For Sale by Owner Reviews

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ForSalebyOwner Review For Sale by Owner Claim: As a money saving and excellent flipping opportunity, ForSaleByOwner.com (FSBO) has been the country’s leading for sale by owner service since 1999. In addition to the property exposure of MLS and other advertisements, FSBO property listings receive over 2 million monthly visitors. Average FSBO users have saved roughly $13,000 on the sale of their homes, which also allows buyers to reap lower sales prices. On a $350,000 property, you will save $21,000 in real estate commission fees. You’ll notice more flexibility in pricing as a huge chunk of profits are not going in the real estate agent’s pockets. Cut out the middleman and relieve yourself of persons that are presumably looking out for your best interest, but really only care about their paycheck. The most complicated and difficult part of a real estate transaction is handled by a title or escrow company, real estate agents have no real role other than middleman. With FSBO, both parties will also have less hassle dealing with showings and phone calls as you are the primary points of contact in all matters with the property. Who better to sell a house than the person who has lived there and knows the intimate details of the property and surrounding neighborhood? ForSalebyOwner.com has saved real estate buyers and sellers more than one billion dollars by providing; premium Internet and offline marketing services; real estate guidance and information through a free e-book “The Complete Guide To Buying and Selling Your Own Home” and an informative education center; downloadable state specific real estate forms for all property transactions; and recommendations on real estate attorneys, professional appraisers, and title companies.

 

ForSalebyOwner.com at a Glance

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ForSaleByOwner.com
Self Home Selling and Buying Service
Dependant on package
Full refund if house doesn't sell
8/10 initial post first impression rating.
Subject to change upon Editorial Review.

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For Sale by Owner Editorial Review

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For Sale by Owner Independent Reviews

Eve Line review
"In the end, the fee that I paid to forsalebyowner.com was much cheaper. If I had known it was going to be such a success, I would have skip all the other advertisements."

Realestatelistingreviews
"Our experience with FSBO was top notch! Our listing always looked great and we sold our house (in the worst of markets) in 6 weeks."

A comparison of three FSBO services
"We found…ForeSalebyOwner.com to be the most established and trusted among current online user reviews of FSBO websites."

Measuredup review
"...after a month with MLS it became obvious that selling a high end waterfront home yourself rather than with a licensed realtor was impossible. "
 

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For Sale by Owner User Reviews

User Reviews are posted in the comments below.  You may post reviews anonymously, but to officially rate FSBO and receive contributor rewards, please register.

 


Discuss ForSalebyOwner.com and other means of making or saving money in real estate.

 

I did it...


I listed my house, including the MLS listing, and it did sell in the worst of markets.  It was a house that was very expensive, and in a neighborhood where there were no comps to justify the high asking price because of its size.  I think that we got our buyer more because of "drive by" than because of the forsalebyowner listing, but it was good to have the online listing for the buyers to get more info.  In the end, I can say for sure that I'm glad I didn't  waste money on a realtor. 

Bouch's picture
Congratulations


Congratulations, a few folks have emailed me about similar situations. It seems that sellers are able to offer a better price to buyers with FSBO because they don’t have to give 6+% over to a realtor. That makes a big difference now with so many short sales on the market, and it allows sellers to out price the competition.

Congratulations


Bouch,

Great in theory but lousy in practicality.  Your assumption that sellers offer a better price to buyers because they don't have to pay 6% to a Realtor is ridiculous! 

As a real estate agent, based on experience, sellers, whether they use an agent or not are greedy.  Most sellers believe, based on the emotional attachment, that their home is worth MUCH more than it really is.  To be fair, maybe I should not call them greedy, only clouded by emotional attachment.  I'd be willing to BET that if I did CMA's on each forsalebyowner home, I would find that nearly all are overpriced by 10-20% or more.

The home still has to appraise out and with recent tightening of lender requirements that is a challenge.

I'd also be interested to see Forsalebyowner.com's stats for days on the market and list/sales price.  But, I'm sure they don't keep those. 

Do you really think that sellers pass along the savings of not hiring a real estate agent along to the buyer?

I would inagine that many sellers that use forsalebyowner.com have not been in their homes long enough to have built the equity required to be able to pay a real estate professional.  Thus, they can't afford one.  Not saying anything about the legal process that has to occur during a real estate transaction to closure. 

While Realtors are not lawyers, as an real estate professional, I tend to equate FSBO's to those who decide to represent themselves in court.  As the old saying goes, he who does so has a fool for a client. 

I would be interested to see forsalebyowner.com's contractual agreement.  I'd be willing to bet there is a HUGE section in it that absolves them from ANY litigation based upon performance or representation. 

Bouch's picture
Hi JC


Thanks for your insight. Although I don’t agree with all your points, you make a compelling argument. Not all sellers are emotionally attached to a property and therefore inflate the price. Market value is market value…the offers will speak for themselves. Whether a real estate agent or owner sell the property, the owner is only going to get what its worth, but the profits will be 6% greater.

