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Old 04-06-2021, 06:52 PM
 
1,098 posts, read 1,087,172 times
Reputation: 1838

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Quote:
Originally Posted by BigCityDreamer View Post
Sure, but you're probably going end up selling your house for way less than what an agent can negotiate.

So, probably not worth doing that since it's all about the money you get to keep in the end.
In today's world, it's not hard to price a house fairly.

Also in today's market, a real estate agent isn't necessary in a lot of cases. There are tons of buyers out there and plenty of places to post your home for sale. There's a growing trend in my neighborhood to not even use an agent because a neighbor knows someone ready to buy.

If they're really worried about the price, pay an appraiser a few hundred to give you a good starting point. $400-$500 to an appraiser is a lot better than a $20,000 commission.
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Old 04-06-2021, 07:06 PM
 
Location: Just south of Denver since 1989
11,507 posts, read 31,277,387 times
Reputation: 8186
Quote:
Originally Posted by MortonR View Post

I listed it at my price and ended up selling $15k over the list. It went under contract three days after it listed.

Had I listened to the agent I would have left a significant amount of money on the table.

RM
Or you left serious money on the table because no one would have offered on list price. the offers would all be over asking.

Recently, one of my past clients had an accepted offer with another broker. Did not come to an agreement on inspection items. Other broker fired seller. Seller call me. I listed property for the same amount as the former contract price. We had 6 offers all over asking most $25,000 over asking.

Difference in time? Three weeks because of a snow storm.
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Old 04-06-2021, 08:35 PM
ptt
 
483 posts, read 519,595 times
Reputation: 680
Quote:
Originally Posted by Natalijaasbj View Post
Hi, I wonder is it possible to sell my house without help of any agents? I may have a potential buyer who also does not need an agent.
We bought a house for sale by owner without an agent. We used a lawyer for all paperwork.
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Old 04-06-2021, 09:00 PM
 
Location: Tennessee
29,726 posts, read 22,717,821 times
Reputation: 37230
I was shopping for a home back in 2019. Hot market but nothing like this post-COVID mess.

I'd consider myself a high level expert on local economic, demographic, and real estate trends in my local area. I write articles about real estate and the local economy for the general public for a website focused on these issues locally. I've posted on C-D local boards for nearly a decade. I'm active on local Reddit. I've been politically active (when I've lived here) for nearly fifteen years. I'm well-known in the community.

The vast majority of realtors have far less local knowledge than I do. The person who owned the condo I bought was a personal friend and a drinking buddy of mine. I didn't know that prior to buying the place. The realtors on both sides were incompetent and the seller drove me back to the property after closing because neither realtor had keys to the property.

Jeff and I could have talked this house purchase out in thirty minutes to an hour over beers at the local pub. The realtors were useless overhead for folks like us.
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Old 04-06-2021, 10:15 PM
 
Location: Silicon Valley
18,811 posts, read 27,100,935 times
Reputation: 38094
I bought and sold property myself without an agent in WA using just a title insurance company to handle the escrow. Don't know if you need an attorney in ID, but it would be easy enough to find out. Just call a title insurance company and ask if they can handle the paperwork or if you need an attorney per state law.

Congrats on the sale, by the way.
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Old 04-07-2021, 12:30 AM
 
10,304 posts, read 5,529,417 times
Reputation: 21767
Quote:
Originally Posted by BigCityDreamer View Post
Sure, but you're probably going end up selling your house for way less than what an agent can negotiate.

So, probably not worth doing that since it's all about the money you get to keep in the end.
Seriously? Is there a large group of real estate agents hidden away somewhere that are actually interested in, and adept at, negotiating the best price for their client rather than simply performing the basics and closing the sale without ruffling any feathers?

There is no better advocate or anyone better prepared to negotiate on my behalf than me. That may not be true for everyone but your response here does not even allow the possibility even though your knowledge of the OP's situation is exactly zero.
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Old 04-07-2021, 04:24 AM
 
Location: East Coast of the United States
21,383 posts, read 22,545,303 times
Reputation: 17769
Quote:
Originally Posted by kokonutty View Post
Seriously? Is there a large group of real estate agents hidden away somewhere that are actually interested in, and adept at, negotiating the best price for their client rather than simply performing the basics and closing the sale without ruffling any feathers?
Yes, a good real estate agent will do exactly that. In fact, I am working with a couple of agents right now who are negotiating up a house I am selling and negotiating down a house I am buying. You have to remember that there are good, average and bad real estate agents just like in any other profession.

By the way, it is also very important to work with a good lender. They are not all the same by a long shot. There are some lenders who are positively clueless. You can even feel it in the vibe they give off when they talk to you over the phone. However, the good ones can absolutely make your life a whole lot easier.

Plus, I have a day job and don’t have time to be my own agent. If you have the time and knowledge to be your own agent, then more power to you.

Last edited by BigCityDreamer; 04-07-2021 at 04:37 AM..
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Old 04-07-2021, 05:10 AM
 
Location: Not the end of the Earth, but I can see it from here
4,637 posts, read 4,851,751 times
Reputation: 5068
Quote:
Originally Posted by 2bindenver View Post
Or you left serious money on the table because no one would have offered on list price. the offers would all be over asking.

