Selling my house

[Tcali]

Is getting an agent worth it, or should I try to sell it myself?  Also what is the usual commission for an agent (i.e % of list/sell price) and is it negotiable?  Any other tips would be helpful.  Thanks in advance.

302489[/snapback]

Finally a subject I know something about. Find yourself a top notch realtor and pay the 6%. By having the agent you will have access to many more buyers--not only thru YOUR realtors side but thru the other side whose agent is motivated to show your place because they will actually get paid if there is a sale. A good agent/realtor knows the trends and how to appropriately price your house. If you list too high then you have to reduce...and there will be a stigma on the house--and the cheapskates will start making offers.If you price too low there are other probs.---Then there are the legal questions that a good agent can smooth over--problems that he/she has seen a million times...so you dont have to re-invent the wheel. I AM NOT A REALTOR!!!---but I do own a few houses in crazy California. You will lose out if you are a cheappskate and try to do the FSBO.stupid move. Penny smart and pound foolish.

[MadBuffaloDisease]

Finally a subject I know something about. Find yourself a top notch realtor and pay the 6%.

Thanks. Should I try/force the issue to get the commission down to 5%? Sounds like a "duh" question, but just wondering why not is the answer were "no."

[Buffaloed in Pa]

I sold my house last year through a realtor 6% was the charge here in Pa...and I sold my camp my self last year through my attorney ,it cost me $750 .Selling the house was a pain in the a$$ ,this inspection ..that inspection,what a game ..took me 3 day`s to sell the camp and 2 month`s to sell the house to the buyer..waiting on the loan ..paper work ...I`ll die in this house before we move again . Good luck

[Bill from NYC]

I would be happy if I could get 25 cents more than I paid for my house in South Buffalo....Will be selling it this summer to build a house in the Wonderful TOWN of Brant

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Is real estate value actually declining in Buffalo?

[mead107]

what ever happened to this is my price, give it to me and you pay for all the inspection and repairs ?

[plenzmd1]

Thanks.  Should I try/force the issue to get the commission down to 5%?  Sounds like a "duh" question, but just wondering why not is the answer were "no."

303008[/snapback]

 

Mad, my two cents after four home buys, sells in the last ten years. Where you live is crucial. In a hot market, contrary to popular belief, correctly pricing your home is crucial. In DC for instance, if you price your house too high, and the house sits even for three weeks, your marketability on the house decreases significantly. The common perception will be " there must be something wrong with this house, it hasn't sold in a week, I will look at others" .

 

Two things that are "musts" to include in the listing agreement besides negotiating the commision.

 

#1), do not agree to anything longer tahn a 90 day listing with the agent. Can't sell it in 90 days, your fired.

 

#2) No commisions are due until you actually close on the house. Standard language in a listing agreement states you get an offer for asking price and do not accept, you owe the agent their commish. This is really important.

 

Also, if you hire an agent, do not use the Aunt of Betty who works in your office and lives clear across town. Look around your neighborhood and look for realtor signs, who has the most. Interview at least three, find out where they live, how many houses they have sold in your zip, your neighborhood, and even your street. That is crucial. Much more important than the number they would list the house . What will be their marketing budget for the house, where will it be advertised outside the MLS. If there only plan is an open house on weekends, thats garbage. Less than 5% of all homes are sold through an open house. It is only a way for the agent to troll for new clients.

 

 

 

I have always used an agent. My last sale in DC the agent was crucial. She had sold the house two doors down from me three weeks prior, and new a couple who wanted our neighborhood badly but had lost out on the bidding war on that house. Knowing this, she actually priced my house about $25K less than what we thought it was worth on a Tuesday morning. In DC, new listings for open houses are released on Friday or something like that. She was able to call this couple the minute a I signed the listing agreement and have them come see the house that evening.

 

One hour after they left, I had a contract in hand for $80K over the listing price, with no contingencies, no inspection, and $100K security deposit. See, she knew their fear they would lose out on another bidding war, and wanted no part of that, so they overpaid.

