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Use Realtor or For Sale By Owner???
- Thread starter Hoosier
- Start date
yamahauler
Active member
really depends on your area I think.
I bought a house once and they had a realtor just do all the paperwork for 1%....worked out great.
I bought a house once and they had a realtor just do all the paperwork for 1%....worked out great.
anonomoose
New member
Unfortunately, real estate is NOT moving that well these days. This means that you need all the help you can get to move real estate. The MLS is a powerful tool that has become very important as things slow down. This means that the balance has tipped back towards listing with a broker and getting it published in the MLS so that all local brokers can have a shot and selling this for you. When stuff is moving, you often don't need that, but when it slows down....you are short changing yourself by popping a sign up and hoping someone sees it from a drive by.
It usually doesn't hurt to try on your own, except it costs time...and as we all know time and timing...is everything in this world we live in.
Do you feel lucky?? Well do yah????
It usually doesn't hurt to try on your own, except it costs time...and as we all know time and timing...is everything in this world we live in.
Do you feel lucky?? Well do yah????
It probably depends on your circumstances.
A real estate agent was invaluable to me in selling my house in Chassell — with me at a distance of 1552 miles (great circle distance).
Although the house was on the market for nearly a year, I can't complain. My agent earned every dime of the 7% commission. Of course he also did a great job as a property manager during the years I had the house on rental, always finding some of the best tenants I could hope to have.
With that experience, I started out with a six month contract and extended it twice. If I had just picked a real estate agent at random, I might not have been willing to stick with him.
A real estate agent was invaluable to me in selling my house in Chassell — with me at a distance of 1552 miles (great circle distance).
Although the house was on the market for nearly a year, I can't complain. My agent earned every dime of the 7% commission. Of course he also did a great job as a property manager during the years I had the house on rental, always finding some of the best tenants I could hope to have.
With that experience, I started out with a six month contract and extended it twice. If I had just picked a real estate agent at random, I might not have been willing to stick with him.
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I would use a realtor. They prequalify your lookers and potential buyers. You won't get walk throughs of people just casing your place or people that are just wasting your time. A realtor won't waste their own time by showing properties their buyers can't afford. The key is to negotiate a fair commission. Second don't sign an exclusive right to sell contract for more than a 90 day period. That way if you are unhappy with your realtor you can end it. Too many people sign up with a realtor then come to realize they have a 12 month contract. If the realtor is worth his or her salt they will agree. Otherwise you end up with a lazy broker who is just accumulating listings and expects someone else to bring in the buyer. Good Luck
I have sold 2 houses on my own. One sold in 1 day, the other took 7 weeks. I had an attorney do the paperwork, which cost roughly $500. That was 5 years ago, in todays market it may be worth getting a real estate agent, just for more coverage. We were lucky enough to get asking price both times.
I am a Broker in the State on MN- I never show FSBO properties on MLS cause its too much work having to deal with the seller unless it has a high payout for the commision. Around my area (St Cloud MN) a normal pay out is 2.5% to 2.7% of the sale price. If I see something higher is makes it worth my time. Put a 3.5% to 4% payout using the $400 listing fee to be on MLS and the Real Estate Agents will be pounding down your door to sell it.
I mainly sell properties that I flip and always payout 3.5% to the other agent. IF the house is priced right and super clean it will sell really fast! Most agents arent making too much these days so the big payout really helps.
I have sold 17 Flip properties that I have owned since November of 2009 and the longest I have ever had a property on the market on MLS had been 8 days and I know it is because of the big payout.
Hope this helps
I mainly sell properties that I flip and always payout 3.5% to the other agent. IF the house is priced right and super clean it will sell really fast! Most agents arent making too much these days so the big payout really helps.
I have sold 17 Flip properties that I have owned since November of 2009 and the longest I have ever had a property on the market on MLS had been 8 days and I know it is because of the big payout.
