or closing prices? I know of some sites here for recent closings, but there are no specifics on the houses to see if what you have is similar to compare.
(Let me guess, this is what a realtor is for:o )

erkoehler
05-03-2006, 01:02 AM
WFT,

PM at ya....

vegashomeexpert
05-03-2006, 11:43 AM
Being a Realtor, I'm biased. The main thing you have to do if you sell it yourself is know the market (ie. know what homes are actually selling for, not what other people are listed at). In Las Vegas, it seems that FSBO's either price too low, and sell quickly, or price too high (way too high in some cases) and end up listing with a Realtor, anyways, when it doesn't sell. Also, be prepared for the scavangers (realtors that market to FSBO's) and predators ("we buy houses" aggressive people that have cash in hand and are hard bargainers). Security is also a concern as do you really know who you are letting into your house? Lastly, buyers looking at FSBO's are doing the same thing the FSBO sellers are doing, looking to save on commissions. Look at your bottom line with or without a realtor. That is what matters....

Ric
05-03-2006, 01:10 PM
NO offense to vegas as I am quite sure there are professional agents abound. BUT I have a generally bad opinion of agents because there are sooo many of them who are unprofessional.
I cannot tell you how many ad's I hear on radio and tv about the ethics of realtors compared to non-realtors and how only qualified buyers get shown your home.... It aint true here and that is a fact.
I have seen it all in my few years on earth... every state's laws are different but I have learned real estate the hard way. I have seen an agent write themself as the buyer's agent and the intermediary on a deal
listing agents writing themselves as intermediaries and their assistant as a buyers agent.. NO BS
do I have time to fight it or sue? no, but these ninnies get in the way of a deal, rather than make a deal happen.
Vegas, how do you guys in your biz put up with these types? I think it's partially why we see a surge of fsbo's and companies like buyowner.com

Ric
05-03-2006, 01:16 PM
It seems like most are steering me towards a realtor.

Ok, I know you do not have any idea where I am, or what my market is. How soon is too soon? How far before the move in place is ready to close would you list? Is there a general rule of thumb?

Is there any highly recognized website to see home values or closing prices? I know of some sites here for recent closings, but there are no specifics on the houses to see if what you have is similar to compare.
(Let me guess, this is what a realtor is for:o )
realtors pay for access to "comps" that show your recent neighborhood sales broken down in alot of ways

to my knowledge, you can't get to that without an agent or service of some kind but you can pay an appraisor to give you an appraisal that's accurate and then put it up fsbo

OR, ask buyowner or whomever you choose if they offer this

When you get a buyer under contract, their mortgage co. will order thier own appraisal... like it or not, the appraisal done for the mtg co. is biased to make it fit the mortgage amount.(within legal and underwriting guidelines of course ;) )

it's more work to do a fsbo and I've dealt with the clowns that come in saying "we'll pay cash" that buyer is probably the worst you'll find.. If you had 400k cash laying around, would you dump it on a house at the current mortgage rates? not likely... this should make you skeptical of this buyer immediately.
besides, it's all "cash" to you at the closing anyway

Ric
05-03-2006, 01:18 PM
oh, wft, you can look at your local county appraisal office to see what they show recent neighborhood sales in your area and then compare yours to that.. It's harder with the tax appraisers document because you don't have factors like a large barn or extra land or a pool readily available for your comparison like realtors do...

This tax appraisal office data is public info in my state, I dont know about yours.

Workin' 4 Toys
05-03-2006, 01:19 PM
besides, it's all "cash" to you at the closing anyway
My favorite line of the day....;)

Leroy
05-03-2006, 01:33 PM
Yes, you do need to find the right realtor, just like you need to find a good dentist, doctor, lawyer, house painter or any other service you want done. I have used realtor that is specialist in the area and has been there for >10-15 years or someone I personally know for years.


Good luck!

east tx skier
05-03-2006, 01:33 PM
Comp sales is definitely an aspect our agent stressed a lot when we bought our home. Also a good tactic to use in arguing to get your property taxes lowered. Just divide to get the cost per square foot.

