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Old 07-29-2006, 10:09 AM
 
Location: Charlotte,NC, US, North America, Earth, Alpha Quadrant,Milky Way Galaxy
3,226 posts, read 4,486,332 times
Reputation: 1546
Default Has anyone bought or sold a home without a Realtor?

Before I get flamed by realtors on the board I'd like to say I love my realtor. I couldn't imagine the move to Charlotte and the navigation around without her and her husband. They bent over backwards and at times I felt a little guilty because we had her drive us all over the place without the prospect that we'd actually buy anything.

Having said that, here's an interesting article regarding the potential threat the internet may have in that space. The threat is similar to what's been done to the travel, car dealers, and stock brokers. The attempt to squeeze out the broker. I think those brokers that have adapted to using the internet as a tool are doing okay.

Anyway it's an interesting read and prompted me to think of someone who's bought or sold a house without a realtor (I haven't and wouldn't consider it but I'd be interested in the feedback).

http://news.com.com/Real+estates+Net...?tag=nefd.lede
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Old 07-29-2006, 10:50 AM
 
2,295 posts, read 121,350 times
Reputation: 317
Quote:
Originally Posted by Miker2069
Before I get flamed by realtors on the board I'd like to say I love my realtor. I couldn't imagine the move to Charlotte and the navigation around without her and her husband. They bent over backwards and at times I felt a little guilty because we had her drive us all over the place without the prospect that we'd actually buy anything.

Having said that, here's an interesting article regarding the potential threat the internet may have in that space. The threat is similar to what's been done to the travel, car dealers, and stock brokers. The attempt to squeeze out the broker. I think those brokers that have adapted to using the internet as a tool are doing okay.

Anyway it's an interesting read and prompted me to think of someone who's bought or sold a house without a realtor (I haven't and wouldn't consider it but I'd be interested in the feedback).

http://news.com.com/Real+estates+Net...?tag=nefd.lede


We did it ourselves and used the inest referral service to get 1% back to us after closing. My husband is licensed in AZ and I used to be until I let it expire in 2000, so we have a background. We thought about using one to show us around but we like to explore ourselves to get the feel for the area. Sometimes these Realtors have there own agenda. I've heard many on here say our Realtor was pushing us one way or another. I think with the research we have at our finger tips we can make an informed choice of where we think we want to live. With that said I would recommend using one but do all your research and explore a little on your own don't let them drag you one way or another.
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Old 07-29-2006, 03:34 PM
 
229 posts, read 689,612 times
Reputation: 75
Default I did!

Sold my house on L.I. without an agent. So much house hunting is done online now that I really don't see why this won't become the norm. There are flat fee services now, i.e. pay $500 and they take care of the mls listing so you are on realtor.com. That seems to me to be all you need. I even posted on Craigslist and got hits from that. This was right in the middle of the seller's market a bit more than a year ago so maybe that had something to do with it, but I would at least try it without a realtor first.
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Old 07-29-2006, 04:53 PM
 
Location: Charlotte,NC, US, North America, Earth, Alpha Quadrant,Milky Way Galaxy
3,226 posts, read 4,486,332 times
Reputation: 1546
Quote:
Originally Posted by willbo1
Sold my house on L.I. without an agent. So much house hunting is done online now that I really don't see why this won't become the norm. There are flat fee services now, i.e. pay $500 and they take care of the mls listing so you are on realtor.com. That seems to me to be all you need. I even posted on Craigslist and got hits from that. This was right in the middle of the seller's market a bit more than a year ago so maybe that had something to do with it, but I would at least try it without a realtor first.
So the process was smooth? What about closing, showings, etc. Did you do all that yourself?
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Old 07-29-2006, 05:45 PM
 
229 posts, read 689,612 times
Reputation: 75
Default Real Estate Attorney...

Quote:
Originally Posted by Miker2069
So the process was smooth? What about closing, showings, etc. Did you do all that yourself?
Showings I did myself as well as negotiations. After we settled on a price, the real estate attorneys for both sides handled the contract and closing. I will say the process is much different in NY than in other places as I have since learned. Real estate agents do NOT handle any of the contract or closing aspects in NY as they do in other places. Real estate attorneys do. I imagine if you sell on your own in other places, hiring a real estate attorney would be vital. When I purchased my new home in Florida, my buying real estate agent handled most of the tasks that my attorney in NY did. Same thing for a friend who bought in Colorado. He never had an attorney as his agent handled the offers, contracts and closing.
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Old 07-29-2006, 07:44 PM
 
Location: Raleigh, NC
10,326 posts, read 17,141,726 times
Reputation: 5986
If I had $1 for all my first time homebuyers who thanked me profusely for helping them through the process of buying their first home, I'd be rich! If I had $1 for all my clients who thanked me over and over again for making the sale of their home result in a closing, I'd be rich. But...I have the knowledge that I have made life easier for all those clients who are now my friends!

