For those of you who have sold a home or recently bought one?

[Turkey Creek]

If you are in a sellers market, eliminate the realtor will be your best cost savings. 6% is a lot of cash!

I wouldnt have a problem with that approach, but my wife not allow us to go that route.

 

[Boone]

If you have a desirable property, buyers agents will bring their clients the 1st day it's on the market. Might be worth it to leave it up to your agent to coordinate who comes in and out, and also do all the paperwork. 6% seems like a lot but it's much less than a lawsuit. It's a sellers market, you will get more than what it's worth.

 

[Catscratch]

Lawsuit? Explain...

If you have a desirable property, buyers agents will bring their clients the 1st day it's on the market. Might be worth it to leave it up to your agent to coordinate who comes in and out, and also do all the paperwork. 6% seems like a lot but it's much less than a lawsuit. It's a sellers market, you will get more than what it's worth.

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[Boone]

Lawsuit? Explain...

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There is a ton of paperwork, title, accepting offer to purchase, inspection, radon and lead base paint, termite and insect testing, working with lenders, marketing the property. There are a lot of steps before closing and a lot can go wrong without representation. Not saying it can't be done, just harder.

 

[Tree Spud]

There is a ton of paperwork, title, accepting offer to purchase, inspection, radon and lead base paint, termite and insect testing, working with lenders, marketing the property. There are a lot of steps before closing and a lot can go wrong without representation. Not saying it can't be done, just harder.

Boone ... you are spot on. People who feel they can sell their property direct and avoid the commission are foolish.

Whether you sell on your own our through a realtor, have "your" attorney approved and process all sale documents. I have bought & sold 12-15 properties. Everyone except one had an attorney involved ... that one was a mistake.

Realtors, title Companies, Inspectors, are all pay for fee service providers. They are only looking to protect their interest, not the buyers or sellers. A qualified attorney will know all the due diligence docs for all parties involved and they are only representing your interest.

 

[ksgobbler]

My in laws just closed on the sale of their house June 13th. They had attempted to sell FSBO. They are in a market so hot if you aren’t sitting in front of the house 8 am the day it lists you won’t get it. Only offers were lowball. They finally broke down and listed with a realtor. It sold so fast they are staying at an extended stay place, and they got more than asking price. In my mind that made the realtor worth it.

 

[Boone]

Boone ... you are spot on. People who feel they can sell their property direct and avoid the commission are foolish.

Whether you sell on your own our through a realtor, have "your" attorney approved and process all sale documents. I have bought & sold 12-15 properties. Everyone except one had an attorney involved ... that one was a mistake.

Realtors, title Companies, Inspectors, are all pay for fee service providers. They are only looking to protect their interest, not the buyers or sellers. A qualified attorney will know all the due diligence docs for all parties involved and they are only representing your interest.

Actually a good realtor will protect their clients interests. Thats why you never call the # on the sign in the yard. That agent/firm is representing the seller. You should get your own buyers agent to represent you. Sellers pay commission but in my area are getting on average 10k above asking price.

 

[Turkey Creek]

We have 3 real estate agents lined up to walk through and give us their thoughts. Two are supposed to come by tomorrow night. I guess I will see what they say. I already have a price in my mind, which I think is fair considering what I know my neighbors house brought 2 years ago and the market in my area. We will see how bad the realtors want to sell it and how much value they can add by selling it through them.

 

[Gator]

There is a ton of paperwork, title, accepting offer to purchase, inspection, radon and lead base paint, termite and insect testing, working with lenders, marketing the property. There are a lot of steps before closing and a lot can go wrong without representation. Not saying it can't be done, just harder.

I sold my 378 acres last year without a realtor. Cost me $500 instead of the almost $50k the realtors wanted to market and sell it.

 

[Gator]

Boone ... you are spot on. People who feel they can sell their property direct and avoid the commission are foolish.

Whether you sell on your own our through a realtor, have "your" attorney approved and process all sale documents. I have bought & sold 12-15 properties. Everyone except one had an attorney involved ... that one was a mistake.

Realtors, title Companies, Inspectors, are all pay for fee service providers. They are only looking to protect their interest, not the buyers or sellers. A qualified attorney will know all the due diligence docs for all parties involved and they are only representing your interest.

There's a difference between paying commission and paying an attorney. I would also agree to hire an attorney if selling without a realtor.

 

[Jordan Selsor]

You guys who say selling without a “listing agent” is foolish need to consider your resources. One can use Zillow, Craigslist an FAcebook and reach ALLOT of buyers. I don’t put that much faith in realtors. For 300 dollars and about 60 days I can have my real estate lic. Many of these realtors are no smarter than you or I, promise. I have nothing against them but i work hard for my money an try to keep it in my pocket. Not saying selling won’t take some homework an due diligence. Got cross your T’a an for those I’s. As I mentioned before look into “duel agent/representation”. That’s what we have done a couple times. Also don’t rely on an agent to come up with a price. Ball is in your court. You make that call. They want a quick close so the commission is headed to their bank account!

