Think being a FSBO is easy? What could possibly go wrong?

[Charlie MacPherson]

You just can't make this stuff up.

I helped a client buy a manufactured home about 6 months ago.  His previous home is in a coastal town near me and he said that was going to sell after sprucing it up a bit.  Of course, I expressed an interest in listing it, but he said he was going to do it with some help from his attorney.

Turned out that he went FSBO with an "Entry Only" MLS listing. Pay $100 and this company will get it on MLS for you. You handle everything else on your own. This is the disclaimer on MLS - "This is an Entry Only Listing. The list agent will be providing limited service to the seller."

He calls and wants to meet tomorrow to have me list it.  For some reason, he's not getting calls or showings.

I looked at the listing and found:

1. It is under-priced by $25,000.  He still isn't getting traffic or offers.  It could be...

2. The contact phone number is wrong.  There's a typo in the area code!  Or it could be...

3. The septic is listed as a "tight tank", meaning that it's just a holding tank with no leaching field.  Fill it up, pump it out, ad infinitum.  Very expensive and a serious deal breaker for most buyers.  The problem is that it's not a tight tank.  It's a conventional septic system.  Or it could be...

4. The "Entry Only" knucklehead is offering a 1% commission for a buyer's agent in a market where 2% is the lowest commonly seen.  2.5% is common and some are even at 3%.  Not that it's ethical to steer buyers away from a 1% listing, but I promise you, it's not going to help.  Or if there were actually any showings, it could be...

5. The entry only listing states that there is one more bed, one more room and one more bath than public record.  Not to mention...

6. The entry only listing states that commission is paid on the GROSS sales price (before concessions).  That means that if the seller pays $5,000 in closing costs to the buyer and agrees to another $5,000 back to the buyer to replace windows and doors, the seller will be paying commission on that $10,000.  At 1%, it's not a lot of money, but it's still a silly mistake.  Maybe some of this is due to...

7. The seller is located in eastern Massachusetts and the entry only company is located 1,500 miles away in Florida.

But aside of all that, the entry only listing was *perfect*!