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has anyone used this website? I have several friends and family members in RE and have most of the time relayed on them for info, however I see more and more houses being sold by the owner:

http://www.bytheowner.com/

Anyone have any experience using this service for buying or selling? any feedback?
 

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I've never had any experiences with them.

But I do see their signs all over the place in London. They seem to have taken off quite well.
 

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It's a good service for sellers since it saves them paying a large commission (usually 5%), but the problem is a seller may not get much traffic. Most people still use a real estate agent, and agents will not take you to a house for sale by the owner. So you may have to be prepared to wait it out a while. The key is to get on MLS, and I don't think this service gets you MLS.
 

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I am not familiar with the website but in general -

- if selling by owner you may not end up with more money than you would have selling by agent. You will not get the same activity from actual buyers and as a result will not get into the "auction" environment that agents try to create. Buyers usually do not buy the advertised property - agents advertise homes and hold open houses to attract buyers and then sell them something else. Buyers seek out for sale by owners because they expect to get a low price so offers can be lower too.

- if buying by owner without an agent you need to really do your home work as to what property values are as many selling by owner are overpriced. (many decide to sell themselves because agents have told them their home is worth less than what they think it is)
 
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