FSBO Question?

Question

I would like to sell my home and offer buyer's agents a 3.5% commission. In SC, I know I need a disclosure and a contract for sale.
What other papers would be needed to do the deal? it's a single family home. Also, if I advertise in the newspaper, can I stipulate that only those buyers who are prequalified for mortgages can tour the home.Is it legal to use that stipulation in an advertisement?
I simply do not have time for Lookie Lou's.

Answer 1

Contact an escrow company, they will have all of the info and documents needed to sell your home on your own. I think you would be best served by advising of the pre-qual letter requirement in the phone call/message. Be sure to provide a fax number for the document.

You will need an attorney to complete the sale, but I bet you will be charged much less if you procure and prepare the documents yourself:

http://www.standardlegal.com/Merchant2/merchant.mvc?Screen=PROD&Store_Code=SLcom&Product_Code=PRO502

http://www.fsbo.sc/content,glossarya/

Answer 2

FSBO is NOT a good idea. Look, as a Buyer making an offer to a FSBO, I'm taking into consideration the fact that you are not paying a commission for a sales agent. I'm going to take at least 6% off my offer and we'll probably be somewhere at 4% off the asking price - 4% you can probably find a Realtor to accept as commission (remember, commission is ALWAYS negotiable). From that 4%, a Listing agent will pay a buyers agent 2% and get you MLS exposure, professional support, and expertise. Realtors(r) adhere to a Code of Ethics(r) and work (at least any reputable one, which most are) to serve their clients the best way possible. Rethink the FSBO, talk to several Realtor(s) and negotiate commission. Todays market is tough enough... Ask friends who have bought or sold recently for referrals.

Answer 3

I'm not sure why you would want to offer any commission. You are doing the advertising and marketing and showing the property. If you are unsure of the paperwork necessities, hire a Real Estate ASSOCIATE to draw up the papers and pay him/her a flat fee (around $300). Yes, you may advertise that prequalification is necessary. Have the potential buyer send you their prequalification letter from the bank, mortgage company, etc. before they show up at your property claiming to have been prequalified and "forgot" to bring their letter asking to see the property "as long as we are here". Good Luck!

Answer 4

If you are not familiar with the necessary papers ,
And want only prequals on the tours ,
Then you need an agent to juggle those details .

Are you really going to stand at the door and demand a prequal letter ?
An agent can screen those out , but for you to try would be tacky and counter productive .
Also , your lack of document knowledge is a huge red flag .
You are willing to accept a buyers agent , and indications are you Need a sellers agent .
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Answer 5

If you're going to run without an agent, GET AN ATTORNEY!

Although agents can't give legal advice they usually know most of the rules and you'll generally be safe. However, without that guidance you NEED an attorney!

FYI, Lookie Lous are a FACT OF LIFE. If you're trying to sell, get used to living with that fact!

Answer 6

i would hook up with a lender.
they can help you preappove all the buyers.
you can also restrict everyone for preapproval letters.

most agents wont know about your house if it's not on the MLS. I would also speak to an attorney...as SC is an attorney state.

Answer 7

I still think your best bet is to get the services of a good Realtor to list and market your property.