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amber 18 | What are the advantages/disadvantages of selling your house yourself and not using a realtor? |
I'm getting ready to sell my house. Should I use a realtor or sell it myself? Advice?
I have an attorney who is willing to help me if I try and sell it myself. Total cost for time and paperwork is $500. Good deal or no? |
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VH1
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By selling yourself you save whatever you would've paid in commission (2-6% on average). That is the advantage.
The disadvantages include you having to do any advertising/ marketing, open houses, and negotiating with potential buyers. A realtor has access to list your property on websites that are not available to the general public (you can view them but you can't list yourself).
If you are a hands on person these may not all be disadvantages at all.
Another potential issue for your buyers is that lenders look more closely at FSBO (for sale by owner) properties... Sometimes that scrutiny can cause problems for that buyer and their ability to qualify.
There are several companies that help you sell for a flat fee... They provide marketing and listing while you do most of the footwork. This may be your best option as it allows you to get your property out there w/o it costing you an arm and a leg. While also allowing you to run open houses and maintaining some of the hands on aspects that I think are truly beneficial for sellers, especially in todays market. No one can sell your house like you can. I have added a couple of these companies links:
http://www.forsalebyowner.com/fsbo.html
http://www.fsbo.com/retail_shop/
Good Luck. |
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Jeff L
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well the advantage is you keep all the money youself.
now here comes the list of cons.
1. people traffic. agents know people and they advertise and will sell your house faster, and they handle the people. you dont want every strangler knocking on your door wanting to see your house since most people who do that are just looking.
2. agents help the buyer setup the loans, lawers, etc all the little stuff we wont know what to do unless we dont it before or it was part of a job we done before.
3. time (if you already moved out the amount of time you'll have to take out just to show people the house is not worth it) 90% of the time people are just shopping around and not really buying unless by chance they find the perfect one. |
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jvazjr07
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There will be a lot of agents and tools on this board that will say services like Help-U-Sell is no good but thats because they need to eat and pay bills too. But here is what I know....
Choice#1: FSBO only works in a HOT market. Choice#2: I am not willing to pay 6% of my equity (approx 30k which is nuts) to a realtor so I am going with Choice#3 a hybrid which is Help-U-Sell. YOu pay for the level of service you want. You can pay for FULL SERVICE just like the bignames and STILL save money. Only thing I have to do is show the house and I save thousands.
I just interviewed 2 'traidtional agents' and i Help U sell broker. The discount brokers DO NOT charge the fee up front. You can pay when it sells just like the traditional way. After chatting with them I am thouroughly convinced the only thing the traditional agent does the discount agent does not is SHOW THE HOME. The traditional agents tried to BS me by saying they have tons of buyers, the market is going up, they have unique markeitng plans, blah blah blah . The Help U sell broker worked for Prudential, Remax in the past and he is no joke. Interview all your options and go with the one option that will be cost effective AND will market your home. Good luck. |
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WeLoan.Us
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Sell yourself and save the 4%..there are real estate companies that will list your home on the MLS as little as 150.00. You just have to write the description and selling points on the MLS sheet its really not hard, but I would offer the realator that does sell your home 1.5 - 2% . Because if you list it on the MLS you will be getting a ton of calls from realators. hope this helps |
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SaraJane
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I really think you should go with a realtor cuz you may actually sell it for more than you think you could have. Also they will give you tips on what you should do with the house before showing it, and they will help with the showings. They are professionals leave it to them :) |
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thinking-guru
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Disadvantage: you have to pay the realtor for the work they do for you.
Advantage: they know how to market and sell homes (they are tested and licensed for this). Your home will be listed in the Multiple Listing Service (MLS), where most other real estate companies in your area can see it and show it to their clients thus increasing the opportunities for a solid buyer. The realtor will work on your behalf with confidentiality. The realtor doesn't get paid until your home sells and that money comes from the proceeds of the sale - not out of your pocket now as with your attorney.
The better idea is to get a realtor on your side. |
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acermill
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You are apparently looking to save real estate brokerage fees for your transaction. Sometimes you can do this to your advantage and other times not. Much depends on what sort of buyer you attract, and how 'hot' your real estate market is at the moment.
As a FSBO, be prepared to do all your own showings and negotiations. Insure that you are well informed of items in your offer to purchase tendered to you. Lack of awareness of certain requirements can lead to later issues.
Depending on your market, and the type of buyer you attract, you may well find your offers simply deducting from the offered price the cost of a real estate brokerage fee. Savvy buyers know that you aren't paying real estate fees, and will do their best to take advantage or some or all of that savings.
Is your attorney well schooled in real estate ? If not, seek out one who is. Not all attorneys are well versed. As a real estate broker, I've seen some offers to purchase approved by attorneys which left GLARING errors and omissions in the contractual language.
