I was contacted by a client this week that had found a property listed on Zillow. Not an unusual thing for sure, but he was upset that he would have to contact a real estate company to look at a property that was clearly listed by owner. We do frequently help with FSBO’s (shorthand for For Sale By Owner) so I started to look into the property for him.
It turned out that it wasn’t actually listed by owner, it was listed By By Owner. ByOwner is a brokerage that charges a flat, extremely low fee for their services to home sellers. They advertise the home, but not much else. Their technique of advertising the property before it’s actually listed and subject to the rules of the Multiple Listing Service is just a tactic to try and find unrepresented buyers so they won’t have to split their already too low commission.
The home here in Apache Junction that my client was interested in was not listed on our local MLS, so there was no way of officially knowing anything about the home or the listing contract. I called the brokerage and asked what the status was, and was told “These things take time” Meanwhile my client is not willing to make an offer on a property that is not listed, for good reason!
I was able to set him up with an automated search that will contact us both as soon as the home actually goes on the market. As far as missing out on the property, it looks like it’s about $20,000 higher than it should be considering the market price in the area, so there is probably no rush!
Just another example of why you need a REALTOR, whether you’re buying or selling.