Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I'm vacillating between thinking to try a by-owner route on my own - or not. I'm probably not savvy enough to do it on my own, but the fees - broker, building, city, lawyer - all add up until it seems like in the vicinity of 20%.
The broker fee particularly bothers me because very often the broker doesn't do much work. At least, not work worth tens of thousands of dollars. I was startled to find the standard fee seems to be 6%. Someone spontaneously offered 5%. Does it ever get down to 4%?
Meanwhile, still looking unsuccessfully for any good how-to guide for FSBO.
Sorry, but apart from that being unhelpful, it's not necessarily true, and especially not in NYC. I'm sure you know that there are all kinds of avenues for being things less expensively, and all kinds of situations where people will charge less for their services.
FSBO is not common in NYC and I think you might regret it in a co-op where the requirements can be complicated. In very lean times I've heard of people offering less than 5%, but the broker can refuse, of course.
I would first try selling by myself and see how it went.
If I were a broker and somebody called and said "I am selling a million dollar co-op, will you accept 4% to do it?" I would be likely to say yes especially if I judged the price to be realistic.
Interview brokers, and let them know right away that you're looking for a discount. It's a sellers market. At least in the realm of non-oligarch priced apartments, brokers have a much harder time finding apartments to sell as opposed to people to buy them. Let it be know that your looking to sell, and you'll have brokers crawling all over you to get the listing. Let it be known that to get it they'll need to drop their fee to, say, 4%, and see what happens.
It doesn't seem like too complicated of a process to be honest. Even the dreaded 'board' package is ultimately just a large administrative task of assembling some documents, proof reading and corroborating some figures on the financial statements. Hardly worth paying 6% for IMO!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
