Insights from RE Pros about Listing Price (how much, lawyers)

[2bindenver]

Ask broker to send you a CMA. See what other buyers paid other sellers (Comparables) for yourself.

[TCHP]

Paid price (comps) can be different than asking price. Some actual prices paid may be higher from being bid up or lower from being negotiated down from original asking. Either is the gamble you take in a sale and you have to decide where your personal risk aversion drives you to start. If you are a bit high, you'll get lower offers. If you are low and you get an immediate offer, you could miss out on run ups in price if someone has cash and wants to get under contract quick.

[2bindenver]

Yes asking price and sold prices can be different but both are reported on a comp sheet.

Inventory is so low right now that a frank conversation with a buyer includes: "if you are thinking of making an offer under the comparables, you don't have a fighting chance of winning the contract."

[davebarnes]

Originally Posted by Thom Hanks

suggest listing my place at $240k based on comps...I've heard through the grapevine what others have been selling their places for around the community and the highest I've heard so far is around $225k. !

Heard! You can't be serious.
With Zillow, the city's website and a person with access to the MLS, you can find the sold price for everything.

[Vision67]

OP: I've used a Realtor twice to sell two houses. In both cases, I got a song and dance routine when they were competing for the listing.

Then, silence!

They waited for somebody else to sell it. I think that many realtors focus mostly on just getting the listing. Way back in the day, listing through a Realtor was the only way to get your property in "The Book", i.e. the MLS.

The last time I sold a house I just did a FSBO and hired a RE Lawyer to do all the legal stuff. I used the savings to finance a week at Disney World for the family. We had a fabulous time.

[2bindenver]

I just helped a buyer buy a FSBO. They did the Zillow price. Contracted for $1,000 less. Comparables came in $40,000 above contract.

Appraiser said to me "I can't discuss the report with you, but find me a deal like this and I'll buy it."

Seller saved $14k in commissions by not using a competent real estate broker.

[Vision67]

Originally Posted by 2bindenver

I just helped a buyer buy a FSBO. They did the Zillow price. Contracted for $1,000 less. Comparables came in $40,000 above contract.

Appraiser said to me "I can't discuss the report with you, but find me a deal like this and I'll buy it."

Seller saved $14k in commissions by not using a competent real estate broker.

Some sellers are stupid.

I'm not.

[Thom Hanks]

Originally Posted by Vision67

OP: I've used a Realtor twice to sell two houses. In both cases, I got a song and dance routine when they were competing for the listing.

Then, silence!

They waited for somebody else to sell it. I think that many realtors focus mostly on just getting the listing. Way back in the day, listing through a Realtor was the only way to get your property in "The Book", i.e. the MLS.

The last time I sold a house I just did a FSBO and hired a RE Lawyer to do all the legal stuff. I used the savings to finance a week at Disney World for the family. We had a fabulous time.

How much was the RE lawyer's cut of the sale? I might consider doing this if it can cut down on costs significantly enough.

[Vision67]

Originally Posted by Thom Hanks

How much was the RE lawyer's cut of the sale? I might consider doing this if it can cut down on costs significantly enough.

That was way back in 1992. I think his fee was $275.

[emm74]

If you are a first time seller, I would recommend using an agent at least this first time. It's a different process from that side than it is as a buyer and an attorney isn't going to provide the same services as an agent. Once you've been through it and you know how it works, then it could make sense to do an FSBO.