We are looking to place our home on the market in the next couple months but the fees are insane. Is it possible to sell your home yourself (in a prime market area - so not worried about the exposure a realtor can give)
Any experience would be GREATLY appreciated.
2007-03-28 11:35:07 · 7 answers · asked by iamcreen 2 in Business & Finance ➔ Renting & Real Estate
I am a Realtor (15yrs) and it is quite easy to sell your home on your own. The hard part is finding the buyer and making sure they do not waste your precious time.
A lot of people post thier home on Zillow and Craigslist, I think the averages in Denver are like a 15% chance you will sell it on your own and you will most likely get about 10% less than a normal agent would get you - but I hate to quote the NAR's numbers.
Most sellers want to sell on thier own to save the commission - fine nothing is wrong with that - I totally respect that. Here is the problem - most buyers use a realtor, the only ones that do not are the ones that think they are going to save the realtor's commisson by buying a FSBO, they always come up with a price lower than your home and then try to tell you that since you are not using a Realtor they are going to take another 7% off thier offer.
I am not pro realtor (even though I am one), I am pro-good deal (no matter what industry) plain and simple.
Try this first - goto my website www.hqhomes.com , watch my cheesy introduction video and make up your own mind. We only charge 1% for full service realestate and I have had over one thousand happy clients with no complaints!
Tony
2007-03-31 13:59:56 · answer #1 · answered by Tony 3 · 1⤊ 0⤋
You can sell any property without a realtor. A realtor does bring to the table knowledge about the comparables in the area and the real estate market itself. What you lose in realtor fees could be what you pick up in increased sales amount. A realtor can also help if there are issues with the home that, say the buyer's inspector, finds.
You can advertise yourself, show it yourself. You will have to provide a contract, etc. It is the buyer's responsibility to get the appraisal and any mortgage in place. You should provide title insurance to the buyer and the title company normally handles the closing for you. It is your responsibility, however, to make sure that the calculations are correct.
It is possible to sell your home but it depends on how much efforts you are willing to put into it.
Good luck.
2007-03-28 11:46:02 · answer #2 · answered by beached42 4 · 0⤊ 0⤋
You can do this, but there is a big caveat attached. If you have no experience with all of the contracts and other items that are going to be a part of this, you are foolish to attempt it. Selling a home is not the difficult part. Negotiating the sale, the contracts, making sure you are dealing with credit-worthy buyers and a host of other things far too numerous to mention here are involved. Think twice. You will always hear people tell you they did it no problem, but believe me, you won't hear about the ones who got themselves into a jam. Use a Realtor if at all possible becaus ein the long run, you may spend more than you had planned if you don't.
2007-03-28 11:41:27 · answer #3 · answered by Anonymous · 1⤊ 0⤋
I have to disagree with the previous poster on the marital status discrimination. I teach real estate law and MARITAL STATUS IS NOT a protected group. Familial status IS, however.
This is covered under the Federal Fair Housing Act of 1968 (with amendments in 1974, 1988) The following groups are protected: Race (also covered by Civil Rights Act of 1866), sex, familial status (with children), color, National Origin, Religion, and Handicap.
Exemptions under the FFHA of 1968, provided you use no discriminatory advertising and you sell it yourself (you do not use a broker and you are not a real estate licensee): The sale of a Single family home is exempt when the owner does not own more than 3 such homes. The owner is limited to one exemption w/i any 24 month period. However, You still can not discriminate against RACE (goes back to the Civil Rights Act of 1866, this one will trip you up in court).
Now that that one is out of the way, you can sell the home yourself. Very easily. There are many sales forms you can purchase at office supply stores. The title company will be happy to help you with numbers (taxes are prorated, HOA dues are prorated, etc).
BTW, a broker's commission is negotiable. Federal Sherman Antitrust Law and state anti-trust laws prohibit brokers from colluding to fix commissions. So, if you decide you want to list, negotiate to a 4% comm or better (3%).
2007-03-28 13:27:12 · answer #4 · answered by mysticgraystar 3 · 0⤊ 0⤋
its not only about exposure, its about deadlines, knowing the ins and outs of legislation and especially know the fair housing laws. as an example did you know that if you sell your home to a family with three children over a married couple with no kids just because they have a family the married couple can sue you!
you can go ahead and try to sell it yourself, but be careful and make sure you know the laws, and disclosures....safe yourself the hassle and hire a professional...
2007-03-28 12:47:00 · answer #5 · answered by rgehron1031 3 · 0⤊ 0⤋
we sold a waterfrony home on our own, as long as you have some marketing skills, and use a real estate lawyer for advice and all the legal things you need, it is easy...and you save thousands!!!!
2015-01-06 13:54:34 · answer #6 · answered by Anonymous · 1⤊ 0⤋
First 2 answers sum it up nicely. I agree with both.
2007-03-28 12:34:35 · answer #7 · answered by frankie b 5 · 0⤊ 0⤋