I believe in going For Sale By Owner (FSOB) initially as maybe one of your neighbors loves your home. If would really piss you off to sign up with a realtor and on day 1 get a full price offer (I've seen it happen).
bkmk
I sold real estate both ways, I say it depends on the situation, if we sold our current house I would use a real estate agent because we live in a gated community and showing the house would be a pain especially if you have already moved out of the existing house
I would say you absolutely do need a title company or real estate Attorney to handle the closing, just to make sure the title is clear, the proper paperwork is filled and the money is dispersed properly
Hiring an agent is akin to insurance on the sale... it has a real cost but keeps bad things from happening.
If you know real estate laws for your state you can save the commission... just like if you know construction you can save the homeowner’s premiums.
Not to be contentious, but when going For Sale By Owner, who do you get to do the paperwork and make sure you follow the laws in your state? An attorney? Or more precise, a real estate attorney?
Sounds like paying money you don’t have for repairs to sell your Ramsey-advised fully-owned home for Biden Bucks. Hhhmmm…
What a pitifully weak article. It reads like it was written by the Board of Realtors. Here are the reasons the author gives to hire an agent:
1. Establish the right price for your home
2. Coordinating showings and open houses
That’s it. That’s all the author could think of.
With thirty years experience, there are a few things I learned. Buyers and sellers are like oil and water when negotiating an offer on their own. Price, location and condition will always rule the marketing ability of a property. Listing and selling is nothing, it is getting the transaction closed and a large percentage of owner sales never make it to the closing table.
I signed with a neighbor realtor and the first person who saw my house online and paid full price cash. I paid over $35k in fees. We are going to try to sell our new home soon and want to try FSBO.
Assuming you're a serious seller who knows the local real estate market, why would finding a qualified buyer so quickly upset you?
A seller should be ecstatic if they get a full priced offer immediately. When I was a Realtor, I stressed to the sellers how vital it was to receive an offer within the first five showings and certainly within the first fourteen days. Otherwise, there was a problem and it was paramount to find out what it was and correct it immediately. After thirty days on the market the owners are looking at a price reduction. When a buyer is interested in making an offer, the first three questions are “how long has it been on the market”, “why are they selling” and “have there been any other offers”.
If you do make sure you hire a good, professional, experienced, reputable agent.
Don’t go by what radio host recommends or what agents advertise on your favorite Talk or Christian radio station.
Ask people for recs on who to AVOID, too.
We did none of the above on our last sale and got hooked and swindled by at least 15 grand.
(long story).
Just pick wisely. There are a lot of liars and newbs out there.
We will likely FSBO next time and offer a buyer’s agent commission of 2 or 3 percent.
This is anecdotal, of course, but the only variance we can see is the lack of a motivated realtor.
I flip houses, and always check with the neighbors first, when ready to sell a property.
I don’t use an agent. There’s zillow, facebook, and the classic fsbo yard sign.
I don’t use a lawyer, just a notary. I can write up a deed and do a title search, drive to the courthouse and file the deed.
I don’t use banks either. All cash or fsbo, whether buying or selling. Banks are a third party that can, without warning after buyer and seller are in accord, veto, kibosh, sabotage the deal with any new demand they pull out of their butts.
A few other rules, but I gotta get on the road. Don’t buy anything with tenants in it. Don’t sell to relatives or friends. If you’re selling a vacant dwelling, keep security cameras running.
I recently got my real estate license. Godspeed navigating the laws if trying to do it on your own. The fines for unethical behavior by agents can be quite steep, not to mention if the RE board finds errors in a contract, even after many years. Real estate agents are advocates for their clients, whether buyers or sellers. As someone else mentioned, there is dealing with the title company and praying the title is clear. Reputable agents will also work with a well vetted mortgage company closely for the buyer as a team. Knowledge is power, so you better know what you’re doing if you go it alone. I’m not looking forward to the 2 full days this coming week of classes on using the MLS, and thankfully haven’t thrown my glitchy laptop yet trying to use it. At least this week I know to bring a sweater after last week freezing in the class. Thankfully, for all the CEU courses needed to keep my license, I can choose the venue.
It has been my experience that real estate agents work for them selves, not you. They have NO negotiation skills and are more concerned about their license than anything else.
I used a company called Simply List here in Atlanta last year when my Mom passed an I sold her house. They charge you a very small $400 fee and whatever the MLS listing charges are. Then in effect you are the listing agent so you offer a 3% deepest agent fee and pretty much sell it yourself. They sell you a yard sign for $35 and a lock box for $95 if you want them. We did. Sold the house in one day and saved about $10,000 in realtor fees.
In a couple of months we are going the same route with our own house.
When I moved to the Pinetop-Lakeside area of Arizona, I used a real estate agent that was recommended. Long story short, the agent and the inspector were in cahoots.
I had a friend who is a contractor come up from the valley to do some upgrades. I found out there were serious wiring issues, along with black mold, and other items.
Approx. 50k later, the house is comfortable and secure.
Moral of the story: Have an independent contractor go through the house and pay him $250-300, first
God was our agent.
(1% to cold call broker, 0% for FSBO)
Bump
In my Florida neighborhood, houses now rarely turn over. Everyone who wanted or needed to sell has sold.
It is hard for area homeowners to know what their house is worth.
In many metro areas, mainly those with good airline service, houses sell within two weeks. This creates buyer panic.
Nationwide the real estate market has more inventory, but a much higher percentage is of houses with problems, such as being outdated or unattractively modernized. I see the need for price cuts with these houses. Buyers are far less likely to overlook problems in a softening market.
In some areas the local real estate market I suspect is getting hung up, such as Long Island and California.
I live in Florida and really can’t move out of state because real estate taxes would eat up much of the Social Security I will hopefully get in the coming years.