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Old 04-10-2016, 03:54 PM   #21
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We did two different deals, no realtors involved. Think we borrowed their forms and had an attorney review. There was a title company(IIRC) that did the rest for the normal fee.

Both were unique situations where a realtor couldn't add value. The second was a bizarre deal; folks came out to look at something DW had on Craigslist and before the day was over we had verbal commitment to buy the property! We had done the research on the price to ask as we were looking to move, we weren't going to sell until we found a place. Worked out well in the end.
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Old 04-10-2016, 03:55 PM   #22
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We purchased a home and the seller nor buyer (us) used a realtor - instead we hired a real estate attorney. That saved the seller 6% in realtor fees (which allowed the seller to sell us the house for less than we would have paid had we used a realtor). The real estate attorney cost less than $300 and drew up a standard contact. We had bought and sold a lot of houses in our lives so we felt comfortable doing so and understood the process.
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Old 04-10-2016, 04:03 PM   #23
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Find out where closing takes place for normal transactions.

On the east coast where we lived in a tiny state and sold a property on the MLS without a realtor. All closing a in that state took place in attorney's office.
In Minnesota, all closings takes place at a title company's office.
Don't know what happens in WA.

Good luck!
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Old 04-10-2016, 04:05 PM   #24
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You're doing a FSBO without a clear understanding of the process before you put it on the market? Do you have a sales contract drawn up?
This was my first thought. Fermion needs a crash course in FSBO, and would probably benefit from hiring an experienced real estate attorney.
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Old 04-10-2016, 04:14 PM   #25
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This was my first thought. Fermion needs a crash course in FSBO, and would probably benefit from hiring an experienced real estate attorney.
Well, my wife did it, not me (put the house up FSBO). We did get the offer today (expires Tuesday) for our asking price but the buyers agent wants us to pay a 3% commission (even though they are working for them, not us). I am ok with this but am worried about having to also pay an attorney, title insurance and other costs (1.78% goes to WA state excise tax..it adds up).

I wish we had just listed with an agent, then they would be making all of these decisions and we would only be out another 3% max. But the wife is always correct, right?

So now I am trying to muddle through all of this.
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Old 04-10-2016, 04:28 PM   #26
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Well, my wife did it, not me (put the house up FSBO). We did get the offer today (expires Tuesday) for our asking price but the buyers agent wants us to pay a 3% commission (even though they are working for them, not us). I am ok with this but am worried about having to also pay an attorney, title insurance and other costs (1.78% goes to WA state excise tax..it adds up).

I wish we had just listed with an agent, then they would be making all of these decisions and we would only be out another 3% max. But the wife is always correct, right?

So now I am trying to muddle through all of this.
My opinion is that you need to take charge of this situation and get a good agent immediately. Leave FSBO for those who have spent some time learning about it first. You can do that next time.

Tomorrow you can smooth things over by buying your wife some flowers and taking her to a nice place for dinner.
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Old 04-10-2016, 04:45 PM   #27
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Here is a petty good summary of a real estate closing In WA, done in the common way by a title company. I have never experiences or used any other method in WA or CA, the only two states where I have any experience.

Understanding the real estate closing process in Washington | findwell

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Old 04-10-2016, 04:55 PM   #28
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........ but the buyers agent wants us to pay a 3% commission (even though they are working for them, not us).............
I'd tell the buyer's agent to pound sand or as a minimum, pay less than 3%. Unless you agreed to it, you don't owe it.
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Old 04-10-2016, 05:09 PM   #29
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I sold two homes in WA by FSBO (96' and 05'). I picked up the RE contract at the local Office Depot and brought the signed contract and down payment to a local Title Company and they handled the closing. Both times I had moved out of state before the closing and everything went without a hitch. The title company held the deposit in escrow until the closing and then wired my share of the proceeds to my bank account.

It was very easy.
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Old 04-10-2016, 05:18 PM   #30
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I sold a house in Il FSBO (no agent for me or the other side). I did have a real estate attorney who guided me through the process. How to get the offer in writing, doing the re contract, preparing all of the necessary documents, scheduling and handling closing/ disbursements.
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Old 04-10-2016, 05:26 PM   #31
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I would hire a real estate attorney to review all the paperwork. No need for your own agent. The buyer is found. You pay the attorney and the buyers pay their own agent.
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Old 04-10-2016, 05:35 PM   #32
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My opinion is that you need to take charge of this situation and get a good agent immediately. Leave FSBO for those who have spent some time learning about it first. You can do that next time.

Tomorrow you can smooth things over by buying your wife some flowers and taking her to a nice place for dinner.
W2R, normally you give great advice but you way overestimate the ability of flowers to console this wife. If I go against her on this FSBO I may be making posts about how to handle finances through divorce. Ok, I am joking a bit. I hope.