I'm sure there's more to a proper evaluation than that though.

6ballsisall
05-03-2006, 02:17 PM
Comp sales are easy to come by these days, in fact our company does it too

www.fastvalues.com

Ric, to your question of ethics, believe me I work with over a 1,000 different realtors every month and like in any crowd there is always some you question their motives or ethics. The bottom line is it's not different than any other business, you'll always get some shady people. It's amplified some in real estate because the barrier of entry is so low to get into real estate (no huge startup costs to open shop-just some basic schooling) It's unfortunate that it is prevalent indeed, I wish there was some more "policing" done on the subject but there just really isn't.


One large value I see as a value especially to the buyer side when using a realtor is having more access to the listing info. I.E. as a consumer you don't or can't get back access to the MLS info, you need a NRDS number to do that. Back end access gets you WAY more info than what you can find as a consumer, including how many days on sale, starting list price, price reduction dates and times, is this listing on it's 3rd real estate company, when the listing expires, etc...... All of that is incredibly valueable data to the buyer AND is important to the sellers. Why the sellers???? Less buyers today are going after FSBO's specifically because they KNOW when looking at FSBO's they can't get the info I mentioned above because it isn't available.
The days are LONG gone of sticking a for sale sign in the front yard and waiting for the house to sell. Todays consumer has access to a lot of info on their own AND more powerful tools thru a Real Estate professional. Don't be fooled by the notion of getting your FSBO on a FSBO type web site and assuming that will be the end all to your selling issue. THere are 10.67 million real estate related web sites out there, alot promise great things but in the end, very few have any traffic to their site that is significant. I can tell you I have access to MediaMetrix reports which are the authority of measuring individual websites online traffic and in the top 100, NONE are FSBO related sites as of last month..... and making the top 100 isn't that tough yet, a couple hundred thousand unique users will get you there. Getting in the top 15 is more of a dog fight.

Certain markets might allow FSBO's to make it and I don't know your market W4T's to say whether or not that is the case. I can only go from personal and professional experience and all I can say probably 9 times out of 10 when I see a FSBO yard sign, a month or two later I see a Realtors sign in the yard. We did it personally 6 years ago (tried FSBO) for 2 months, priced the listing right and spent money advertising it, we got nothing. Listed with a good realtor and 2 days later we had a contract for our asking price.

6ballsisall
05-03-2006, 02:37 PM
One other thing to add to the discussion is partial fee or low fee real estate companies. There is definetely a trend to these types of businesses and Ric to your earlier comment I don't think there is any relation to ethics and the sprouting of FSBO's or low fee companies.

TYPICALLY (and I bold typically because this is a generalization) what I see and hear is alot of people go FSBO because they have very little equity because of the re-fi days and the margin of profit wouldn't allow to pay a full service realtor and break even or walk with a dime in the sellers pocket. Sometimes this is the only way to go. You hear the story all the time, a guy did a 125% loan on his house, wants to sell to move onto other things but owes more than the house can sell for.

One thing I find interesting about low fee or partial fee real estate companies is the days on sale for their company listings. When I compare local markets company by company the stats clearly show the days on sale are higher for partial or low fee companies as compared to full service/fee real estate companies listings. Like in any analysis of information their can be variables.... but overall in the mid west this is what the numbers show. All stuff to keep in mind when thinking of a real estate transaction.

None of the options are bad, FSBO, low fee, partial fee, full fee, real estate ALL have their place and it's up to the consumer to make an educated decision as to what option is best for their situation. If one of the options was a bad choice you wouldn't see that option available in the market, they'd go out of business.

AirJunky
05-03-2006, 02:40 PM
After two really bad experiences with crappy realtors, I'd definitely consider doing it myself the next time.
There are lots of sites & TV shows with insight on how to prep & stage the home so it brings the big bucks & sells quickly.

Took a pinhead realtor 5 months to sell my waterfront condo in a good market in 2003. I'd bet I can do better than that in today's market with very little effort. Houses here sell in no time & for outrageous amounts of cash.

