FundRobot » Fund Price » Sell by owner or use a real estate agent?

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Old   #1 (permalink)
 
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Default sell by owner or use a real estate agent

Is it really hard to sell by owner nowadays? I can finally sell my home if I don't pay the real estate fees.

Opinions? Do you know which sites owners use to sell themselves?
I wont have to pay for the seller's agent, but I do need to pay for the buyer's agent. Correct?

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Old   #2 (permalink)
 
Posts: 2,611
Default sell by owner or use a real estate agent

careful you don't get scam thieves in your home,, at least a realtor can screen them for you,,, sometimes you just get the trash of the world,, sometimes people that want to "lift" things out of your house, or scoping it to later rob it.
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Old   #3 (permalink)
 
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Default sell by owner or use a real estate agent

Yes you can sell it yourself but there are some obstacles to overcome. First is exposure. You don't have access to the marketing sites a Realtor does so you will be spending money to advertise your home. You can get generic contract forms at most office supply stores but they may not cover many of the "what ifs." At least spend the money to have an attorney draft your contract and do it before you have a buyer. Also make contact with a local title insurance company or use the attorney that drafted your contract, and arrange for them to escrow the deposit the buyer gives you. If you get a buyer that needs to finance the purchase ask for a copy of their mortgage pre approval letter. That will show how much they are qualified for and if they don't have one don't accept their offer. It only takes a couple days to get one.
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Old   #4 (permalink)
 
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Default sell by owner or use a real estate agent

Just go through a Escrow Company . They will handle all the details for both yourself and the buyer.
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Old   #5 (permalink)
 
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Default sell by owner or use a real estate agent

The commission to both agents (buyer's and seller's) comes out of the proceeds you receive at closing, so you are in effect paying them. You raise your asking price to accomodate this, so the buyer is in effect paying this because they are paying more for the house.

Sometimes, though, you cannot sell your house for as much as you would need to also cover those commissions, your closing costs as the seller (minimal), and the payoff of any loans to just break even.

The commision rate is always negotiable. Normally it is 6% in most areas (3% to buyer's agent and 3% to seller's agent), but you can ask for whatever you want. You can ask for 4% (2+2 or 1.5+2.5 or whatever) if that will fit your plans better. The listing/seller's agent would have to agree to this in the listing contract or you woudl have to find another who will. The buyer's agent will be made aware of this while bringing people around, so they have to decide if they will waste time showing your home or not for the reduced commission. Some realtors will avoid you, and others will be smart and know that a sale is a sale.

You can go the total FSBO route, and any buyer who is using a realtor will have to pay their agent themselves. Or you can just do the listing yourself and advertise as "brokers protected" and offer them the 3% they would get in a normal sale if they did not have the listing. This will save you money and realtors will bring buyers around because they will be making money.

You can find some flat-rate listing agents, who might just charge you a flat fee of $500 or so. For that, you get a sign for your yard, a listing on MLS (which is valuable), and a book on how to stage and show your home. We did this once many years ago with great success. They get nothing at closing and you pay the buyer's agent's commission at closing, but it is much less and you get the MLS exposure.

The pain with FSBO is that you have to be available to show you home when a realtor calls with a buyer or an unrepresented buyer wants to see it. This could be at inconvenient times, but if you are serious you will not complain and just accept that this is one of the downsides. If you don't show the house, it will not get sold.

You also have to put up with unrepresented buyers walking through and telling you all that needs fixing and how they can't believe people live here and how overpriced you are and just exactly what is the absolute minimum you would sell for. Usually your agent protects you from these jerks.

So, just weigh your options. If you work from home or have someone there all the time, the showings are not that inconvenient for you. Also, don't forget that your state most likely has a seller's disclosure that you must provide to any buyer, noting anthing that is currently wrong or has been repaired in the past; this can come back to bite you big time if you hide anything.

You also have to be careful with any purchase contract you are given, with earnest money and possibly option funds. You could be agreeing to some things that you might not like or are not standard. If you are savvy and have bought and sold before, you can probably make a go of it but things have changed in recent years to add all kinds of buyer protections against the "evil sellers", so brush up.
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Old   #6 (permalink)
 
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Default sell by owner or use a real estate agent

You can sell or buy your property below and you can know more information here.
Beauty2000 is offline   Reply With Quote
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