FSBO - Horse Properties~ Has Anyone Had Success Selling Without a Realtor?

[msj]

[QUOTE=JanM;7084834]
msj-donate that type of stuff to Salvation Army or Goodwill. You get the full retail price I think. There are current price books for Hummel, etc. or online even. Then it will be a manageable amount of stuff to lock away securely.[/QUOTE]

JanM, I’ll check that with my tax prep person cause if that’s the case, I’ll start now. I don’t really have any family to leave them to and my only brother has a ton of it as well. We both love it but don’t really have anyone to pass it down to that would appreciate it.

Thanks for the suggestion.

[JanM]

I knew someone who was stationed in Europe for two or three years, and she bought tons of Lladro (or however you spell it), as an investment. She gave the horse bookends to her daughter, kept a set or so she liked for herself, and sold the rest, and made a fortune. As I recall she sold them to a jewelry store that also sold collectibles, and I bet your tax person could tell you which way would be better. Because you want to get rid of the ones you don’t need, then go through them, take digital pictures, and load them on a CD. For china and glassware, I think there are still places that buy and resell to people who are trying to complete sets of dishes or glassware. There used to be ads in the back of Southern Living for places, and I bet they buy also. Look online and see if anyone is advertising collectibles that you own, and buys entire collections. First thing is to get everything out, and decide if you want to keep any items for yourself. I don’t know about the other items, but Hummels are something that appeal to an older generation, and the appeal, and the prices are dropping. I think I’d get rid of them first, and worry about the more collectible items later. Do some online research about pricing, and who might want to purchase your items, and prioritize what you want to sell first.

If you do try to sell or have an open house, then I would hide the collectibles you keep, because some people just tour houses to find places to go back and rip off. It’s sad but true, and we have to consider things like that.

[msj]

JanM Great advice and thanks for heads up on some suggestions.

[JanWeber]

Okay - first off: donations are generally considered to be at “fair market value” - although most of these organizations let YOU decide what that is. Be prepared to substantiate in the event of an IRS audit. If you are going to sell your home yourself, there are some precautions you need to take. Do not let anyone and everyone in to see the house - when someone stops by, ask them to make an appointment to come back (and be sure you have company when they do) - this separates out the curious from the serious. Ask about financing - if they do not have a pre-approval from a mortgage lender, they are not a serious buyer. Treat this as a business transaction. When someone does come back to see your home, do not let unescorted individuals wander through - everyone must stay together and be escorted. If they don’t like it, they need to return with a buyer’s agent who can escort them and be legally liable for their conduct on the premises.

[Valentina_32926]

[QUOTE=bkkone;7076266]
…Can anyone weight-in on their experiences? Did you advertise on the FSBO websites (which ones), craigslist, local papers or just put a sign out front?[/QUOTE]

We sold one of our farms (on a major highway across from a park with horse trails) simply from putiing up a for sale sign. Also posted on Ocala4sale.com (free advertising) and got calls from that site - but not the winner.

Most realtors do not do a very good job selling farms.
If you can sell it yourself you are also saving 7% (that’s typical realtor fee). I also posted flyers with pictures in local feed stores, told the farrier and vets, etc…

[gypsymare]

6 percent is the standard realtor fee and 3 percent of that goes to the buyer’s agent if they have one. That being said, it is negotiable. I am buying a short sale where the seller’s agent is only taking 2% and they had only set aside 2% for our agent so we negotiated and won 3% so we would not have to pay our agent out of pocket. So what folks are saying is that if you sell without a realtor you are only saving 3% since most of the time you are expected to pay the buyer’s agent’s commission.

[judybigredpony]

The re sale market for Hummels has unfortunately really gone thru the Floor. Having settled an estate that had a lot of them. You will be better served to either E Bay them individually hoping for people looking to find one they are missing or YARD sale everything you don t want, which also allows for a Open House. Did this and sold a very difficult Victorian for cash!!

[JanM]

Yes, 6% is standard, but when I sold my townhouse (yes, I’m the fool that bought a house first, then put the other one on the market-it took nine months to sell). My realtor found out after someone bought it, that the builder offered either 1/2% or 1% extra for sales, and many agents sold new builds in the same complex, at a higher price, and my unit was a nicer view, and a better side than the new ones that sold. I didn’t know this actually happened, until my realtor and I discussed it. I guess you have to decide if something like extra commission is even done in your area, and if it’s worth it to you to do this. If I would have known I would have offered more commission just to unload the place, but who knew it could take nine months to sell otherwise. However, if anything you own like the Daltons resell for more money, or are wanted by the people who sell odd pieces of china or silverware, to complete collections, then that might be a good place to look.