Ric
05-03-2006, 02:43 PM
MLS is so important to selling your home fast for the amount you want... It's the most valuable thing I think realtors bring to the table

here in TX you can hire a service who supplies you all the documents and access to a mortgage broker and a real estate attorney for a flat up-front fee.

they get you on mls, and it's all up to you

if an agent brings a buyer (the most likely scenario), your price includes her commission. if an individual comes to the table, you can choose to cut the price by the commission amount or pocket the dough, it's up to you and the buyer.. There is more dealing with people you may not like this way, but it's doable and every time I've done it, the mls has sold my house... I either dealt with the buyer's agent or the agent who brought the buyer, signed with me and the buyer making him our intermediary... again, this is TX, it's a whole 'nuther country... I dont know about others


Comp sales are easy to come by these days, in fact our company does it too

www.fastvalues.com

Ric, to your question of ethics, believe me I work with over a 1,000 different realtors every month and like in any crowd there is always some you question their motives or ethics. The bottom line is it's not different than any other business, you'll always get some shady people. It's amplified some in real estate because the barrier of entry is so low to get into real estate (no huge startup costs to open shop-just some basic schooling) It's unfortunate that it is prevalent indeed, I wish there was some more "policing" done on the subject but there just really isn't.


One large value I see as a value especially to the buyer side when using a realtor is having more access to the listing info. I.E. as a consumer you don't or can't get back access to the MLS info, you need a NRDS number to do that. Back end access gets you WAY more info than what you can find as a consumer, including how many days on sale, starting list price, price reduction dates and times, is this listing on it's 3rd real estate company, when the listing expires, etc...... All of that is incredibly valueable data to the buyer AND is important to the sellers. Why the sellers???? Less buyers today are going after FSBO's specifically because they KNOW when looking at FSBO's they can't get the info I mentioned above because it isn't available.
The days are LONG gone of sticking a for sale sign in the front yard and waiting for the house to sell. Todays consumer has access to a lot of info on their own AND more powerful tools thru a Real Estate professional. Don't be fooled by the notion of getting your FSBO on a FSBO type web site and assuming that will be the end all to your selling issue. THere are 10.67 million real estate related web sites out there, alot promise great things but in the end, very few have any traffic to their site that is significant. I can tell you I have access to MediaMetrix reports which are the authority of measuring individual websites online traffic and in the top 100, NONE are FSBO related sites as of last month..... and making the top 100 isn't that tough yet, a couple hundred thousand unique users will get you there. Getting in the top 15 is more of a dog fight.

Certain markets might allow FSBO's to make it and I don't know your market W4T's to say whether or not that is the case. I can only go from personal and professional experience and all I can say probably 9 times out of 10 when I see a FSBO yard sign, a month or two later I see a Realtors sign in the yard. We did it personally 6 years ago (tried FSBO) for 2 months, priced the listing right and spent money advertising it, we got nothing. Listed with a good realtor and 2 days later we had a contract for our asking price.

6ballsisall
05-03-2006, 02:52 PM
MLS is so important to selling your home fast for the amount you want... It's the most valuable thing I think realtors bring to the table

here in TX you can hire a service who supplies you all the documents and access to a mortgage broker and a real estate attorney for a flat up-front fee.

they get you on mls, and it's all up to you

if an agent brings a buyer (the most likely scenario), your price includes her commission. if an individual comes to the table, you can choose to cut the price by the commission amount or pocket the dough, it's up to you and the buyer.. There is more dealing with people you may not like this way, but it's doable and every time I've done it, the mls has sold my house... I either dealt with the buyer's agent or the agent who brought the buyer, signed with me and the buyer making him our intermediary... again, this is TX, it's a whole 'nuther country... I dont know about others

Sounds like TX real estate process is somewhat similiar to the rest of the US. MLS is good but it doesn't sell homes, it is a network of info which allows other realtors to know the home is for sale and match it up with thier buyers profiles.