Mike...are you starting trouble???

By the way...even with the internet...you guys can't get into a listed home without a Realtor! Nanny nanny boo boo!

Vicki
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Old 07-29-2006, 07:52 PM
 
Location: Union County, NC
2,112 posts, read 4,559,064 times
Reputation: 1078
When you say "can't get into" what do you mean? Do you mean the home cannot be viewed w/o Realtor or purchased?

I have two friends who listed their homes on fsbo and sold here in Jersey. But I don't know the intricacies of what was involved in either transaction.

Also, I have gone to view homes locally that I found on foxtons (AKA yhd) w/o a Realtor. If I had actually gone onto purchase, a Realtor may have been required. I really don't know. Never got that far.

As a first time home buyer, I would more likely than not use a Realtor but, I have heard many people express that the Internet is effectively eliminating the middle man and it is definitely changing the face of the process. More and more are going out on their own.

Incidentally, I did not read the article poster ... not yet. My comments based solely on personal experience.

SL
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Old 07-29-2006, 08:22 PM
 
229 posts, read 689,612 times
Reputation: 75
Quote:
Originally Posted by saralee
When you say "can't get into" what do you mean? Do you mean the home cannot be viewed w/o Realtor or purchased?

I have two friends who listed their homes on fsbo and sold here in Jersey. But I don't know the intricacies of what was involved in either transaction.

Also, I have gone to view homes locally that I found on foxtons (AKA yhd) w/o a Realtor. If I had actually gone onto purchase, a Realtor may have been required. I really don't know. Never got that far.

As a first time home buyer, I would more likely than not use a Realtor but, I have heard many people express that the Internet is effectively eliminating the middle man and it is definitely changing the face of the process. More and more are going out on their own.

Incidentally, I did not read the article poster ... not yet. My comments based solely on personal experience.

SL
Agreed. FSBO and even flat fee mls services allow for potential buyers to contact the owner directly to set up showings. I bought my L.I. house via Foxtons which I contacted and they gave me contact info for the owner and the flat fee services I used for listing when I sold, advised interested parties to contact me. Again, eliminating the ridiculous 6% when selling or buying, allows an enormous financial advantage.

I will say realtors have helped when trying to identify unfamilar areas to buy in. And certainly when they are handling the contractual aspect, as was the case with my most recent purchase, it is a huge advantage. I don't think I would ever list with a realtor when trying selling though.
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Old 07-29-2006, 09:27 PM
 
80 posts, read 158,606 times
Reputation: 68
Quote:
Originally Posted by VickiR
If I had $1 for all my first time homebuyers who thanked me profusely for helping them through the process of buying their first home, I'd be rich! If I had $1 for all my clients who thanked me over and over again for making the sale of their home result in a closing, I'd be rich. But...I have the knowledge that I have made life easier for all those clients who are now my friends!

Mike...are you starting trouble???

By the way...even with the internet...you guys can't get into a listed home without a Realtor! Nanny nanny boo boo!

Vicki

I am a bit of a smart-a$$ so i couldn't pass the chance to point out that you should have gotten at least several (hundreds/thousands of)dollars from all of those clients that you helped since you were their agent and there fore you must be very rich.
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Old 07-30-2006, 06:30 AM
 
Location: Charlotte,NC, US, North America, Earth, Alpha Quadrant,Milky Way Galaxy
3,226 posts, read 4,486,332 times
Reputation: 1546
Quote:
Originally Posted by VickiR
If I had $1 for all my first time homebuyers who thanked me profusely for helping them through the process of buying their first home, I'd be rich! If I had $1 for all my clients who thanked me over and over again for making the sale of their home result in a closing, I'd be rich. But...I have the knowledge that I have made life easier for all those clients who are now my friends!

Mike...are you starting trouble???

By the way...even with the internet...you guys can't get into a listed home without a Realtor! Nanny nanny boo boo!

Vicki
Starting trouble? Who me ? (there needs to be see/hear/speak no evil icon here)

I can see it happening though. RE are great professionals (the good ones). I do have a lot of respect, and being a business person myself, I VERY much respect the countless hours they put into making a deal happen. It's not easy at all. I tend to have a small circle of quality professionals (insurance, mortgage, accounting, etc.). I don't deviate to save money if I'm happy. The 6% to me is worth it if it's realitive smooth. The value of time energy and mistakes is well worth the 6%. HOwever I won't deny that I can see some company breaking the barrier (it's happened with cars, travel, mortgages, and most other brokered businesss). It's bound to happen. 6% of a several hundred thousand dollar purchase is a LOT of money to simply say it can only be done with a broker.

Just food for thought.
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