Actually, Judy has great advice about the Hummels. I think if you look online, and see what your other collections or dishware you want to unload sell for in the current market, that you might do well with a garage sale, because you have no commissions to an online seller, or maybe get a table at one of the local flea markets or the huge yard sales some areas have. And Hummels aren’t as bad as the Beany Baby fiasco, because I knew some collectors, and they really were screwed when that stuff tanked.

Here are two of the many places that advertise they buy dishware, silverware and collectibles:

http://www.replacements.com/misc/packship.htm Here is one of the big companies that do this.

http://www.classicreplacements.com/sell-your-china-and-crystal-to-us.html?gclid=CIDXmPurw7gCFVNo7AodExYAlQ And here’s another.

I think if you look into it, that you’ll find out that some types of items are resellable to replacement companies, but others will be easier to sell yourself, or donate.

[msj]

JanM and Judy, thanks for the suggestions. While I’d like to start unloading some of the collectibles, I don’t have to yet as I’m not ready to downsize. Downsizing (selling the farm actually)probably won’t come until my last horse is buried in the back pasture and he’s only 21 and in good health. But I will look into some of the websites you’ve suggested. Many thanks again.

[JanM]

I suggested the Hummels, because apparently their prices are going down fast. However, the first website has substantial prices for some of them-I find that strange. If you like and enjoy something, then keep it. I only suggest getting rid of things that you don’t want to move, or don’t like. I think people should keep things they like, and get rid of things they don’t want around. Something you keep because it’s pretty, and it gives you enjoyment is totally worth it.

The thing that amazes me is that I have a couple of friends who have stored stuff for other people for years. One lady’s husband told a friend he could put his stuff in their garage, and years later when they wanted the garage cleaned out, the friend had forgotten about the stuff, and dumped it. Another friend had a storage locker for about two years, and thought a grown child would want all of it. He wanted none of it, and she gave it all to a charity, except for a box or two-that was a total waste of two years of storage fees.

I think I said before, about the friend who invested in Lladro at cheap prices, while stationed in Europe. She kept the two or three pieces she bought for herself, and her daughter, and sold the rest to a local jewelry store that sold high end collectibles. She paid the full down payment on her retirement house, and paid for all of the moving costs, and all from her Lladro collection.

[judybigredpony]

The china replacement guys…will offer low only to re sell high…and usually only if they have a need…Hummels…some of the really old ones will command a better price and have to be pristine…no chips or cracks no crazing or fading…

[msj]

[QUOTE=judybigredpony;7090108]
The china replacement guys…will offer low only to re sell high…and usually only if they have a need.[/QUOTE]

I figured that with all the collectibles. I guess it all depends on how badly I want to get rid of them when the time comes and if I need a few extra dollars. I already have a partial list made of some of the items and the last time I had a fine arts appraisal was in 1980. I added quite a few after my Mother died. She loved the Royal Doulton Toby Mugs or Character Jugs. I haven’t been able to find anyone in the area to do a more recent one and I’m not about to take the prices some sell (or don’t sell)for on e-Bay as an indicator. They may all just go to GoodWill when the time comes.

[JanM]

msj-There are usually price guides put out by the collectors’ societies. The Lladro one used to be produced annually, and I think the author was the society president at one time. When they sell out, they’re gone for the year.

http://doultonpriceguide.com/royal-doulton-character-and-toby-jugs-starting-with-a/ This is a list from the curator of the Royal Doulton Museum. And they sell the price guide also, but most of the collectors’ societies do. You might want to update the prices you have them insured for.

[msj]

JanM, Thank you very much.

I just bookmarked that and will check the values later. I don’t think most of them are even listed in my old fine arts appraisal as I had that done before Mom died and I inherited her collection. I think I may only have had about 2-3 and now have about 20 at least.

