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FSBO - I Read, I Learned, I Tried, I am Disappointed
2010 Apr 24, 1:54pm 6,083 views 21 comments
by vain follow (0)
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Not every FSBO is overpriced. Keep looking for the right place.
That I can agree on. But I don't think he could have gotten that price in 2006.
FSBO brings up an issue to me. Owners want to sell privately so they can get more money. Buyers want to buy FSBO to save money. But the owners are wary of giving any savings to the buyers it seems like. This isn't the first FSBO I was pursuing. But his price made me choke.
Some of them go for FSBO to save 6% realtor's commission. When such seller has attitude too, the chance of him giving you a discount is near zero.
Just skip that house. It looks like a POS to me, and there's no way for you to pay 700K when his neighbors are selling home at 4~500K.
tatupu70
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2010 Apr 24, 10:57pm
I can sympathize--I found the same thing when I was last house hunting. I gave up on FSBOs because the sellers were always delusional.
Some FSBO's are FSBO's because a Realtor would not take the overpriced listing. As was stated by Seaside, some sellers simply want the commission in their own pockets.
junkmail
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2010 Apr 25, 4:05am
I second 'ordertaker'.
I'm sure we've all stood, knee deep in garage contents strewn in a front yard trying to negotiate with a complete loon, over some forgotten artifact he/she hasn't used in 10 years, but thinks it's worth a small fortune. Why would things be different about a house?
Also judging by the price he paid for it... he hasn't been involved in the 'industry' since the 70's, and you KNOW some family member plucked this price out their ass. "I'm telling you Lloyd, it's worth at least $800K."
My favorite is...he's has nothing to do with the industry, but likes to use the X99K perception trick. A true FSBO would just call it 800K and be done with it.
My favorite is…he’s has nothing to do with the industry, but likes to use the X99K perception trick. A true FSBO would just call it 800K and be done with it.
Since he's using that trick, he must think that the appearance of $700k looks appealing :) I am positive even if a realtor listed this at $599k, nobody would view the home.
I really think that it was FSBO since 2006.
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So I tried to learn a thing or two. I learned that realtors suck money out of a deal. So I found myself a For-Sale-By-Owner.
I think a realtor can sell his home for 510k max.
I just spoke to him. He's a real jerk and his asking price is $799k. That's a peak bubble price! I asked him "why so high? This neighborhood is selling for high 400's to mid 500's." All the homes are more or less the same lay out with a slight variation in fascia.
His response: "This is not a foreclosure."
I didn't even need to see what the home had to offer. Avoid.
A picture of the home:
475 Northaven Dr
Daly City, CA 94015
He picked this house up for $46k in 1976 circa.
#housing