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Hello. We're thinking of selling our house on our own. I'm a bit confused by the for sale by owner type of sites. It seems as though if you pay a certain price, then you can get your house listed in the MLS. Other things I read says that only an agent can do that. I'm not sure if some of what I'm reading is a bit outdated or what. Anyway, I'm willing to show the house and giving a buyer's commision...I'm just looking to save the 3% on the front end.
And last but not least, what if I had a relative who lives out of state enter it into our local MLS. If that is possible, what do you think the compensation should be?
My home is in a very desirable area, and I think I can show it on my own working with simply the buyer's agent.
Hello. We're thinking of selling our house on our own. I'm a bit confused by the for sale by owner type of sites. It seems as though if you pay a certain price, then you can get your house listed in the MLS. Other things I read says that only an agent can do that. I'm not sure if some of what I'm reading is a bit outdated or what. Anyway, I'm willing to show the house and giving a buyer's commision...I'm just looking to save the 3% on the front end.
And last but not least, what if I had a relative who lives out of state enter it into our local MLS. If that is possible, what do you think the compensation should be?
My home is in a very desirable area, and I think I can show it on my own working with simply the buyer's agent.
Thank you for your thoughts?
A Realtor must list it on the MLS. Some bottom fishing brokers charge a small flat fee to owners who want to do a "For Sale by Owner" or only pay the buyer's broker.
I'm guessing your out of state relative cannot list your home on your local MLS unless they are a member of it.
"some entity" that is a member of your local MLS is the only one who can enter it on your local MLS. In almost every case, this "entity" is a licensed real estate agent.
In presumably every market, there is some entity willing to charge you a usually small flat fee up front for some agreed-to period of time to merely enter the information on the MLS, thus gaining you that exposure you are speaking of.
Yes, only real estate agents can list homes on the MLS. You have to be a member of the MLS to do that. What that agent provides is what is called limited representation which means that they only list you on the MLS and do nothing else. Some states have minimum service requirements per law which might add extra services to that though. So you hire an agent that does MLS only services and you pay a fee for just that service.
Hello. We're thinking of selling our house on our own. I'm a bit confused by the for sale by owner type of sites. It seems as though if you pay a certain price, then you can get your house listed in the MLS. Other things I read says that only an agent can do that. I'm not sure if some of what I'm reading is a bit outdated or what. Anyway, I'm willing to show the house and giving a buyer's commision...I'm just looking to save the 3% on the front end.
I'm not sure what the rules are in your area but yes, typically, you can find a for sale by owner agency or website that will list your home on the local MLS for a flat fee. There is no agency representation meaning they do not help you with any contracts, negotiations or questions that may come up.
Quote:
Originally Posted by suzsaz
And last but not least, what if I had a relative who lives out of state enter it into our local MLS. If that is possible, what do you think the compensation should be?
Only if you relative is a member of the local MLS in your area can they enter it into the MLS. If they are entering it for you what is their role in the sales process? This would determine what the compensation would be.
Quote:
Originally Posted by suzsaz
My home is in a very desirable area, and I think I can show it on my own working with simply the buyer's agent.
Thank you for your thoughts?
This is the misconception that most people who attempt to sell their home on their own. Selling your home entails much more than just "showing" your home to potential buyers or their agents.
Do you know the details and condition of the homes in the area that have sold and are currently on the market now to ascertain a fair asking price for your house? Are you prepared to negotiate all the terms and conditions of the contract? Receiving an offer is much more than just how much money they are offering. If you are in a multiple offer situation, how can you know which offer is really the "better" offer? Are you prepared to know, truly, if a buyer is pre-approved, the reputation of their lending institution? Do you know the different types of home sale contingencies and inspections a buyer can offer? Do you know how this can affect your home sale? Do you know all of the municipal ordinances that are required before you can transfer title to your home?
Even though you agree to pay the buyers agent a commission, the agents may end up not show your home to their buyers because they know, nine times out of ten, they will end up doing the work that a sellers agent would be doing for free.
I'm not saying that you can't successfully sell your home on your own but there are many pitfalls to be avoided, you want to make sure you are making the right decision for you.
Unless you're nit picking the difference between a Realtor and a real estate agent, I can't imagine why you think this is untrue.
I don't care if the person is an agent or a Realtor. My state does not require an agent to list the home on MLS. I'd be shocked if any state "required" it. Of course it would be dumb not to list it for maximum exposure but still not a requirement.
I don't care if the person is an agent or a Realtor. My state does not require an agent to list the home on MLS. I'd be shocked if any state "required" it. Of course it would be dumb not to list it for maximum exposure but still not a requirement.
AHA! I think I see the problem. It looks like Brandon is responding as to whether an agent is required to enter all of their listed houses into MLS...whereas the question was whether one needs to be an agent to make those entries.
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