Sold The Second House By Owner, from the workbench

Holy cow, did we simply sell our house?

(I will pause while Sherry flails around since that sentence is a trigger).

Now that we are through the inspection & the appraisal (and the closing date is officially on the calendar), we are at last at the point that we feel safe sufficient to shout it to the interwebs (we waited until this point to share the “we sold our house” news last time too). Of course nothing’s guaranteed until we are all signing on the dotted line in early June, but so far, so good…

First, some background: Sherry was set on selling our house FSBO (For Sale By Owner) again. She argued that we stood to save nearly ten grand – or even more – by not owing a Realtor the 6% commission. Even if we sold to a buyer with an agent (like we did last time) we’d only be out 3% instead of 6%… so the numbers were fairly compelling. But I still was not so sure. I remembered the stress that we felt last time and was also curious to experience selling with an agent. We came to a compromise. We chose we’d try straight up FSBO for a week. If that did not work, we’d list it on MLS for a few hundred bucks ourselves (which is what got us a buyer last time) and if there still were not offers a few weeks later, we’d think about engaging a Realtor.

Now for the timeline details:

Friday, April 26: The Realtor who helped us buy our new house (Anne) checks in to see if our current house is on the market yet (she knew we were hoping to sell it sometime this spring). Turns out she has some buyers looking for a ranch and she thinks ours would be ideal. We tell her that we will be sharing the news/putting it on the market in four days. She says she’ll call us back if they want to see it then. This is a reenactment. And it makes Sherry cry laugh.

Saturday & Sunday, April 27 & 28: We spend the weekend furiously getting last minute projects done, on the off chance that we get any swift interest (we will write up a whole post about what we did to “stage” our house for a showing soon).

Now here is where the days become a bit more action-packed…

Monday, April 29

• 2 pm: Anne the Realtor calls. Her buyers are quite excited about seeing our house. She wants to bring them by the next day at 2pm. Yikes!
• 2:30 pm: Come down from the high of our first scheduled showing to realize we have not made a flyer or chose on a sale price. Uhh…. better get on that.
• 3 pm: Begin frantically cleaning the house. Since when did Clara have so many toys? And where would we be without storage ottomans?

• 9:30 pm: After some scrambling and looking at comparable homes for sale, we pick a list price and throw together a flyer.
• 12:30 am: Computer freezes while attempting to print flyer. File is lost. Too tired to recreate.

Tuesday, April 30

• 7 am: Up early-ish to recreate flyer and proofread our post with the new house news.
• 9 am: Flyer is printed. House still does not look clean sufficient. More cleaning commences.
• 10 am: Post is up and comments are rolling in faster than we can keep up with them, but the caulk around the tub is too grimy. Where’s the caulk gun?
• 1:30 pm: House is looking presentable, but we are a sweaty mess. Good thing Anne the Realtor will be doing the showing.

• 1:45 pm: Anne arrives early (as planned) for us to show her some of the improvements since she last visited.
• 1:55 pm: Buyers are early (not as planned) so we high-tail it out of there so they can look around without us hovering.
• 2 pm: Since we have Burger with us as well as Clara, we kill time at a nearby dog-friendly walking mall. We have some lively browsing places like Banana Republic (where Clara and Burger try out the three way mirror) and Build-A-Bear (without in fact building a bear, which is a parental coup if we have ever had one).

• 3 pm: It is a full hour later – and Clara’s naptime – but we have not received a call from Anne that we are clear to come home. We try giving her a ring but our call goes to voicemail.
• 3:15 pm: Clara’s late for her nap and she’s getting tired of being at the mall. We assume Anne forgot to call us and drive home.
• 3:30 pm: We turn onto our street to see Anne and the buyers simply getting into their cars. Wow. An hour and a half at a first showing seems fairly good. Perhaps they liked it!
• 3:31 pm: Anne calls to say they truly liked it and they were going to sleep on it, crunch some numbers, and get back to us.
• 4 pm: We are excited and relieved, but have tons of comments to catch up on. Plus, we have had a few other house-interest emails from locals. We are a fairly even mix of grateful, tired, and nervous.
• 8pm: We have sent out a few other flyers via email and have scheduled another showing for 11am the next morning. How did this house get so messy already? Oh yeah, our three year old…
• Midnight: House is reasonably clean again. We crash for the day.