Hope this helps
It's a tough call for me. Our house is an excellent condition and is in a great location. Houses have continued to move quickly in my particular area. Trouble is, we've outgrown it. We finally admitted this to ourselves about a week ago. I've always planned to sell it myself, however with the current tax credits expiring soon (both for us on our next home for $6500 and likely $8000 to whomever buys our home, since it's essentially a starter), time is of the essence. Also, I'd like to upgrade while interest rates are where they are. So, I'm considering hiring a realtor. Trying to decide in the next week or so, either hold onto it for another year or so, try to sell one by owner, or try to sell now with a realtor.
Always good advise on this board!
Always good advise on this board!
Can't hurt to put a for sale sign in front of house. You never know who may be driving down the road looking to move in your area. There's a chance one of your neighbors friends are looking to buy.
I sold my first house this way took 2 days before someone came in and made the right offer.
I sold my first house this way took 2 days before someone came in and made the right offer.
1) Make sure you find a source to give you the information you'll need regarding comparable sales and a current and accurate assessment of the housing market in your area so you can price your home correctly.
2) Be sure you have all the forms you'll need for transacting the sale of your property(will you know weather you have them all and if they are the correct ones?)
3) Familiarize yourself with HUD/RESPA requirements and the laws about selling disclosure forms.
4) Project a relistic time frame for selling your home and be ready to coordinate it with all the related activities-For example:who are the most reliable home inspectors,appraisers,title companies and loan officers in your area? How much notice do each of them need? Who should contact them you or the buyer?
5) Familiarize yourself with all the provisions of the set of laws on Fair Housing. There could be serious liabilty connected with violating the nations fair housing laws,not to mention fundamental ethical concerns.
6) Create a marketing plan to sell your home.Know how much it will cost.
7) Create a plan to target your marketing activity to support a more rapid sale. Find out what marketing methods are working best for your geographic area, price range,and seasonal cycle.
8) Ask yourself how much experience you've had with qualifying prospective buyers and their finacing options and abilities. Do you understand the potential legal exposure of handling competing offers should that occur?
9) You could hire an attorney, but there goes your savings,in addition to the fact that most attorneys are not avilable at a moments notice when needed.
2) Be sure you have all the forms you'll need for transacting the sale of your property(will you know weather you have them all and if they are the correct ones?)
3) Familiarize yourself with HUD/RESPA requirements and the laws about selling disclosure forms.
4) Project a relistic time frame for selling your home and be ready to coordinate it with all the related activities-For example:who are the most reliable home inspectors,appraisers,title companies and loan officers in your area? How much notice do each of them need? Who should contact them you or the buyer?
5) Familiarize yourself with all the provisions of the set of laws on Fair Housing. There could be serious liabilty connected with violating the nations fair housing laws,not to mention fundamental ethical concerns.
6) Create a marketing plan to sell your home.Know how much it will cost.
7) Create a plan to target your marketing activity to support a more rapid sale. Find out what marketing methods are working best for your geographic area, price range,and seasonal cycle.
8) Ask yourself how much experience you've had with qualifying prospective buyers and their finacing options and abilities. Do you understand the potential legal exposure of handling competing offers should that occur?
9) You could hire an attorney, but there goes your savings,in addition to the fact that most attorneys are not avilable at a moments notice when needed.
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I am a Broker in the State on MN- I never show FSBO properties on MLS cause its too much work having to deal with the seller unless it has a high payout for the commision. Around my area (St Cloud MN) a normal pay out is 2.5% to 2.7% of the sale price. If I see something higher is makes it worth my time. Put a 3.5% to 4% payout using the $400 listing fee to be on MLS and the Real Estate Agents will be pounding down your door to sell it.
I mainly sell properties that I flip and always payout 3.5% to the other agent. IF the house is priced right and super clean it will sell really fast! Most agents arent making too much these days so the big payout really helps.
I have sold 17 Flip properties that I have owned since November of 2009 and the longest I have ever had a property on the market on MLS had been 8 days and I know it is because of the big payout.