I understand your harsh stance towards the FSBO service as it is a direct impact to your career. However, I can’t entirely agree that selling real estate is as complicated as representing yourself in court. Owners with any sort of salesmen types skills should be able to handle marketing and showing the property while FSBO handles all the things realtors have access to (MLS, Forms, etc…).

I will concede that a realtor’s experience has value, especially with more difficult investment properties, such as apartment buildings and commercial property. With a realtor, there is also a great benefit in time savings, and you only pay if there is a sale. With FSBO, you’re paying regardless and investing lots of time. You just have to compare the value of each with your situation.

Give me a break


There is a big difference between an attorney who completes a bachelors's degree, three years of law school and passes a bar exam and a "real estate professional" who completes a one or two week course.  The bottom line is that the vast majority of real estate agents do not provide much "value added" to the sales process.  The "stars" are the ones selling high end commercial or industrial properties.  On average, most real estate agents spend more than half of their time prospecting for new clients rather than selling the homes of existing clients.

The bottom line is that when you hire a "full service" agent, you get someone who will put your home on the MLS, use an occasional open house to drum up more business and do a deal with a big stack of cookie-cutter forms.  The average real estate attorney knows far more about actual real estate law and settlements than the vast majority of real estate agents.  And in my experience, most real estate agents don't understand issues like zoning laws, setbacks, deed restrictions, property covenants, etc.  You are far better served getting real estate advice from an attorney than someone who completed a two week course.

Real estate agencies are going the way of travel agencies.  The Internet has made selling a home on your own much easier... just like it's made booking plane or hotel reservations.  The only advantage left for real estate agents is the MLS and you can use a flat fee service to get on the MLS.  As for "comparable analyses," most states have every property on an Internet database.  You can search for dates of sale and sales prices on your own.  The average real estate agent is not an MAI appraiser.  He or she is just a person who is looking at the same information you are when you are looks at home sales data.

AGREED!


I agree with you and Bouch.  Real estate agents are going away but not fast enough.  Instead of comparing themselves to attorneys, they should compare themselves to used car salesmen, only they're screwing the seller instead of the buyer.  In this economy, where do they get off demanding 3% commission - without exception - while sellers have to suck up the losses?  Really?  For downloading some photos taken with a cheap camera and filling in the blanks on a standard form?  Armed with their GED and a state license, they believe they deserve to make a six figure income, and they do with the price of real estate nowadays.  The internet is providing sellers and buyers with information that will make residential real estate agents a tool for those too busy and that is all.

CRUDE Statement


Agreed, you absolutely don't know what you're talking about. As a prior Realtor, most agents in our office had their Bachelor's degree, and a number had their Masters. We used professional photographers for the photos, and had to use the "standard" legal form demanded by our state. 

Most agents never get close to a six figure income, but stay in the business because they enjoy building a rapport with their clients. Our advertising costs were astronomical, and a client could walk away from the contract without paying a dime to the agent who spent over $1,000 advertising and promoting their home.

It would be interesting to see if you could pass the state and national tests required to get a "license", or have the ability to pay the monthly fees required (including, but not limited to your broker desk fees, your state's Association of Realtors and the NAR or National Association of Realtors)  In addition to the standard licence, most good/great agents continue their education to include knowledge of building a house from the ground up, inspection courses (the same courses your local inspectors must take to enter that business), E-Pro Certification, Relocation Specialists, Fine Home Specialists, ABR (Accredited Buyer's Representatives), SRS (Seller Representative Specialist), and GRI's (those who attend all classes/courses for their Graduate Realtor's Institute designation.

I held all of the above certifications/designations, and the schooling didn't come cheap. Other designations include everything from Land Consultation, Commercial Investment, International Property Specialist, Seniors Real Estate Specialists, Resort Property Specialist, and Short Sale/Foreclosure Specialists just to name a few.

I don't agree that our profession can be compared to a lawyer's, but I can tell you that my clients who were lawyers certainly appreciated the service and broad networking I provided them.

The website is good,


The website is good, and can generate interest.  However...DO NOT UPGRADE for the realtor.com portion of the website.  They are slow, and have nothing but "technical difficulities".  It has taken them 3 weeks to get my listing up after I provided them the necessary information.  Maybe they should higher some IT staff to fix their problems.
_________
john somerville from expresso pas cher

Nothing against realtors but


Nothing against realtors but they will be as extinct as travel agents have in the near future. 

Please share with me the statistics on how many realtors that list a home actually sell that same home?  My point, most realtors are just listing machines that wait for perspective buyers to come across the listing and have their realtor show it. 

I can appreciate anybody being good at what they do, but I think you should take a reality check and admit how much you actually impact a sale that you just listed.  Outside of pricing it correctly which I do agree is important it will come down to have the right property that fits a particular persons needs.

Best of luck!

WHO is greedy?


Nice try.  It's funny how defensive and insulting agents get when they are threatened with competion from people wanting to keep their own money that they have invested in their home.  It's the greed of the agents that cause most people to go FSBO.  If agents charged a flat fee to cover their expenses and make their profit, that would be one thing, but to want 3-6% for a house that sells for over $300k is ridiculous and greedy. 

Fool for a client?????


