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Old 04-05-2008, 04:23 PM
 
5,440 posts, read 5,023,803 times
Reputation: 1128

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Quote:
Originally Posted by 10scoachrick View Post
Interesting point...I was wondering when we would get to that part of the program. Of course, we will need SOME representation even if we sell to a 'walk-in'. I will contact one of the agents acting for another buyer to work with us should this happen. Again, I'm all for folks making a living but I think $21K is a little strong for an introduction and walk-through. Stay tuned...
I would suggest getting your own independent broker who specializes in representing sellers. You might even find one who will work by the hour.
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Old 04-09-2008, 08:33 PM
 
Location: Atlanta
45 posts, read 182,013 times
Reputation: 21
Even if you pay an agent 6%, they don't represent you (the seller) in any way, shape or form unless you have an explicit contract with them. And even then, most reputable brokers wouldn't allow an agent to handle both sides of the same deal because of the immense and unavoidable conflict of interest! They would be trying to get you as the seller the highest price possible, and the buyer the lowest price possible. How does that work for either party?

I have done For Sale By Owner twice (in the middle of a contract right now), and I am not an agent. I would prefer not to pay an agent at all - just work with another unrepresented party and use a real estate attorney (which BTW costs about $500-$1000 - not many thousands like an agent's commission), BUT, in my experience, you can not match the marketing potential of having your house listed on the MLS system. Then the agents all see your listing, but if you aren't offering a decent commission, what incentive do they have to show your property? And in this, a buyer's market, I think you would be hard pressed to cut that commission below the typical 3%. Sad, but that's the way it goes. But I would still rather pay a 3% commission than a 6% percent one.

I think agents are just fine, and many are well qualified professionals, BUT this is not rocket science. It just takes some homework on your part. You might consider looking into a limited service brokerage (someone you can pay simply to list your property on MLS, or advise you in a limited way to get you through a "rough patch", or help you with the contract portion of your sale).

Good luck - maybe you will be one of those few folks who gets a decent offer from an unrepresented buyer. It really saves money for both parties.

Careful though. If a buyer states that he or she is unrepresented by an agent, make sure you get that in writing - on the proper form if you can find one. A broker or savvy agent can come after you later looking for that commission because their buyer "forgot" that they had signed some sort of agreement with that agent. Get everything in writing.
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Old 04-09-2008, 09:07 PM
 
Location: Avery Ranch, Austin, TX
8,355 posts, read 14,084,529 times
Reputation: 3615
Just an update...with a FSBO sign in the front yard, we got quite a response...most were drive by or word of mouth. As we expected, there is great interest in our neighborhood. Our house was priced appropriately(according to all agents who responded) for the area and age of the house. We ended up dropping 5% on price to a couple represented by a buyer's agent(happens to be the agent we would have contacted if we had little/no response to the sign in the yard). I have no reservations about her handling of the transaction on behalf of both parties. We got the inspection report today and should have the few 'de-lemons' squared away by week's end.

It didn't hurt that our house was well-maintained, reasonably updated(for a 52 year old house), surrounded by all the colors of spring AND located in central Sandy Springs.

I'm happy to pay the 3% commission to the agent(even though she is quite successful, I'm guessing she's happy to collect it). Off to Austin we go!
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Old 04-09-2008, 09:25 PM
 
82 posts, read 304,915 times
Reputation: 15
Congrats on the sale. If more sellers were as objective as you in appropriate pricing and concessions for this market, I'd have my home too! Good luck!
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