Hope this helps
I am a Broker in WI. Its interesting to hear you as a broker in Mn clearly put compensation ahead of representation which in Wi at least is aginst the law and very unethical. If fact it would be a direct conflict of your fiduciary duties owed to your client. So it seems you are putting your own intersts ahead of your clients. While a agree a higher payout does attract more agents/buyers to show a property. You are stating you wont show a property to a client if you cant make enough money on it. Do you actually tell your buyers you wont show them a house because you wont make enough money on the sale? I would say its agents/brokers like you that make it tougher for us agents that truly want to represent clients fairly and honestly. Your atitude gives us all a bad name. In fact if I was a potential buyer or seller I would never hire you or your company after your comments. Nice job on showing the world who you really work for, Yourself!
I'll have to look up the case, but I believe there was a Real Estate/Brokerage in Ohio a few years ago that was sued for this very thing. I believe it cost them around ten million bucks.
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I am a Broker in WI. Its interesting to hear you as a broker in Mn clearly put compensation ahead of representation which in Wi at least is aginst the law and very unethical. If fact it would be a direct conflict of your fiduciary duties owed to your client. So it seems you are putting your own intersts ahead of your clients. While a agree a higher payout does attract more agents/buyers to show a property. You are stating you wont show a property to a client if you cant make enough money on it. Do you actually tell your buyers you wont show them a house because you wont make enough money on the sale? I would say its agents/brokers like you that make it tougher for us agents that truly want to represent clients fairly and honestly. Your atitude gives us all a bad name. In fact if I was a potential buyer or seller I would never hire you or your company after your comments. Nice job on showing the world who you really work for, Yourself!
I'll have to look up the case, but I believe there was a Real Estate/Brokerage in Ohio a few years ago that was sued for this very thing. I believe it cost them around ten million bucks.
I checked into sueing a Broker/agent that sold my first house and found out it wasnt worth the effort or money.
My now EX wife hired a broker and they listed the house for sale for 26k less than fair market price. The broker put a offer in 15k below there listed price. Or should i say his "contractor" partner did. Well when i said no sale they raised there price 1-2-3-4 times before we wound up in court and the judge said no sale unless fair market price which they used the tax bill so i still got screwed. They wound up buying the house for the 26k higher price and finished the odds and ends and resold the house within 2 months for 36k more than they paid for it. And i know this cause i ran into the lady who bought it while she was cutting my hair 1 day. I trust 1 realator and were good friends the rest well there is alot of shady make a fast buck people. And this guy works for a very reputable company.
I checked into sueing a Broker/agent that sold my first house and found out it wasnt worth the effort or money.
My now EX wife hired a broker and they listed the house for sale for 26k less than fair market price. The broker put a offer in 15k below there listed price. Or should i say his "contractor" partner did. Well when i said no sale they raised there price 1-2-3-4 times before we wound up in court and the judge said no sale unless fair market price which they used the tax bill so i still got screwed. They wound up buying the house for the 26k higher price and finished the odds and ends and resold the house within 2 months for 36k more than they paid for it. And i know this cause i ran into the lady who bought it while she was cutting my hair 1 day. I trust 1 realator and were good friends the rest well there is alot of shady make a fast buck people. And this guy works for a very reputable company.
Yes there are shady ones, thats why when i here stories like yours and comments from the above broker it really chapps my azz. Some agents think you have to be a crook to make a decent living as a realtor/broker. They are looking for the fast buck and dont care about building lasting relationships. Its not suprising most people dont like us with stories and comments like that.
Olsmann- x2 chapps my azz too..I have a Michigan Real Estate license and have seen my share of shady Realtors over the years.
Yes the shady ones really seem to come and go. we always joke they have about a 5 year life span then move to another area. They probably last a little longer in the larger towns.
We also checked into sueing the real estate agent that we bought our house from. She misrepresented some things, and flat out lied. But she was good and covered her rear and the only ones we could sue were the previous owners. That was not an option to us, because they didn't do anything wrong, except hire a crook for an agent. She is now with her 4th different real estate company that I know of. I guess when one has to bail her out, they must tell her it's time to move on.