Is FSBO worth it for a Manhattan co-op?
April 2, 2011 9:52 AM   Subscribe

Is FSBO worth it for a Manhattan co-op?

I know selling homes without a broker is becoming more and more popular, but I'm wondering if it's worth it in NYC, specifically for a Manhattan co-op. I'm interested in hearing experiences specifically from New Yorkers (simply because the market and processes here are so different from elsewhere, particularly for co-ops). Did you find that it was worthwhile or would you recommend selling with a broker? Any pros and cons would be helpful too as I'm sure there are factors here I haven't thought of yet. Thanks!
posted by sunflower16 to Home & Garden (4 answers total) 1 user marked this as a favorite
 
Your co-op board may prohibit FSBO transactions. I'd confirm whether that is the case before you contemplate this. Further other real estate brokers may not want to show potential buyers your apartment if they know that you are trying to cut one of their colleagues out of a commission.
posted by dfriedman at 10:14 AM on April 2, 2011


Note that I don't endorse either of these practices; nonetheless, they are considerations to make when dealing with Manhattan real estate.

You are correct that Manhattan real estate sales are unlike pretty much anywhere else in the country, and it's good to go about this understanding that.
posted by dfriedman at 10:20 AM on April 2, 2011


I tried selling my NYC studio co-op FSBO a couple of years ago and it didn't go well. This was just after the economy was officially in the crapper and NYC real estate was in a bad, bad place. Also, as a coop it appealed to first time buyers who were unfamiliar with the market and process. I have no way of knowing if or how different it would have been with a larger size apt (which presumably would appeal to a more experienced buyer) or in a different market. I also needed to get top dollar for it in order to sell - I may have had a different experience if I had been more flexible on the price.
RE brokers make the case that bringing you serious buyers who have the financial means to buy is part of what they do/get paid for. They were also pretty obnoxious to deal with - calling asking to show or rep when the ad stated NO BROKERS.

I do know someone who did FSBO and didn't realize that she was only cutting out the seller's agent and still had to pay the buyer's agent. So it can be done, you just need to do your homework on what you are getting into.

As long as your board allows it, I don't see why you shouldn't give it a try. Memail me if I can clarify or answer any other questions.
posted by cestmoi15 at 7:26 PM on April 2, 2011


Opps - as a studio it appealed to first time buyers. I wrote coop, meant studio.
posted by cestmoi15 at 7:29 PM on April 2, 2011


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