Wednesday, May 1

• 5 am: Sherry cannot sleep thinking about all of the new house projects and potential buyer excitement. She begins drafting a Q&A post for you folks.
• 5:30am: I get up to go to the gym before the girls wake up. Clearly I missed Sherry rolling out of bed already.
• 7:30am: I am back. Clara’s up. Time to get her fed and ready to go on an adventure with Grammy.
• 10am: Post is up. Clara’s with Grammy. Counters need wiping down post-breakfast. House is ready for its second showing.
• 11am: Potential buyers show up with their agent. Sherry, Burger, and I go for a walk (pretend this is a picture of Sherry, me, and Burger instead of a shot with Clara and no Sherry).

• 11:30am: Get a call from someone that we sent a flyer to last night while we are out on our walk. They want to come see the house that afternoon. Woo hoo!
• Noon: Second showing is done. Agent says they liked it a lot, and have to talk to their lender with some questions. I let the agent know there is another interested buyer but that no offers have come in yet.
• 2:30pm: Clara is back from Grammy’s and the third potential buyers show up. They do not have an agent, so I show them around the house while the girls go walking with Burger. Sherry’s getting plenty of exercise today!

• 3pm: Third showing is done. They seem to like it, but do not appear as interested as the other two families.
• 3:30pm: Anne the Realtor calls. She’s sending us an offer from the first couple who walked through our house yesterday. It is strong, but $5k below our asking price. “Thanks so much! We will get back to you soon!” is our response (while we sweat profusely).
• 4pm: We think things through and discuss everything a few dozen times. I call the buyer’s agent from the morning showing simply to let him know that we have an offer on the table. He asks me to hold tight, they’ll have one for us within a few hours. Whaaa?!!!
• 7pm: Second offer comes in. It is not as strong as the first. Bummer, but at least it helps make the decision clear. We call Anne back, tell her we have another offer, and ask if we can meet in the middle on the price ($3k above their offer, which is simply $2k below our asking price).
• 7:15pm: Anne calls to say that the buyers have agreed to the new price and she’ll be bringing over papers for us to sign in an hour!
• 8:30pm: We sign about twenty papers with our minds spinning. Our house is officially under contract! And it is less than 36 hours after our first showing. In our heads we are doing a celebratory Elaine-from-Seinfeld dance, but in reality we are too tired to move.

Now we simply have a bunch of little things to check off of our list (a few inspection items, ordering a final termite inspection, and of course packing things up and getting moved into the new house). Should be a busy month!

I cannot tell you how grateful and relieved we are at how swiftly and smoothly this second FSBO process has been so far (simply like last time we will pay 3% to the buyer’s agent, but we saved nearly 10K by marketing the house ourselves and acting as our own seller’s agent). We hear the market is truly coming back and it is a strong time to sell, so for anyone wondering, many other homes in our area seem to be getting contracts within a week or even a few days of listing them assuming they are priced right and show nicely. So hopefully that is good news for everyone!

We assumed we might end up selling our house to a reader who came to us through the journal, but hilariously sufficient, simply like when we sold our first house, our buyer is not a journal reader and did not find out about our house because of our site at all. It was simply coincidence (serendipity?) that we kept our Realtor in the loop and she happened to have a buyer looking for an updated one-level ranch like ours. So it might also be pleasant to hear that you certainly do not need a journal to sell your house, although I am sure the updates that we did certainly helped us sell it.

So far this experience feels like a stark contrast to our first time selling a home back in 2010. That took us 14 showings over more than 3 weeks, and a variety of promotional attempts (craigslist, forsalebyowner.com, MLS, a sign out front, etc). It was stressful, but even then we were grateful that it did not drag on for months. So we certainly are counting our lucky stars for the speed at which things happened with this house! As of right now we are planning to move to our new house in around three weeks. Holy cow, we better start packing!