Anyone have any advice regarding selling my home myself?
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realtors market to other realtors with approved buyers???? my realtor is showing the house to someone that could afford 635,000 my house is going for 729,000 what good did that do me?? they may be "approved buyers" but find out how much they are approved for first....
It's hard to know what s/he was thinking when they set up that appointment with you, so I'd ask. Your Realtor is wasting your time and theirs showing your property to a buyer who cannot buy.
Strike that...it is not a waste of your time, it is a waste of your life.
The MLS is designed to cooperate brokerage to brokerage...we put listings in the MLS with the idea that a broker out there has a qualified buyer to show and sell our bright, shiny, new listing.
So far, I agree with the majority - let a realtor help you. With a house that has so many fixits, you might save all that money by selling a little lower, as is, and let your realtor help you stick to this strategy. Typically, the most important items to fix before you sell (getting a home inspection first does help establish just exactly your 'as is' condition). I believe in pre sale home inspections, because when you accept an offer, it can be in a subject to the findings of the home inspection. Many buyers will have their own ideas on what to fix, and it may not be all the things you spent money on already.
You mentioned a commission of about $8000. Do the math on a new roof and all those fixits. Your agent could sell your home eventually to someone who will rent it out, or remodel it.....you do not have to fix these things yourself...it can be held out of escrow for the buyers to do later....see how an agent can help....it's so much more about their overview and experience...just ask how you can sell without fixing it too much (clean and clutter free is very helpful, and inexpensive), and let your agent take the load. You could become enmeshed in a lawsuit if you take a deposit made out to you, and then have fix it problems. Buyers can be very problematic. You need representation. And, instead of feeling badly about the commission, remember you can probably deduct it as an expense of sale (check with your state and city's laws, and an accountant,) and that the golden rules of life apply to selling homes. Share your proceeds with the person who is helping you. It's the old you get what you pay for. There is a lot of responsibility and liability involved. Also, for a lender, the most important things will be health and safety issues, not how pretty the place looks. Keep your price realistic, work with your agent's wisdom and knowledge (find a person with some experience who does not make you uncomfortable, you need to be able to talk), and see what happens. You don't pay if you don't accept a sale...you may be surprised how hard it is to find and keep a buyer, but at least agents keep trying to bring them in. Good luck.
I sold my house myself when I lived on L.I. I put out my sign, found a buyer in less than a week, we contacted lawyers, they provided the contract, the buyer hired the inspector, we went to closing at my attorneys office, and I saved a bundle of money. It was the easiest thing I did by far to save about $8,000. I had a nice house that spoke for itself, whyt should I pay someone $8,000. to bring someone through the door?
As far as Realtors screening applicants, that is definitely not true in many areas. I have worked with people over the years who have gotten pretty far into the purchase of a home, only to find out they couldn't get a mortgage. When I have looked at homes with real estates, no one has made an attempt to have me pre-approved before they have shown me houses.
If the commission would only have been $8,000, then the selling price at 6% would have been approx $136,000 for your L.I. home, correct? That must have been several years ago -- it was an entirely different market sir -- could have been a fabulous seller's market. I am glad you were able to do that, but it is more likely that you got lucky. In many cases where homeowners sell their own homes quickly, they sold it for less than it was worth.
Realtors do not "open doors and let in a buyer" and collect $8,000 without passing "go". Even in those days, every nickel of that $8,000 was hard earned by an agent.
Selling a house either by the seller himself, or through an agent is a lot of diligent work.
before you sign on the dotted line, look into selling it yourself. My dad has done it for years and saved himself a lot of money in doing so. If you are unsure what to do, you can always go to www.buyowner.com , ( not sure if it is the right website )they will help you sell your home, it will be listed and I believe BuyOwner only charges a flat fee.
Have you thought about renting it out, just incase things don't work out where you are moving too, you can always go back . Moderator cut: offensive
Give yourself more credit, if they can do it, trust me, so can you. Just do some research , and give it a shot, if it doesn't work out for you, you can always get a real estate agent as a last resort. Good luck.
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Originally Posted by gotcha
correct on the fact its a buyers market, incorrect on needing a realtor IMHO.
Rapunzll - I always advise anyone that wants to try to sell their home themselves to give it a try. If you're not under the gun to get your place sold quickly, and have the time, money, and expertise it takes to market it yourself, then go for it. Just a few things to think about ahead of time are:
1) How will you determine your asking price? What is the lowest amount that you are willing to take? Expect low-ball offers when you sell your home yourself. And remember if you accept an offer less than that $8,000 off your price (this is what you said you'd have to pay a realtor to sell it), then you're not saving any money and you're having to do all the work yourself.
2) How much will it cost you to market your home? (Advertising in the paper, flyers, etc.)
3) How will you market your home to local buyers?
4) How will you market your home to out-of-town buyers?
5) Do you understand the escrow process and potential liability issues?
6) Do you know your state's disclosure laws?
Make sure you do your homework first. Also, just as a sidepoint, FSBO sellers usually net 10-14% less than sellers who use an agent. Why? Usually it's because FSBO sellers aren't used to negotiating, or because their house sits for awhile and they start to get desparate and accept a low-ball offer that's much less than what they originally had in mind.
Anyway, go for it if you're comfortable with the selling process and have the time and money. However you may actually make more money by using a realtor. If you decide to go that route, be sure and interview at least 2 or 3 to make sure you hire someone who will work hard for you.
As a Realtor just about to celebrate 20 years in the profession, I have to applaud Gretchen B. for her terrific advice. She doesn't tell you you're not able to do it yourself - but she's candid about the reasons why people don't.
I can't add much to this!
Best of luck to you!
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