FSBO transactions , What was your experience?

[Nina Hayden]

Hi everyone,

I would like feedback from those that have successfully closed on FSBOs.   How did you negotiate? What did you find was the biggest hurdle getting to closing table? Any tips approaching them?  

I'm really interested as I've not done one, all my transactions have been either listings on MLS or realtor friends.

Thank you in advance! 

[Anthony Gayden]

Originally posted by @Nina Hayden:

Hi everyone,

I would like feedback from those that have successfully closed on FSBOs.   How did you negotiate? What did you find was the biggest hurdle getting to closing table? Any tips approaching them?  

I'm really interested as I've not done one, all my transactions have been either listings on MLS or realtor friends.

Thank you in advance! 

I have both bought and sold a home FSBO within the last year. Very simple transactions and very easy to figure out. I handled all the paperwork for both transactions.

Do not let a realtor try to convince you that it will be difficult as it is relatively simple, especially if you are buying or selling off market for cash.

I downloaded all of the required contracts and disclosures for the state of Nebraska from an online source. It is critical that you complete all of it, including the lead based paint disclosure and any other state specific disclosures.  

There are parts of the contract that the buyer/seller will have to initial or sign. There are also parts that relate only if using an FHA loan.

Since you have purchased real estate before, you will notice it is nearly identical to the contract your realtor uses.

I took the completed contract as well as the earnest money deposit to a title company who did the majority of the work. My first time through there were a couple of small paperwork issues, but by the second time it was smooth sailing.