She is very stubborn, usually right, but kind of stubborn. Very high IQ (probably top 0.001%) and stubborn (might have mentioned that already).
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Old 04-10-2016, 05:39 PM   #33
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I would hire a real estate attorney to review all the paperwork. No need for your own agent. The buyer is found. You pay the attorney and the buyers pay their own agent.
This. An attorney will be your fiduciary and will make sure all bases are covered, for MUCH less than an agent will cost. My wife is a RE broker and she agrees with me. Hiring an agent would be a waste of money at this time.

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Old 04-10-2016, 05:40 PM   #34
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W2R, normally you give great advice but you way overestimate the ability of flowers to console this wife. If I go against her on this FSBO I may be making posts about how to handle finances through divorce. Ok, I am joking a bit. I hope.

She is very stubborn, usually right, but kind of stubborn. Very high IQ (probably top 0.001%) and stubborn (might have mentioned that already).
Aw, thanks for the compliment. Personally I *LOVE* flowers but I suppose that differs for different women.

Maybe chocolates? (Just kidding!)
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Old 04-10-2016, 05:50 PM   #35
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W2R, normally you give great advice but you way overestimate the ability of flowers to console this wife. If I go against her on this FSBO I may be making posts about how to handle finances through divorce. Ok, I am joking a bit. I hope.

She is very stubborn, usually right, but kind of stubborn. Very high IQ (probably top 0.001%) and stubborn (might have mentioned that already).
Sounds like fun.
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Old 04-10-2016, 06:27 PM   #36
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W2R, normally you give great advice but you way overestimate the ability of flowers to console this wife. If I go against her on this FSBO I may be making posts about how to handle finances through divorce. Ok, I am joking a bit. I hope.

She is very stubborn, usually right, but kind of stubborn. Very high IQ (probably top 0.001%) and stubborn (might have mentioned that already).
Not to mention the advice of throwing thousands (and maybe 10s, depending on the house price) of dollars out the window, just for a feel good feeling. Hmmm...sounds like having a FA.

There are enough books and web sites out there about selling by owner that Fermion could have all the knowledge he needs in a day or two. I've been through many home sales, and the only value the realtor brings is in finding the house. The title company and possibly an attorney are all that is needed.

As far as paying the buyers agent, the very best I would do is split the price. And that's only if the buyers agent was involved in the buyer finding the home for them. If not, it's the buyer's issue.

Since we (if it happens) aren't going to have an agent on either side, I'm willing to split the 6% with the buyer. He'll get the house a little cheaper, and I'll make a little more.
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Old 04-10-2016, 07:09 PM   #37
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Well, my wife did it, not me (put the house up FSBO). We did get the offer today (expires Tuesday) for our asking price but the buyers agent wants us to pay a 3% commission (even though they are working for them, not us). I am ok with this but am worried about having to also pay an attorney, title insurance and other costs (1.78% goes to WA state excise tax..it adds up).

I wish we had just listed with an agent, then they would be making all of these decisions and we would only be out another 3% max. But the wife is always correct, right?

So now I am trying to muddle through all of this.
Well, a RE agent does NOT make these decisions.... they just pass along what is offered.... YOU make the decision as it is you who is selling the house...

The RE agent just wants to get the house sold...
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Old 04-10-2016, 07:18 PM   #38
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A little update to our saga. We just had another couple tour the house and are very interested. No offer or anything (they just left) but it is nice to have such interest in the house the 2nd day on the market. I had been running financial scenarios thinking we might have to take a really lowball offer considering all of the here and there maintenance the house needs. I do think the first couple is the better prospect since they have pre-approved financing with 20% down but this other couple did not have an agent so there would not be that issue. The wife was tripping over herself on how beautiful the house and river were but the guy was being a bit more thoughtful and silent. He did perk up when I mentioned we were throwing in the hardwood pool table and poker table to whoever buy the house.
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Old 04-10-2016, 08:13 PM   #39
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Inventory is low in our area of the Puget Sound area of Washington (Mukilteo). There are a handful of houses in our general area and only one FSBO. It went up about the same time as the other three, so I'll see how it does. The houses are moving quickly here.


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Old 04-10-2016, 10:39 PM   #40
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We have done two sales FSBO and one purchase of a FSBO property. In our state, the buyer and seller would each have real estate attorneys who handle the P&S contract, title search, title insurance, closing, etc. IIRC it costs ~$400 for the attorney.

Expect to hear on another FSBO offer we made on Saturday tomorrow.

Funny, now that I think of it our first 3 real estate transactions (2 purchases and one sale) were through a realtor but the last 4 (2 purchases and 2 sales) were all FSBO.
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