[SouthernMan]

Thanks and a lot of good advice.  I had an agent from Coldwell Banker (the largest RE company in the world, apparently) see the house yesterday.  I want to sell after I get some exterior molding and a new paint job done, because the house has needed it since I bought it, so time is of the essence.  I was worried that there were things inside that would be a problem, but the agent was very impressed with the house and saying stuff like "the house will sell itself."  I was wondering "what do I need YOU for then?"  But after reading the above advice, I realized that if there's no agent, like "stevewin" said, people will want to take 6% off the price immediately, so there's really little savings, or at least not enough savings to justify the extra headache.  Also I think the agent can get an open house to draw a lot of people and get better offers, from a better clientele base.  So I feel a lot better knowing that going with the agent, at least in my case, is the best option.  That's good because I'd feel bad telling her I wanted to list it FSBO and didn't need her, when she had already met with us and put in the effort to do some research.

302752[/snapback]

 

A lot depends on the desireability of your location and home.

 

We just sold our home fairly quickly through a realtor. Looking back, I should have attempted to sell it myself by putting a sign out for a couple of weeks and maybe getting lucky. It would have saved me thousands had I made a sale in that way. I didn't do that because I didn't want nosey neighbors and curiousity seekers wasting my time. At least through a realtor, there's some degree of commitment (prequalifying and so forth). BUT....considering how well our house shows, I should have tried at least for a week or two with an ad in the paper and a sign out front.

 

When it came down to it, our realtor had little input, other than listing it on the MLS networks. She didn't show it once. I hooked up with her because of a house that I had found which she already had listed. I think I made some hasty decisions because of the fear and warning that "interest rates are going up".

 

In hindsight, I should have realized that the small percentage that it might have gone up (it's actually gone down) would not have made up for thousands I may have compromised by acting too quickly.

 

I won't look back with regrets, though I will remember not to panic. When it all comes down to it, interest rates area still fantastic and we got more house than we could have afforded a few years back.

 

If you're not in too much of hurry, my advice would be to put an ad in some local papers, put a sign out, spread the word to friends, family, and co-workers, and see what happens. If it becomes a hassle or if there is not much interest, go ahead and contact a realtor. Chances are, they'll be contact you. Don't be afraid to play them against each other. You may be able to negotiate a lower commission.

 

Good luck.

[MadBuffaloDisease]

A lot depends on the desireability of your location and home.

 

We just sold our home fairly quickly through a realtor. Looking back, I should have attempted to sell it myself by putting a sign out for a couple of weeks and maybe getting lucky. It would have saved me thousands had I made a sale in that way. I didn't do that because I didn't want nosey neighbors and curiousity seekers wasting my time. At least through a realtor, there's some degree of commitment (prequalifying and so forth). BUT....considering how well our house shows, I should have tried at least for a week or two with an ad in the paper and a sign out front.

 

When it came down to it, our realtor had little input, other than listing it on the MLS networks. She didn't show it once. I hooked up with her because of a house that I had found which she already had listed. I think I made some hasty decisions because of the fear and warning that "interest rates are going up".

 

In hindsight, I should have realized that the small percentage that it might have gone up (it's actually gone down) would not have made up for thousands I may have compromised by acting too quickly.

 

I won't look back with regrets, though I will remember not to panic. When it all comes down to it, interest rates area still fantastic and we got more house than we could have afforded a few years back.

 

If you're not in too much of hurry, my advice would be to put an ad in some local papers, put a sign out, spread the word to friends, family, and co-workers, and see what happens. If it becomes a hassle or if there is not much interest, go ahead and contact a realtor. Chances are, they'll be contact you. Don't be afraid to play them against each other. You may be able to negotiate a lower commission.

 

Good luck.

Again, thanks for the input. The agent more or less said that "the house will sell itself." She said she was expecting that some things inside would have to be fixed, and had a certain price in mind, but when she saw it, she said it was great and thought it be listed for about $35K more. That's when I started to wonder if FSBO was the better way to go. However as was mentioned, consumers these days are savvy, and when they realize there's no agent involved, they will ask for a discount virtually the same as the cut the agent would take. Hell, I'd do it! So in that regards, the couple thousand difference (I figure) isn't worth the aggravation, and time if of the essence, to a degree.

[IDBillzFan]

Thanks.  Should I try/force the issue to get the commission down to 5%?

303008[/snapback]

Only if you're willing to have an agent who will only work for the five percent. Give them the 6% and all will be fine.

[MadBuffaloDisease]

Only if you're willing to have an agent who will only work for the five percent. Give them the 6% and all will be fine.

That's why I thought is wasn't totally a "duh" question. Thanks for all the help, everyone.