want to sell my home quickly but dont want to take a big lose. Live in NY
2007-09-13 01:44:23 · 17 answers · asked by grantcam 2 in Business & Finance ➔ Renting & Real Estate
If you are comfortable with the offer I would take it. Regardless as to whether you use a realtor or not, houses are not moving right now. It took me 4 days to sell my home in 2004 and 9 months to sell one this year. A cash offer is great as well since there is little chance of the deal falling through as the result of borrowing and financing issues.
The one thing I would be sure to do is use a lawyer. Having a good attorney on your side will make sure that the transaction is done according to your best interests.
2007-09-13 02:24:28 · answer #1 · answered by Jay P 7 · 0⤊ 0⤋
First of all, don;t listen to dontbuy2007. He's just trying to push his website and doesn't know what the heck he's talking about. He is the real scam artist not Realtors. Anyhow, numbers need to make sense. Here's the deal. As a buyer, If I make an offer to a For Sale By Owner, I'm going to take into consideration the fact that you are not paying a Realtor commission. That means I'm going to know 6% of my offer and we'll probably end up somewhere at 4% below asking. On top of that, you need to show your own home, make sure you have all the proper paperwork, and advertise your home yourself. Realtors commissions are ALWAYS negotiable!Lets say you have a home worth 350k and are paying a realtor 4% commission, that's $14,000.00. Thats 2,000 positive for you in addition to the professional advise and care that Realtors® provide.
http://www.realtor.com/basics/allabout/realtors/why.asp?poe=realtor
I will say this, if you ALREADY have a buyer, take it and run. Get an atty. ASAP and make sure all paperwork is in proper order. Otherwise, use a Realtor! We are professionals who only get paid if we provide you with adequate service and produce a ready, willing, and able buyer. Also, Realtors and Real Estate Brokers are required to take 12-18 hours of continued education every two years which means we are well prepared to offer you are most professional and loyal representation.
PS: Beware of sites such as for sale buy owner! with a Realtor, if it doesn't sell you cancel the listing and move on. With For Sale Buy Owner you are paying a non refundable flat fee weather you sell or not usually putting sellers out anywhere up to 4k or more with no sale on top of eventually paying a realtor anyway thus loosing much more!
Good luck!
2007-09-13 02:16:56 · answer #2 · answered by #1Realtor® 3 · 0⤊ 0⤋
Two factors will influence your decision.
If your house is worth less than $200,000, then your realtor fee will be no more than $14,000 (7% is the typical maximum). They will try to get more for your house, but will bring you offers of less than "full market value" and encourage you to sell, so you might sell it for the same price and then pay the fee. In today's market, there is no way they will get you more than "full market value". If you have an offer, I would sell. If you don't have any offers, you have to consider factor number two, which is how much time and money will you put into promoting your house in the market. Without a realtor, you won't be in the Multiple Listing Service (MLS) so fewer people will know your house is for sale.
If you don't have an offer, maybe your best bet is one of those For Sale by Owner services; they help you get maximum exposure for a low fee. Good luck.
2007-09-13 02:00:04 · answer #3 · answered by John S 2 · 0⤊ 0⤋
If this is an all cash offer, your selling it "AS IS" and it states so on the contract, I would consider taking the offer with no agent. You could counter back but stand the chance of the Buyer needing a loan instead.
Do not use an agent at this time because you are getting more out of your home by yourself than an agent can. An agent can sometimes do more harm than good especially now because there is no real motivation for them to sell your home.
No offense to Realtors or agents........
2007-09-13 01:53:51 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Grant by using a Realtor you are maximizing the potential to gain the buyer and sell you home more quickly.
Most FSBO's sit for months without so much as an inquiry. There are few buyers out there right now, I would want every opportunity to have my house considered.
As for Mr. Dont here, he has a bug up... and I'm sure it's because he had one bad experience and thinks all of us are bad. Not true. Good Luck!
2007-09-13 02:10:05 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Although it seems like an easy $16,000 in your pocket,but trust me,there is SO much involved in selling your home that to make a quick sell, you are basically going to have to devote your life to being your own realtor...if you take on this task, check out the library or your local book store for some Do-It-Yourself for home sellers. I hope you make a quick sell and lots of money! :)
2007-09-13 01:55:08 · answer #6 · answered by *Mom to Taylor* 2 · 0⤊ 1⤋
How much would the realtor's commission be? Depending on the sale price of your house, It could be more than the $16,000 that you would lose. I think that realtor commissions usually average somewhere around 4%.
2007-09-13 01:57:00 · answer #7 · answered by jerrrsj 2 · 0⤊ 0⤋
I would sell it. The loss isnt as big as it seems because you arent paying the commision to the realtor. This is esp true if this is just a paper loss (you have equity in the house and are losing some unrealized gains) as opposed to you have to come up with some extra cash to pay off loan.
2007-09-13 02:50:58 · answer #8 · answered by Bob D 6 · 0⤊ 0⤋
those are two different questions.. How much to fix it up? What does going thru a realtor or not have to do with selling as is?
2007-09-13 01:54:02 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Just do the math and see where you end up. Take full market value and subtract the agent's commission (3-6%), and if it is more that $16k, call up an agent.
Additionally, there are tax benefits to using a real estate agent as in some cases you may deduct the commission from your capital gains.
2007-09-13 01:55:19 · answer #10 · answered by J C 1 · 0⤊ 0⤋