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Old 06-25-2013, 01:23 PM   #16
tjkraz

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Just a few random thoughts:

1) Agree with the comment that a big part of what you're paying for with a broker is exposure.

2) As a seller, you're also paying for the experience of the individuals involved. If you want to sell on your own, you need to understand how the ROFR process works, write your own contract, work with a title company, etc.

It's a much more complicated process than selling an old TV on eBay.

3) As a BUYER, there is absolutely no way I would go this route. The last thing I would want is to end up wasting my time with some stooge who has no idea what he is doing, and is only focused on saving a few hundred dollars commission.

4) Also as a buyer, the appeal in buying direct from seller would be to save money. But Disney's ROFR makes that a difficult proposition in many cases.

5) To the poster who created the website, I would strongly encourage you to fill that site with disclaimers regarding your role in the process before you go live. One bad transaction and a buyer could attempt to sue anyone / everyone involved in the process.

And really, even if you're hit with a totally baseless lawsuit, you could run up thousands in legal fees just to get a dismissal.

It's one thing if you're actually making money off of the site (advertising, listing fees, etc.) which could help offset any future expenses. I'd think long and hard about the potential drawbacks to operating the site as a free community service.
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Old 06-25-2013, 01:29 PM   #17
tjkraz

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Also, with regard to FIRPTA, I doubt that FSBO relieves that obligation.

According to the IRS website:

"In most cases, the transferee/buyer is the withholding agent. If you are the transferee/buyer you must find out if the transferor is a foreign person. If the transferor is a foreign person and you fail to withhold, you may be held liable for the tax."

Another land mine for FSBO--buyer isn't aware of the need to withhold on a foreign transfer and could be forced to pay the tax himself.
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Old 06-25-2013, 02:49 PM   #18
iluvthsgam
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Quote:
Originally Posted by tjkraz View Post
Just a few random thoughts:

1) Agree with the comment that a big part of what you're paying for with a broker is exposure.

2) As a seller, you're also paying for the experience of the individuals involved. If you want to sell on your own, you need to understand how the ROFR process works, write your own contract, work with a title company, etc.

It's a much more complicated process than selling an old TV on eBay.

3) As a BUYER, there is absolutely no way I would go this route. The last thing I would want is to end up wasting my time with some stooge who has no idea what he is doing, and is only focused on saving a few hundred dollars commission.

4) Also as a buyer, the appeal in buying direct from seller would be to save money. But Disney's ROFR makes that a difficult proposition in many cases.

5) To the poster who created the website, I would strongly encourage you to fill that site with disclaimers regarding your role in the process before you go live. One bad transaction and a buyer could attempt to sue anyone / everyone involved in the process.

And really, even if you're hit with a totally baseless lawsuit, you could run up thousands in legal fees just to get a dismissal.

It's one thing if you're actually making money off of the site (advertising, listing fees, etc.) which could help offset any future expenses. I'd think long and hard about the potential drawbacks to operating the site as a free community service.
All very good points Tim - thank you, I appreciate your feedback. Certainly not for everyone. People will have different comfort levels and obviously don't expect it to be some huge marketplace - but it doesn't cost me anything and if helps a few people, great. As far as the disclaimers and liability - I'm working on that stuff now just have not had time to get it up there. Being so new, there probably won't be any listings on there just yet so I have time to get it on there.

And I'm a litigation attorney at my day job, so hopefully if sued I won't run up that big of a bill
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