I have sold 6 homes for sale by owner and have had 0 problems. It's all in who you hire to handle your paper work. I have a title company I deal with  and lending office that is more than happy for my buyers to be approved. I have all the legal papers needed to close.  I also did give my buyers a break for not having to pay for a Realtor.  Most of the Realtors that brought buyers to me, jacked up the price.  So who is the real greedy person.... Not everyone whats to throw 6% out the window. And that's what you do when you hire a Realtor.

Real estate agents versus for sale by owner


After reading your thread I just had to reply. It has become painfully obvious in today's multimedia world that real estate agents  that represent the seller don' t sell the seller's homes, but yet! It is the buyers agent who does. 

In the last three transactions I have been involved in real estate agents have forgotten what it takes to drive a sale. They have come accustom to letting the mls and the Internet do it for them.

It has just become a numbers game for them. The more they list the better their chances of selling something.

My next transaction will be by for sale by owner, not for the savings, but for that commission percentage that they don't work for. That is what I will give to the buyer as a discount.

 

 

 

 

 

ForSaleByOwner.com Horrible Experience


 I recently purchased a package from ForSaleByOwner.com and have had the worst experience with them.  They falsely advertise their MLS package...you will be required to sign an exclusive agreement with a Realtor!  Also the agreement has several requirements that we found unacceptable.  This was all emailed to me AFTER they took my money.  When I called for a refund, they ignore me.  Their customer service takes over a week to respond and refuse to address actual concerns and questions.  Their signs are terrible!  You are better off buying signs at Lowe's.  In my opinion they are preying on people who cannot afford to pay a Realtor in these economic conditions.   It is a scam and I would warn anyone to stay away from this business.  

for "Horrible Experience"


 Yes, I wanted to use the MLS feature, too, and have the same concerns about how this is being done through a Realtor. I, too, wanted to see the MLS forms to be signed prior to making my decision but FSBO doesn't supply that. What were the requirements/conditions you found objectionable? I have concerns about this.

Thanks for anything you can tell us.

agree with horrible experience on forsalebyowner 2011


I too paid the $199 fee for the realtor listing promoted on forsalebyowner.  I immediately had concerns about the exclusive contract that was sent to me.  I did not want to sign it once reading it and tried to cancel.  Due to their delaying tactics it went beyond the 72 hours -- whereby they charge a 38% cancellation fee (which I don't remember seeing anywhere).  I was very disappointed for sale by owner would even condone such a practice.  Based on this could not recommend them.

Don't waste your money


The website is good, and can generate interest.  However...DO NOT UPGRADE for the realtor.com portion of the website.  They are slow, and have nothing but "technical difficulities".  It has taken them 3 weeks to get my listing up after I provided them the necessary information.  Maybe they should higher some IT staff to fix their problems.

Really, do not waste your


Really, do not waste your time and MONEY!!! Just put a sign in your yard, post flyers,  and get a good real estate attorney if you want to try to sell your house yourself. Maybe during the boom, this was a good option, but not now, you do need that realtor that has pre-qualified clients, out of state and country clients, is motivated, etc.

I signed up with FSBO and most calls came from just the drive by's and my outside flyer anyway.

Also, FSBO will not respond the day after you de-relist, even just asking for the information up to the end date that you WERE THEIR customer.

Most of the calls you get will be just people that have idle curiosity or just nosey neighbors.

From the website Realtor.com, potential buyers call a realtor number, and then THEY  will give them your number, to contact you directly,  not convenient at all, do not know if they respond quickly, how rude or polite they are to anyone calling about your listing, as they have no profit if you sell your house or not, they have little interest or motivation.

I must say i was in need of


I must say i was in need of help when i sold my house last year, i had to permanently shift my home due a job promotion and this required to sell house fast . Without any  relative to take care of this issue, my only option was to get the help of a real estate agent which was very handy and proved to be the best option. He sold my house in a couple of days!

FSBO Not Honest


FSBO has a program that if you want to have a realtor list your property after its been listed withFSBO with no success they will pick the realtor office and if it sells with that office you get all your money back. I followed the rules and they told me that the realtor individual name they refured me to did not sell the property, another realtor in that office did so I,m out on the $. Very dishonest way of doing business. When I got tired of the phone runaround, they finally came clean with a no. Never again will I do business with fsbo.

for sale . . .vs. . . real estate agent


real estate agent in cheyenne wyoming told me she could only list my house for 117,000.  i ran my own ads, open house etc. had a fsbo paperwork guy, and sold my house in about 3 weeks for 138,000.  i have no faith in real estate agents.  also had a bad experience in austin!!! ugh!  getting ready to sell again, hope i have the same quick luck!

Not worth the upgrade charge


I elected to upgrade and use the MLS portion of the services. Not very happy with it. Agent that listed the MLS has NEVER returned a phone call about multiple problems. They had my listed with another persons telephone # and vice versa. Both of us tried to contact the listing agent with no success. After sometime on the site, I wanted to use a suggested realtor. After filling out the application, calling 3 times over two weeks, I still have not received a call back from FSBO. Their customer service is without a doubt lacking.

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