posted on January 19, 2007 07:26:13 AM new
Anybody every tried it? It would cost me about 150. as opposed to realtor's commission.
However, I don't see many that are sold in completed listings. Some are auctions and some are classified. Wonder what the difference is?
posted on January 19, 2007 07:40:27 AM new
Hi Neva,
I would give it a try as it is all about advertising where ever is feasible. It is all about networking when you are selling your product whether it be a small thing or a huge item like your home. You should contact your title company that you plan to use to inquire as to the best methods to sell your own home. I bet that they would be most helpful in stirring you in the right direction. I would post it on anything that is free also like Craigslist or if you have the recycler. Plan on having an open house one weekend or two so post that info on something that is read in your community.
Good Luck
mama
posted on January 19, 2007 09:41:12 AM new
"Auction-Style Format Items
Due to the wide variety of laws governing the sale of real estate, eBay Real Estate auction-style advertisements of real property do not involve legally binding offers to buy and sell. Instead, eBay Real Estate's auctions are simply a way for sellers to advertise their real estate and meet potential buyers. eBay is commonly referred to as an online auction web site, however eBay Real Estate is not a traditional "auctioneer". eBay Real Estate is not involved in the actual transaction between buyers and sellers and, as a result, has no control over the quality, safety or legality of the properties advertised, the truth or accuracy of the postings, the ability of sellers to sell items or the ability of buyers to buy items. eBay cannot ensure that a buyer or seller will actually complete a transaction.
Auction-style format advertisements for the sale of real estate are designed to assist the parties in identifying the most interested potential buyer(s). The listings do not result in binding agreements to buy and sell real estate; however, they do allow sellers and buyers to use eBay Real Estate as a venue to determine who may be most interested in the property. In this format, potential buyers are asked not to bid unless they intend to complete the purchase of the advertised property, subject to customary diligence and contingencies. Following the close of the auction-style bidding, the sellers and buyers are expected to contact each other to prepare and deliver the appropriate paperwork to buy and sell the property, and to take such other actions as may be required by local laws. As noted below, eBay Real Estate cannot give legal advice to buyers or sellers, and users should seek professional advice when selling or buying real estate. Depending on the property, sellers may be required to deliver to buyers a disclosure statement prior to a sale, and in all cases buyers should conduct their own due diligence related to property inspection, title review, building code compliance, termite inspection, flood plain, hazardous materials and other local issues transparent only to an expert. While eBay Real Estate cannot guarantee consummation of the sale to either seller or potential buyers, our rules require sellers and top-bidding potential buyers to follow through in good faith. If the parties do follow through in good faith, but the transaction does not close, the parties should still leave positive feedback for each other.
If you elect to use the “auction-style” advertisement for certain kinds of real estate, you will be charged a “Notice Fee” when the auction-style advertisement is over. This fee applies whether or not the real estate sale is completed. You will not be charged a “final value fee” tied to the sale of the real estate. See Real Estate Fees.
Ad Format Items
eBay Real Estate also offers sellers the option of advertising their property in an "Ad" format rather than an auction format (indicated by this icon ). The Real Estate Advertisement format has the following features:
*
You can list your asking price. No bidding takes place.
*
Interested buyers fill out a contact form and their information is sent to you.
*
You can advertise your property for 30 days or 90 days.
*
You may revise your item at any time in the advertisement duration.
Real Estate Advertisement format listings do not result in feedback, because the format aims to generate multiple leads rather than a single high bidder. When this contact information is forwarded to sellers via email, sellers are obliged to treat the potential buyers’ contact information in full compliance with eBay's Privacy Policy. This policy prohibits use of the potential buyers’ information for any purpose other than communicating with the potential buyers about the information and services referenced in the item description, unless expressly permitted to do so. Failure to comply with this policy can result in seller expulsion from the eBay community. Once buyers and sellers make contact through these listings, they can, as noted above, then proceed to discuss off the website purchase terms, including price, inspections, and the like, as is customary in an offline real estate transaction."
posted on January 19, 2007 09:42:22 AM new
Selling a home is a complicated and can be fraught with danger. I would suggest at least hiring a real estate attorney to advise you and make sure you cover all of your bases. There are some companies out there who will help you sell your house for a fixed price (a few thousand dollars plus buyers agent commission if you offer it). They will put you on their website, the MLS, and do some other advertising that you will not be able to do on your own.
