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Unless you expect someone to walk in off the street and buy your home, you'll still have to pay an agent a 3% buyers fee. If you don't, there is a good chance buyers agents will boycott your home.
you'll need to get an appraisal, $500. And, unless you're retired, you'll need to take time off work for showings, calls, inspections, appraisal and other misc. things. Ifyou run into problems and the attorney has to negotiate a resolution, they bill by the hour. So, that $500 to $750 can jump up quick. If an agent brings you a buyer, they will want at least their normal 3% and many want more as they will expect to do the job of two agents.
Buyers looking at FSBOs automatically take the 6% off their offer price, because you aren't paying a commission. So, typically, on a $350,000 asking price, they will see it as a $330,000 asking and take some for negotiation off of that.
Most people have no idea what's involved in a real estate transaction and are ill prepared to deal with the myriad of details. Good luck.
Ok an appraisal...still $4000 instead of $21000.
I would be retired so no taking off work.
What problems in reference to attorney fees? Be apecific.
Not paying 3% to an agent that tells someone to come look at my house. Ill pay a $2000 cash bonus. Thats it.
Buyers taking 6% off homes for sale buy owners? PFFFFFT. I dont think so.
The problem arises due to house price inflation. When the most expensive house in the neighborhood was $18,000 and an accountant made $6,000 per year, and "for sale" ads in the newspaper were paid ads, $1260 for a real estate commission was not too unreasonable. But today, when the most expensive house in the neighborhood might be $900,000 and the accountant is making $60,000 per year, the whole thing is out of kilter. No way what an agent does is worth any more than $5000 or $10,000. Certainly not $54,000.
A Seller doesn't need to get an appraisal. They may want to get an appraisal if they don't have a good idea of what their house is worth, but it is not a requirement to get one.
OP: Good luck selling your house. Let us know how it turns out and whether you thought it was easy or difficult. If you're in a state where title companies handle closings, a title company can handle most of the paperwork for a relatively low cost--cheaper than a lawyer.
And you need to pay buyers agent commission to hang realtor that may bring a buyer...approx 3 percent.
You also need to stage it, and be present for showings, and advertise it...ie flyers and print media.
In addition, you would want to know how to prequalify buyers, which lenders do "good" preapprovals that help avoid deals falling apart right before closing.
What law says I have to pay 3% to a realtor when I clearly will write $2000 cash bonus for anyone that brings me a buyer?
We've been told our house looks like its for staged for a sale. Were very clean and have nice furniture. Ill be retired.
Pre qualified documentation from a lender.
Last edited by westcoastforme; 12-17-2017 at 02:45 AM..
Unless you expect someone to walk in off the street and buy your home, you'll still have to pay an agent a 3% buyers fee. If you don't, there is a good chance buyers agents will boycott your home.
The problem arises due to house price inflation. When the most expensive house in the neighborhood was $18,000 and an accountant made $6,000 per year, and "for sale" ads in the newspaper were paid ads, $1260 for a real estate commission was not too unreasonable. But today, when the most expensive house in the neighborhood might be $900,000 and the accountant is making $60,000 per year, the whole thing is out of kilter. No way what an agent does is worth any more than $5000 or $10,000. Certainly not $54,000.
Exactly
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