[sketcher]

[QUOTE=gypsymare;7077310]
As a buyer, I hate when the owner is present to show the property for the first time. I can’t talk about how I feel about the place without offending them and they usually waste my time and wax poetic about some feature they love and worked hard on and I’m thinking OMG, that is hideous and has got to go. I can’t discuss things with my agent openly while touring the place. Also, most buyers with a buyers agent will want you to contribute 3% to closing to cover their agent’s fee. You can refuse of course, but it is almost expected.[/QUOTE]

You make a good point.

If we try to sell as planned in the near future and go with FSBO, I think I would agree to let the buyers broker show the house without my presence if they want to come take a look at the house first so they know their way around and the selling points.

This stupidness these days when you go look at a house with your realtor and the sellers realtor is not there to show the house or answer questions is not acceptable. When I list a house, I am not paying you a few 10’s of thousands of dollars to put a lockbox on my house and sit back to wait for the commission roll in.

In addition to that, a local realtor told me the commissions are back to 6-7%, where they had been 4% because home prices had dropped? Oh really? I don’t think so. Especially if, as I have seen in looking at about 20 properties in the last two years, the listing brokers do not show up. And especially as I will be taking a financial beating on my house as well.

I think in all those houses, we had one showing attended by the selling broker.

If I do list with a broker, it will be a hungry and energetic broker who will actually work to sell my house. For 4%.

[JanM]

sketcher-maybe you could sit on the porch or patio, and just tell them that you’re available for questions. Don’t forget to open all curtains or blinds that have a good view, and to make the house as light as possible. Turn on all lights, and it helps the buyer see how light and airy it is (I think I’ve been watching HGTV too much).

Maybe with expensive places the selling broker shows the place, but I’ve usually only seen them at open houses, or in the case of my house in Colorado my broker showed the house because he found the buyer, who was an investor he knew.

[JanM]

msj-when you determine what your various collectibles are worth, talk to your agent, and see what kind of records you need to keep. I would use a digital camera, download pictures of everything (you can do the Hummels in a row), list the values in order of picture #, and burn a CD for yourself, a spare to keep off your property (for safety reasons), and send a copy to the agent. That way if anything needs to be claimed you have proof you owned it.

[sketcher]

[QUOTE=JanM;7095749]

Maybe with expensive places the selling broker shows the place, but I’ve usually only seen them at open houses, or in the case of my house in Colorado my broker showed the house because he found the buyer, who was an investor he knew.[/QUOTE]

I think something has changed over the years. I lived with a broker years and years ago and she never would have had a house shown without actually being there to, well ya know, sell it.

To me, if the realtor is going to list it and then not show up again until it is time to do paperwork, then I’ll pay a lawyer.

[JanM]

I think now that we’re paying for the marketing of the property, and not the personal showings we used to. Looking quite a while ago, it was my realtor, and I (or is it me?), driving around. The people who actually lived in the houses were told we were coming, but empty houses were with a lock box. I think the technology that records who showed the property last, and when the key was used, covers the selling broker if anything happens.

A funny (sort of) story about my house hunt a few years ago. My realtor and I went to look at an empty house with a lockbox, and the key was missing. Because of the technology involved, he called the listing broker’s office, and they called the realtor who had just shown the house. The other realtor came back while we hid around the corner (so I didn’t seem too eager), and returned the key. We went in, looked around, and then discovered the back sliding door was totally unlocked, and not even closed fully-so we could have just come in without waiting for the key to come back.

My last house sale was a great price, and I was in a hurry to sell, so the realtor called her office about the listing, and there were two showings the next work day, and an offer by evening. My realtor did both showings herself, and it was because she knew it would be a quick sale, but some local realtors go to the property only to do the listing, arrange for the sign, and finalize the listing. I don’t know how the more expensive listing agents do things, because I’m simply not in that price bracket, or ever will be. If I were selling a really expensive property, then I would expect the agent to do showings by appointment, and some agents pick up a dual agency buyer, and then their agency gets the full commission.

[JanWeber]

You are paying the agent to market the property and work with the buyer’s agents who bring in an offer. The buyer cannot speak as freely to his or her representation if the seller or the seller’s agent is there. The “listing agent must accompany” inhibits showings - if there are animals on the property, I WILL accompany to make sure buyers don’t walk into the pastures and pet the horses… My job is to read the market, counsel the seller appropriately, market the property vigorously, and ensure a smooth and successful closing for all parties.