I've also encountered attorney drawn offers to purchase which are simply not realistic, since some of them go overboard in an attempt to cover the client's backside, and have scared away good buyers.
Use your own judgment in how to proceed.
I just noted the reply from WeLoanUs. Be aware that real estate agents may actually look past your listing if you do not offer sufficient compensation for them to bring you a buyer. I do not work with FSBO's who offer less than 3% to me for bringing a buyer, simply because I end up doing most of the work for BOTH sides of the transaction. |
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insane_mad_maniak
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good things would be that it will be advertised in a place were people are looking for places to buy, and it will sell faster.
downsides are the fees they will charge you for the privelidge of selling your house, and already getting paid for it. |
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lasheats
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Good deal for the attorney.
I tried selling on my own and ended up spending money on ads in the paper and stuff that didn't even help. In the end, I listed with a realtor. Just list the house high enough where you can still sell it and pay the commission but end up around where you want to be.
Perks of a realtor: More exposure
Downfalls: Paying large commissions
Perks of selling on own: No commissions
Downfalls: You are the realtor, so be prepared for people to call you non-stop, and also people are rude and make appts. and then never show up. It is very time consuming and sometimes you change your schedule for a big fat nothing (no one shows up). |
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Blue Rose
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As long as you have an atty to review any contracts and listing agreements, DIY. Save money on paying realtor's commission. |
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valleyforge
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As a FSBO you are trying to save the commission paid to the realtor. I get that. Just remember that when a buyer sees a FSBO they are going to want a lower price as well. If you can save money, then they want to save money as well. |
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onelove
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Advantage is that you keep all the profits for yourself. Disadvantage is that it may not sell as fast as it would with a Realtor and all it's resources. Best bet is to try to sell it yourself at first and if it doesn't work out try going through a Realtor. |
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Dan C
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Selling without a realtor will probably not let you get as much for the house as you would with a realtor. So even with the commission cost, you will probably make more. A realtor knows the right asking price to list at and can work with other realtors to help find more buyers. |
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Dev
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I would suggest trying to sell it yourself if you are in no rush. There are some websites where you can post and try to sell it.
If you are really feeling lucky you could even try ebay.
There are also newspapers.
I used a Realtor because i was in a bit of a rush and didn't have time to deal with inquires. As far as i am concerned, my realtor earned his commission. |
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ken erestu
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Advantages
-no agent commissions or fees
-you know your home/neighborhood better than anyone else and therefore more able point out the positives
-you decide how the home is marketed
-there is no rush to sell the home by a certain date
-you negotiate directly with potential buyers
Disadvantages
-you don't have the marketing network provided by a realtor
-FSBO for sale by owners usually don't have experience on how to deal with issues that develop
-you have no way of knowing whether a potential buyer is qualified to buy
-you have to manage the sell of the home while going to work, family responsibilites, etc.
$500 seems like a great deal. |
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talldude
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Advantages of selling yourself: You save a bit of money (avoidance of realtor fees, which run around 3+%.)
Disadvantages of selling yourself:
__Usually no listing on MLS (multiple listing service.)
__No listing on website for customers doing long-distance searches for property in your area.
__No assistance with house "staging" for quick sell.
__All advertisement (take ones, newspaper, ...) is up to you.
__No long term assistance if you have to re-locate during the sale process.
__No "pool" of customers from which to search (realtors often know customers looking for certain types of houses in certain areas.)
__Open houses are up to you.
__Showing property during the week is up to you, and your available times can limit the potential customers ability to see the property.
__No seller's representation, unless you hire a real-estate attorney or seller's rep.
___The national market is a bit slow right now, so selling on your own could be risky, unless you have a "turn key" house with plenty of lookers. A majority of customers want turn key homes. (Turn key = a house that is clean, neutrally painted, new or near perfect condition, updated, tastefully decorated <no ducks or 1970s furniture and flowery wallpaper>, new appliances, modern bathrooms, professionally landscaped, in popular neighborhoods, near desired schools, etc...)
(all the items above are what the realtor gets paid for.) |
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Yanswersmonitorsarenazis
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Great deal.
The main disadvantage I can see is that you know so little about selling a home, you came to Yahoo answers. This means that you know less than any agent who brings a buyer to you. You never want to be the least knowledgable in a transaction like this.
I don't mean to be insulting. But there are all sorts of rules and regulations that can vary by county or city that have to be taken care of prior to listing a property. Do you know what they are? How to find them? A realtor would.
If your attorney friend is a real estate attorney, you'll probably be ok, as they can advise you the whole way through, at a very reasonable price. But I'd be hesitant if real estate isn't their primary area of practice. |
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Jenny Smith
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Get rid of that silly commission they make closing costs |
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