Recently, one of my past clients had an accepted offer with another broker. Did not come to an agreement on inspection items. Other broker fired seller. Seller call me. I listed property for the same amount as the former contract price. We had 6 offers all over asking most $25,000 over asking.

Difference in time? Three weeks because of a snow storm.
I had four offers within two days of listing. One was low, an institutional investor with cash looking for rental properties. The other three were full price offers, no contingencies. One of those offered a "nut" of up to $15k over the list based on where the property appraised. It appraised at the list price, so we got $15k over the ask.

We were satisfied with the results as was the buyer. That's all that matters, really.

RM
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Old 04-07-2021, 09:23 AM
 
Location: OC
8,900 posts, read 5,100,212 times
Reputation: 7007
No. I need an agent. They help keep my emotions in check.
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Old 04-07-2021, 10:13 AM
 
Location: Needham, MA
7,313 posts, read 11,201,152 times
Reputation: 6369
Quote:
Originally Posted by MortonR View Post
Maybe under the circumstances, but the presence or utilization of a real estate agent does not suggest that you'll get more.

Case in point:

I recently (last year) sold a house with a flat fee broker, who also has a full blown agency of their own. Part of the deal was a market analysis. The agent/broker told me to price the property $30k (roughly 10%) below what I was expecting to list at. My price was based on watching and documenting comps from over five years in the neighborhood as well as general advice from a friend who is an appraiser and works the area on a regular basis. I also priced it at the middle of the range as I wanted it to go quickly and not have to drop my price after it sat for a week or two.

The agent was insistent that I would never get my price because the house needed to be updated. True, it did, but it was a solid, clean and well laid out property that would do well in the market, again, based on the comps I had researched for some years.

I listed it at my price and ended up selling $15k over the list. It went under contract three days after it listed.

Had I listened to the agent I would have left a significant amount of money on the table.

I realize this is only one instance, but my point is that if you do your due diligence and are realistic about your expectations, you can do as well or better than an agent.

RM
I can tell you countless stories where an agent has made the difference in getting a higher sale price.

Just the other week, I had a listing where my client wanted to accept an offer prior to our offer deadline. I advised not to do so and laid out the reasons why and guess what? They got $100K more in their pockets because they listened to me. My ability to negotiate and my knowledge of how to effectively navigate a multiple offer situation helped me to get them that price as well.

Quote:
Originally Posted by Lockdev View Post
Also in today's market, a real estate agent isn't necessary in a lot of cases. There are tons of buyers out there and plenty of places to post your home for sale. There's a growing trend in my neighborhood to not even use an agent because a neighbor knows someone ready to buy.
If your goal is simply "get the house sold" then you could train a monkey to do that right now. If your goal is "get the most money possible in the shortest amount of time needed to achieve that price" (i.e. the stated goal of 99% of my clients) then most FSBO's are not able to achieve that. They don't know how to market effectively, they don't know how to handle offers or mitigate the risk in them, and they definitely don't know how to negotiate.

Granted, the market I work in is rather high end and so there are many cash buyers here which allows us to push the prices higher than what an appraiser would agree with. So, in a market where you have tract homes and financed buyers the ceiling on what you can sell for is going to be limited by the appraised value.

Quote:
Originally Posted by Serious Conversation View Post
I was shopping for a home back in 2019. Hot market but nothing like this post-COVID mess.

I'd consider myself a high level expert on local economic, demographic, and real estate trends in my local area. I write articles about real estate and the local economy for the general public for a website focused on these issues locally. I've posted on C-D local boards for nearly a decade. I'm active on local Reddit. I've been politically active (when I've lived here) for nearly fifteen years. I'm well-known in the community.

The vast majority of realtors have far less local knowledge than I do. The person who owned the condo I bought was a personal friend and a drinking buddy of mine. I didn't know that prior to buying the place. The realtors on both sides were incompetent and the seller drove me back to the property after closing because neither realtor had keys to the property.

Jeff and I could have talked this house purchase out in thirty minutes to an hour over beers at the local pub. The realtors were useless overhead for folks like us.
Not all agents are created equal. In a transaction where two drinking buddies are involved, it might be nice to have at least one agent involved to keep things friendly and act as a moderator. However, adding one or two bad/ineffective agents into the mix is not going to make things more smooth. Ultimately, it was the two of you who decided on your representation.

Quote:
Originally Posted by kokonutty View Post
Seriously? Is there a large group of real estate agents hidden away somewhere that are actually interested in, and adept at, negotiating the best price for their client rather than simply performing the basics and closing the sale without ruffling any feathers?

There is no better advocate or anyone better prepared to negotiate on my behalf than me. That may not be true for everyone but your response here does not even allow the possibility even though your knowledge of the OP's situation is exactly zero.
I have no idea what the size of the population is, but there are definitely some great RE agents out there. I've had the privilege of working with and speaking to many. There are also some really bad ones. The industry suffers in general from a lack of mentorship and training IMO. For example, in MA an attorney can send in a form and get their broker's license. So, they can immediately start helping people buy/sell a house without any mentorship or monitoring. Does that sound like it's going to result in a positive experience for their clients?

Quote:
Originally Posted by Gaylord_Focker View Post
No. I need an agent. They help keep my emotions in check.
Taking the emotion out of the situation IMO has always been a very valuable service agents can provide. I can give you countless examples of when I had to talk down a client before they ended up shooting themselves in the foot.
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