Am I totally insane of thinking to do FSBO for a co-op?

Its just that the market the way it is, dropping our price 15k (realtor commission) could really make a difference in selling our co-op.

I'm worried though b/c when we bought our place, it was a FSBO and it took forever to get us through the board and everything.

I know advertising is expensive, $389 to put it on MLS, $450 for 2 weeks in Newsday (although none of this adds up to anywhere near 15k) and we have to be home all the time and DH doesnt want me letting people in without him there... He works the weekends so that might be really hard... but it is do-able I suppose.

Our contract is up July 29th with the girl we have now. Should we re-list with someone else or do it FSBO? I dont want to miss out on the summer season of selling by making a mistake one way or the other.

Sorry for the rambling long post!

My DH put this up Tues, but we havent heard anything yet
http://newyork.craigslist.org/lgi/rfs/180858449.html

Re: Am I totally insane of thinking to do FSBO for a co-op?

I don't think you're insane, but I just read a post where a LIF member has a place FSBO and the buyer wasn't approved by the board so having a realtor (which they now have) might have saved them some time by screening out that buyer. I don't know. I'm sure you'll get better opinions, but if you have a relationship with your realtor perhaps you can also list it yourself and do some of the work. If they end up selling it for you then pay them their full fee but if your craigslist work and own open houses find the buyer maybe they would reduce their fee...I don't know, just an idea.

Re: Am I totally insane of thinking to do FSBO for a co-op?

I think you can do it but the risk of unqualified buyers is always over our heads. It does require a lot of time and effort - you have to place the ads and handle the appointments as well as the showings but well worth it if everything goes well.

You might want to start by talking to the management office about the requirements and timelines for these sales. For example:

Requirements of buyer - % down, minimum income.

Process once you have a buyer
- When/how often does the board meet with buyers
- how to obtain an application

Financials - get a copy if you don't already have one and make sure you understand the fees required by the co-op:
-Flip/Transfer Tax
-Transfer Stamps (is applicable)
- Application Fee
- Lawyer's Fee for sale - share certificate transfer

I also highly recommend requiring a pre-approval from buyers when they put an offer in. I wouldn't accept an offer until they have the pre-approval and reserve the right to continue showing the co-op.

I'm sure you know these things already but I just wanted to repeat them. If these steps are followed you should move smoothly through the process.

Good Luck!!!!

Re: Am I totally insane of thinking to do FSBO for a co-op?

We're doing it FSBO. I have it listed on forsalebyowner.com and yahoo classifieds. I've just had open houses on Sundays. I put signs out. The open houses have had good turnouts! I have the financial statements all ready at the attorney's office so I don't have to deal with that and my management company is aware that I'm selling on my own. They seem fine with it. Good luck in your decision!!

Re: Am I totally insane of thinking to do FSBO for a co-op?

Re: Am I totally insane of thinking to do FSBO for a co-op?

Good luck. I would suggest adding pics to the craigslist site, that may be why you havent heard anything.

Re: Am I totally insane of thinking to do FSBO for a co-op?

Re: Am I totally insane of thinking to do FSBO for a co-op?

NO-- I don't think you are insane. I just sold a house FSBO. I put in on craigslist, FSBO.com and had open house listed in Newsday. I had a steady flow of people. Many offers. I'm closing on Monday. Good luck

Re: Am I totally insane of thinking to do FSBO for a co-op?

I bought a FSBO co-op. Everything went smoothly and I was in constant communication (mostly email) with the seller. She was on the board that probably made it easier on her end.

Re: Am I totally insane of thinking to do FSBO for a co-op?

Re: Am I totally insane of thinking to do FSBO for a co-op?

Thanks Beth! Happy to be of help. I sent you an FM.

One other thing I wanted to point out. I don't disagree with the opinion that RE agents will help weed people out but I think that if you require a preapproval of potential buyers, you are doing the same thing. Once you are in contract, a RE agent can't control if the buyer can actually get a mortgage so you are back in the same boat. I highly respect the work that RE agents put into their sales but when it comes to co-ops (and I want to be clear that I am only talking about co-ops and condos at this time) I think that if you are dedicated, organized and willing to do a lot of work that you will have success.

Also - IMO flyers are great and I highly sugges that you make some to give to people who come to see the place. It really helps to have pics and descriptions when you leave because it's so easy to forget.