 

[Jordan Selsor]

I sold my 378 acres last year without a realtor. Cost me $500 instead of the almost $50k the realtors wanted to market and sell it.

Smart man!

 

[Buckly]

I think most people now days use the internet to find real estate. If I sell my house for 200k my Attorney will charge me $2000 to do the transaction. A realtor would charge $8000 plus I'd still have to pay the Attorney. If you need a quick sale though a realtor "might" have access to some fast buyers but, more and more I see people want to buy and start looking at houses but they can't or haven't yet sold there house. This ties things up way too long. I also see way too many realtors just wanting the listing and don't put forth any effort at all in actually selling it. This also ties things up for long periods while you wait for your contract to expire.

 

[Tree Spud]

I sold my 378 acres last year without a realtor. Cost me $500 instead of the almost $50k the realtors wanted to market and sell it.

You recently sold a $1.0 to $1.6 million property (assuming 3-5% comm)?

 

[bwoods11]

I sell real estate.. primarily land

Remember commission is negotiable. Can be a lot of positives to using a realtor. If you know what you are doing, for sale by owner is always an option.

 

[bwoods11]

I’ve seen a few for sale by owners ... hurt the seller

Example:200 acre farm sold for $2800 acre and the actual market value was$4400/ac

So they received $320,000 less by avoiding a realtor .

If you get a solid appraisal ... makes it easier to sell on your own.

 

[Turkey Creek]

Had 3 realtors come last night. They all felt that the price we had in mind for listing it was reasonable. Stated commission amounts was identical, I agree that it should be negotiable as they all felt like our home should be a quick sale. If that is the case then they should be able to take a bit less. I think we are going to put a feeler out ourselves and see if anyone jumps on it right away. My brother has flipped 2 houses in the last few years locally and has an attorney that he has worked with so far hiccup free to sell them by himself.

 

[Tree Spud]

Had 3 realtors come last night. They all felt that the price we had in mind for listing it was reasonable. Stated commission amounts was identical, I agree that it should be negotiable as they all felt like our home should be a quick sale. If that is the case then they should be able to take a bit less. I think we are going to put a feeler out ourselves and see if anyone jumps on it right away. My brother has flipped 2 houses in the last few years locally and has an attorney that he has worked with so far hiccup free to sell them by himself.

I question whether realtors will negotiate commissions. Just like the MLS, until they were forced to list, no one played along.

If you think the house could be a quick sale, and trust me in our area some places have multiple offers with in 24 hours, sign 3 realtors up for a 30 day contract and tell them you will pay 3% if they sell in 30 days, 3.5% in 45 days. To keep them honest so they don't hold back on an offer, eliminate the grand fathered contact/inquiry clause that says they have claim on commission xx days after contract expires.

A good realtor in a sellers market would exploit this opportunity if your property is truly a quick turn. Limited listing time and expense, a quick sale.

 

[Turkey Creek]

I question whether realtors will negotiate commissions. Just like the MLS, until they were forced to list, no one played along.

If you thing the house could be a quick sale, and trust me in our area some places have multiple offers with in 24 hours, sign 3 realtors up for a 30 day contract and tell them you will pay 3% if they sell in 30 days, 3.5% in 45 days. To keep them honest so they don't hold back on an offer, eliminate the grand fathered contact/inquiry clause that says they have claim on commission xx days after contract expires.

A good realtor in a sellers market would exploit this opportunity if your property is truly a quick turn. Limited listing time and expense, a quick sale.

The one I liked the best actually texted my wife today to tell us that he might already have a buyer eventhough we havent signed a contract with him. I told my wife that if that is the case he should just give us the guys name and in exchange we will pay him "x" if the deal goes through.

She asked him if he would negotiate commission and he said he wouldnt if we do sign him because of MLS. If someone else sells it there isnt enough skin in the game for him.

 

[Jordan Selsor]

The one I liked the best actually texted my wife today to tell us that he might already have a buyer eventhough we havent signed a contract with him. I told my wife that if that is the case he should just give us the guys name and in exchange we will pay him "x" if the deal goes through.

She asked him if he would negotiate commission and he said he wouldnt if we do sign him because of MLS. If someone else sells it there isnt enough skin in the game for him.

Tell him you are gonna try a for sale by owner first:) tell him he is welcome to come forward with a buyer you will give him 2%. They all say they have a buyer! If he does he would be foolish not to take your offer...