Originally Posted by Jerseygirl

We are due to sign with a realtor tomorrow afternoon...but after selling the car within 1 hour of putting it for sale by the road...it's got me wondering if we should try to sell the house ourselves. Has anyone tried to do this...does anyone know what is involved...is it worth it or false economy?

Originally Posted by Michael

It can be done by yourself for between about $200-$4,000 depending on the package you take (MLS listing only to MLS listing, signs, assistance for documentation from a web site, etc.) but realtors won't show your house unless the MLS indicates at least 2.50% commission for them. Even then realtors don't like showing a home from a private seller since there can be complications.

If you then only do a private sale (no realtor), the buyer then expects that he will get his share of your savings since generally closing is more complicated since neither party fully understands what to do and they don't trust each other. Therefore unless there is some advantage of purchasing a home from a private seller, most stay away from that.

Also with few potential buyers, you probably won't get the price that you would get using a realtor where there may be multiple buyers bidding for the property.

The disadvantage is that

Originally Posted by Sally Redux

Land of the Free.

It would be very tempting but the realtors would be against you as Michael says.

PS are you leaving the US for good?

Originally Posted by Jerseygirl

Yeah they have pretty much got the housing market wrapped up for themselves haven't they?

When we lived in the UK we always sold our own houses. Goes against the grain to lose 6% of the profits.

Originally Posted by Sally Redux

I don't think what they do is worth anything like 6% of a high-value house.

Originally Posted by Jerseygirl

Neither do I. I watch Million Dollar Listings...I know how quickly they turn over property. Ka Ching.

Originally Posted by Sally Redux

Good return on a few plates of nibbles

Originally Posted by Jerseygirl

That's what I thought Michael...thank you for the confirmation. Shame though...6% is a big chunk of change.

Originally Posted by Michael

You can generally get a lower commission by giving exclusive listing (both buying and selling) to specific real estate brokerage (ex. Coldwell Banker) but again the number of potential buyers is likely reduced.

Also there are discount brokerages such as ZipReality that charge as little as 4.5% and can possibly be as good as the large firms.

http://www.ziprealty.com/

Originally Posted by Jerseygirl

The realtor said although it wasn't ethical...some realtors aren't interested unless they get the full 3% cut.

Originally Posted by RoadWarriorFromLP

If the market is slow where you are, then you can negotiate the commission fairly easily. If things are busy, then it could be more difficult. It's not unethical to haggle over the fee.

That being said, you'll probably find it easier just to hire an agent. They can list property on the MLS, while you can't.