In recent years there have been thousands flock to become Realtors because the market was red hot and in alot of areas of the country any yahoo with a license and was willing to hustle a little could make good money short term. I think Vegas Home Expert would agree over the next few years I'll bet the farm you'll see a signficant decrease in the # of local realtors. The good ones who made a lifestyle and business out of real estate will stick, the ones who were in it for quick bucks and didn't make it a profession wont make it. This is good for the consumer as it will weed out a lot of the junk out there. I hate hearing stories of sellers (or buyers) getting hooked up with a crumby realtor.

The bottom line is the good ones work their arse off just like any business owner does to make a business go. It takes guts, vision, and trust in your self to make it in that business. Sure good ones make good money but I guarantee you they spend alot too. It's not that different from owning any other business really from that standpoint.

Ric
05-03-2006, 03:07 PM
not necessarily saying ethics being a direct relation to fsbo increase, but rather a lack of professionalism being partially the reason for the increase. I know it was so in my local case and for several others I know (in my little corner of the world)

I literally have yet to meet an agent in the last 15years that has prequalified me as a buyer prior to showing anything and I have evidence that some who've shown my listings didn't prequal buyers either...

I had one (very very recently) work with me for more than a month and when I finally told her, "I am ready to write that one", we had toured no less than 10 properties and had discussed more than 30 properties when she said, we'll need a pre-approval letter from your mtg co. to go with this offer.... I said, why was there no mention of this prior to today? "oh it's just the way we do business now". hahahha she had no idea what I could afford, but she showed all I wanted to see..

It aint a one time problem, I can name no less than 10 of them that I've either met or worked with who had the same lack of business or professional sense, let alone followed what the ad's say that realtors do for you... too bad there isn't some control over that.. NOT saying that they are all bad, I just meet a rare rare few good ones (in my area)

Ric
05-03-2006, 03:12 PM
kinda on topic funny..... my neighbor told me 15yrs ago when I was wide eyed at this stuff.. Son, it only takes 2 things to sell real estate in Houston... Big T__s and a Town Car...........

His philosophy has played out to be very accurate from what I've seen since. Man that guy could put away the scotch too.

6ballsisall
05-03-2006, 03:13 PM
not necessarily saying ethics being a direct relation to fsbo increase, but rather a lack of professionalism being partially the reason for the increase. I know it was so in my local case and for several others I know (in my little corner of the world)

I literally have yet to meet an agent in the last 15years that has prequalified me as a buyer prior to showing anything and I have evidence that some who've shown my listings didn't prequal buyers either...

I had one (very very recently) work with me for more than a month and when I finally told her, "I am ready to write that one", we had toured no less than 10 properties and had discussed more than 30 properties when she said, we'll need a pre-approval letter from your mtg co. to go with this offer.... I said, why was there no mention of this prior to today? "oh it's just the way we do business now". hahahha she had no idea what I could afford, but she showed all I wanted to see..

It aint a one time problem, I can name no less than 10 of them that I've either met or worked with who had the same lack of business or professional sense, let alone followed what the ad's say that realtors do for you... too bad there isn't some control over that.. NOT saying that they are all bad, I just meet a rare rare few good ones (in my area)


Believe me I hear stories like this ALL the time. It is unfortunate. Not to take the realtors side here but it is VERY unfortunate that they get very little to no sales training before they start their career and in most cases don't get any training in how to run their business. When they go to get their license most states require them to take only alot of legal classes and *ahem* some ethics courses. :o

I'll be the first to admit their is alot of opportunity for improvement with real estate professional training and ethics etc..... getting that done is a whole nuther set of challenges.

That being said, in any business I bet you can find an equal percentage of yahoos. Heck, look I managed to find a yahoo MC dealer :rolleyes: with "interesting service"

Ric
05-03-2006, 03:19 PM
true
I had one tell me a few years ago, I've worked too hard for my license to jeapardize it.... I smiled and said, be sure you don't blow this deal or we'll be walking up that avenue darlin'...

she had the gall to call me after the closing & ask me to suggest her to others when I said that would not happen, she asked me to detail what she did wrong and I said honey, we closed, let the real estate commission teach you how to do it right, not me....