While most real estate sales have a sellers expense total of about 8% to 10%, if you are careful, you should be able to get it sold for 5% or maybe even a bit less. Don't forget that most buyers are going to try to pay 5% less then the going rate when they see you are selling by owner. They want part of the discount too. Don't forget, there are taxes to pay, papers to file, Escrow to go through, Inspections, repairs, and so on.
Most good real estate brokers will give you a market analysis for free, even if they know you are going to try For Sale By Owner. They know that MOST of the time, people are not able to sell the house by themselves, and will go to the agent that helped them the most when they were trying.
You have to remember this is not like selling a ring or a thingy, selling a house has a lot of legal consequences and one mistake could mean a lot of time in court and a huge expense.
posted on January 19, 2007 09:46:45 AM new
I think I'd go for the ad format.
I also agree with this: "You have to remember this is not like selling a ring or a thingy, selling a house has a lot of legal consequences and one mistake could mean a lot of time in court and a huge expense."
posted on January 19, 2007 09:51:14 AM new
dejapooh - made some good points.
It wouldn't hurt to try it on your own first but not without an attorney.
I was wondering about ad format myself. What is that?
posted on January 19, 2007 02:15:53 PM new
Thanks for all your input. I would definitely consult with a real estate attorney - one with a title company if I can. I knew this was essential. There are several ways I could do it. Either a classified listing or auction. Will check out Craig's list too.
posted on January 19, 2007 03:23:51 PM new
niel35,
I don't know what your proximity is to a military installation, but I sold my home via militarybyowner.com
When I received an offer, I called the attorney who handled the closing on my new home and he drew up the contract. In my state, only one attorney is used for real estate transactions.
Cost was $250 for the contract.
I used militarybyowner.com 's upgrade package (I think it was $75.00)and posted pics of my property. Prior to using the website, I had a sign in my yard FSBO, ran an ad in the newspaper and hung flyers in the grocery store. Not too much interest. Offer was made within 3 days of posting to the site and I got exactly what I wanted for my home.
posted on January 19, 2007 04:25:54 PM new
I sold my home without an agent (or an attorney) very painlessly. I agree with networking - talk to your neighbors, ask if they know anyone interested in buying in the neighborhood (the guy who owned a house two down from mine was my buyer). He wanted a discount- I wanted to sell "as is", we agreed on a price in a few hours. He was savvy enough to ask me to draw up the contract - I used a "contract in a box" and worked with my friendly neighborhood title company.
posted on January 19, 2007 09:26:02 PM new
Neva: There's something I want to snail-mail to you. Please contact me through one of my auctions (user name: Roadsmith), and we can e-mail. Adele
_____________________
A person who is nice to you but rude to a waiter is not a
nice person. (This is very important. Pay attention. It never fails.) ~Dave Barry
posted on January 20, 2007 11:53:10 PM new
When my wife received a house as a gift (long LONG LONG story), we put a sign in the window and received over 200 phone calls in 2 weeks. The house was falling down, the roof was gone, and the floors had rotted away, but we sold it for $112,000. This was in Los Angeles in 2002. Our neighbor is a real estate broker (now a stay at home mom, with license, but not working), and she offered to handle it once we had the buyer for 1%. It was the best $1120. We've ever spent. There were dozens of hurtles to be covered, and with her, we were able to cover everything and get the house sold and title cleared and delivered in 30 days. Many Agents will do this now if you have a buyer ready. I am pretty much do it yourself when it comes to selling, but once the agreement is made, I wouldn't consider closing without an expert on my side.
