trying to sell my home...?

Question

this is my 1st house and 1st sell, but someone told me you can advertise your home and you dont need a realtor, just a buyer and then a closing company, they say this will save me the money the relator would have gotten, but again this is my 1st rodeo, i am trying to sell a huge 4 plex in a busy tourist town, and everyone thinks the realtors are shiesty out here, does anyone know where to locate investors or where to place an ad, besides the local paper? what is the basic percentage a realtor gets for commission on a house being sold anyhow?

Answer 1

CALL A REALTOR! Commission is 100% negotiable. Average commission is around 6%. Because of the mass marketing and knowledge of Realtors, the average sale on real estate threw a Realtor is 10% higher than a for sale by owner. If you give a 6% commission to the Realtor to split with another Realtor you still make 4% more. Purchasers take advantage of sellers not using a Realtor knowing they are not paying a commission they want to save the commission. That results in the seller giving the commission to the buyer and still having to do all the paperwork. Also remember Realtors have to go to school and get a license by the state, they are insured and take continuing education to keep up with all the current rules and laws. Only a Realtor has access to recent sales in the MLS to calculate a CMA or BPO for you. If you would like me to refer you to a qualified Realtor in your area I would be happy to assist you.
Best of luck,

Michael Vogt
Broker

Answer 2

I'm sorry that Realtors have a bad rep in your area. The ones I work with are very nice and honest people. Have you had your property appraised or conducted a fair market analysis to determine your asking price? Many Realtors will conduct a FMA free of charge. Marketing and selling property is hard work, not to mention time consuming. Five to six percent is the standard commission. If another Realtor makes the sell, the commission is split - 2.5% to Listing Agent - 2.5% to Selling Agent. If you want to try selling it on your own, try Loop.net. This is a great website for listing investment property. Hope this helps.

Answer 3

FYI - Loopnet is for commercial real estate. A 4 plex is residential.

If you wish to locate investors, there's bound to be some type of local real estate investment club you can attend in your area. Also, try Craigslist.com.

Regarding setting the price of your property, do you know how to calculate value on a multi-unit investment property? Also, are you familiar with capitalization rate? How about gross rent multiplier? If you're looking to market to investors, you will need to be able to justify and defend your price. Pricing multi unit investment properties is a different animal versus a single family primary residence.

Here's my honest opinion -

Get referrals from family/friends on a good agent with investment experience in the area. You think you'll save money going sans Realtor, but if you get a good agent, he'll work in your best interest and protect you from "shiesty" investors. Keep in mind, most investors are looking for "a steal" when they can find one, and if you don't know what you're doing, well....

Answer 4

Realtors charge 5% to 6% which includes advertisement, buying agent commission, open house cost, and also draw up contract and make sure the process is done correctly by state law. If you were to do it yourself you would need to draw up contracts thru a lawyer which costs a pretty penny. I could go into more fees but it really depends what state you are from.

Answer 5

In order to build anything on any property you normally would need a permit for the building of such a building. Even if you plan to build a fence on your property the city would normally want you to obtain a permit in order for you to erect the fence. All buildings, fences and other things you would build on your property would have to conform to local city and county laws. This buyer is trying to keep from purchasing a property that has no permit for erected building , thus he might be made to tear the building down you have illegally placed on the property, once he has purchased the property. That is why he is requesting the documentation and permits for the building. My answer is predicated on the fact that you are speaking of a house or property located in the United States. Even so I am sure other countries would have the same requirement of acquiring a permit in order to build on a property or add to the existing building. I hope this has been of some benefit to you,good luck. "FIGHT ON"

Answer 6

Yep, that's all you need, a buyer and a title company. Nothing else to it...

Hire a REALTOR®. You have no clue and are a lawsuit waiting to happen.