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Selling a house without a realtor

Selling a house without a realtor

Old Jun 12th 2013, 9:37 pm
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Default Selling a house without a realtor

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?
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Old Jun 12th 2013, 9:53 pm
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Default Re: Selling a house without a realtor

Originally Posted by Jerseygirl View Post
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?
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.

Last edited by Michael; Jun 12th 2013 at 10:22 pm.
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Old Jun 12th 2013, 10:13 pm
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Default Re: Selling a house without a realtor

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?

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Old Jun 12th 2013, 10:19 pm
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Default Re: Selling a house without a realtor

Originally Posted by Michael View Post
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
That's what I thought Michael...thank you for the confirmation. Shame though...6% is a big chunk of change.
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Old Jun 12th 2013, 10:23 pm
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Default Re: Selling a house without a realtor

Originally Posted by Sally Redux View Post
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?
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.
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Old Jun 12th 2013, 10:30 pm
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Default Re: Selling a house without a realtor

Originally Posted by Jerseygirl View Post
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.
I don't think what they do is worth anything like 6% of a high-value house.
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Old Jun 12th 2013, 10:34 pm
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Default Re: Selling a house without a realtor

Originally Posted by Sally Redux View Post
I don't think what they do is worth anything like 6% of a high-value house.
Neither do I. I watch Million Dollar Listings...I know how quickly they turn over property. Ka Ching.
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Old Jun 12th 2013, 10:36 pm
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Default Re: Selling a house without a realtor

Originally Posted by Jerseygirl View Post
Neither do I. I watch Million Dollar Listings...I know how quickly they turn over property. Ka Ching.
Good return on a few plates of nibbles
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Old Jun 12th 2013, 10:39 pm
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Default Re: Selling a house without a realtor

Originally Posted by Sally Redux View Post
Good return on a few plates of nibbles
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Old Jun 12th 2013, 10:44 pm
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Default Re: Selling a house without a realtor

Originally Posted by Jerseygirl View Post
That's what I thought Michael...thank you for the confirmation. Shame though...6% is a big chunk of change.
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/
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Old Jun 12th 2013, 10:49 pm
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Default Re: Selling a house without a realtor

Originally Posted by Michael View Post
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/
The realtor said although it wasn't ethical...some realtors aren't interested unless they get the full 3% cut.
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Old Jun 12th 2013, 10:57 pm
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Default Re: Selling a house without a realtor

Originally Posted by Jerseygirl View Post
The realtor said although it wasn't ethical...some realtors aren't interested unless they get the full 3% cut.
Most will show houses or make offers on houses that are listed at 2.75% or above and usually it is the discount real estate broker that takes significantly less. I believe discount brokers have savings since they usually don't have an office but an agent is assigned to work from his house.

In fact when I sold my last home, the buyer used ZipReality (I don't know why unless the buyer gets a kickback).

Also sometimes even an real estate agent from a large firm may only indicate (without your knowledge) a buyer's commission of less than 3%.
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Old Jun 12th 2013, 11:02 pm
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Default Re: Selling a house without a realtor

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.
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Old Jun 12th 2013, 11:03 pm
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Default Re: Selling a house without a realtor

Ziprealty could be worth a look.
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Old Jun 12th 2013, 11:04 pm
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Default Re: Selling a house without a realtor

Originally Posted by RoadWarriorFromLP View Post
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.
Anybody can list on the MLS and the price is generally less than $600.

http://www.flatfeegroup.com/?gclid=C...FQdyQgodiS4AaQ

http://www.flatfeegroup.com/NewJersey/

Last edited by Michael; Jun 12th 2013 at 11:08 pm.
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