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Need help from realtors or our extreme lawyers, and anyone that did sale by owner :)


jbooma

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My wife and I are planning to sell our rental house next spring. Exactly how hard is it to sell a place without using a realtor and is it worth it?

We were thinking of getting a realtor to negotiate down their price for the % of the sale but started thinking is it easy enough to sell ourself with the help of our lawyer?

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I dont know why anyone would sell their homes without a real estate agent, from what I understand the buyer pays both agents. Maybe, if it is a crazy hot market like it was a couple of years ago where the sellers ruled you might make out, but it seems to me that the people who are going to find your house on their own are going to be frugal people who are not gonna put a lock it down offer on the place they have chosen.

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I dont know why anyone would sell their homes without a real estate agent, from what I understand the buyer pays both agents. Maybe, if it is a crazy hot market like it was a couple of years ago where the sellers ruled you might make out, but it seems to me that the people who are going to find your house on their own are going to be frugal people who are not gonna put a lock it down offer on the place they have chosen.

Negative, Ghost Rider. The seller pays the commission.

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I dont know why anyone would sell their homes without a real estate agent, from what I understand the buyer pays both agents. Maybe, if it is a crazy hot market like it was a couple of years ago where the sellers ruled you might make out, but it seems to me that the people who are going to find your house on their own are going to be frugal people who are not gonna put a lock it down offer on the place they have chosen.

The seller has to pay a commision to the agent of usually around 6%, though some sellers will go as low as 3%.

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I sold without a realtor. Found a Buyer and paid $200 to have a lawyer write the paperwork.

However -That was in Annapolis at the start of the boom. So I had 3 offers just from a sign.

3 years later - I treid to sell my house in Texas from a discount realtor (Only 3% commision - Normal is 6%). Market in Texas is very bad and house sat on the market for 6 months before we changed realtor back to a 6% commision. Sold in 30 days after that.

FYI - Seller pays for a realtor.

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A while back, when I was advising my parent's on the sale of a beach house they owned, I asked my brother (who runs the IT department for a very large law firm) about whether they needed an agent. For example, I mentioned that the folks intended to sell the house as is, because it had been vacant for some time, and they really didn't want to go through a bunch of arguments, and they didn't want people coming back later with complaints.

My brother pointed out to me that, for example, where he lives, if you sell a house "as is", but the "as is" message isn't on the sales contract in the right type style and size, or isn't in the right place on the page, then by law the buyer can buy your "as is" property, take possession, then sue you for the costs of any repairs the property needs, even if he was aware of the problem when he bought the place.

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A while back, when I was advising my parent's on the sale of a beach house they owned, I asked my brother (who runs the IT department for a very large law firm) about whether they needed an agent. For example, I mentioned that the folks intended to sell the house as is, because it had been vacant for some time, and they really didn't want to go through a bunch of arguments, and they didn't want people coming back later with complaints.

My brother pointed out to me that, for example, where he lives, if you sell a house "as is", but the "as is" message isn't on the sales contract in the right type style and size, or isn't in the right place on the page, then by law the buyer can buy your "as is" property, take possession, then sue you for the costs of any repairs the property needs, even if he was aware of the problem when he bought the place.

"by law" could depend on the law of that particular state. Doesn't necessarily apply everywhere.

EDIT: which explains why you wrote, "where he lives." :doh: My bad.

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"by law" could depend on the law of that particular state. Doesn't necessarily apply everywhere.

EDIT: which explains why you wrote, "where he lives." :doh: My bad.

My point was: Real Estate is a business where the states have passed a lot of rules and regulations. While a lot of the laws may be well intentioned (I'm certain that the example I gave was passed to prevent sellers from hiding an "as is" disclaimer in the fine print), the result is to create a business environment in which trivial mistakes may result in six-figure liabilities in which a crooked person (and they're out there) can shaft you, and the law will clearly state that he's correct.

(Now, does that mean you can't "do it yourself" by paying a lawyer a few hundred? I don't know. But my feeling is that you really don't want to do it completely alone.)

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(Now, does that mean you can't "do it yourself" by paying a lawyer a few hundred? I don't know. But my feeling is that you really don't want to do it completely alone.)

VA is a caveat emptor state. They don't care if you're doing it alone or not...screw up and you could be facing big fines.

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My wife and I are planning to sell our rental house next spring. Exactly how hard is it to sell a place without using a realtor and is it worth it?

We were thinking of getting a realtor to negotiate down their price for the % of the sale but started thinking is it easy enough to sell ourself with the help of our lawyer?

Its really a matter of preference. Really, you are going to save yourself 3% minus whatever the lawyer costs. So with that number in mind, is it worth it to you to do all the work marketing the house ($), negotiating the price (homes sold using a realtor sell for 15%more) and taking the time out of your day to learn all these things. As a mortgage-guy, i can tell you that the buying and selling of property is a complicated process.

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As a mortgage-guy, i can tell you that the buying and selling of property is a complicated process.

In VA you need a laywer for the transaction?

And why only 3%?

Out here it's 6% (3 for each realtor, the buyer and seller).

In my experience Realtors are whores. Charging 3% for them to take a few pictures and post them online seems a bit rediculous.

If you are a decent negotiator, and know the true market value of your home (I suggest getting your own appraisal), then you shouldn't have many problems doing it on your own. There are resources out there to help you, too. It's all about knowing how to market the home.

Like me, for example. I run a FSBO website and help people sell on their own all the time. I help them save the 6% Realtor commish, and in return they use me as their Mortgage guy on future deals. Everyone wins.

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In VA you need a laywer for the transaction?

And why only 3%?

Out here it's 6% (3 for each realtor, the buyer and seller).

In my experience Realtors are whores. Charging 3% for them to take a few pictures and post them online seems a bit rediculous.

Its the same here. The lawyer people are suggesting is to write the contract if they DONT hire a realtor.

If you are a decent negotiator, and know the true market value of your home (I suggest getting your own appraisal), then you shouldn't have many problems doing it on your own. There are resources out there to help you, too. It's all about knowing how to market the home.

Thats the rub. Inevitable, people overvalue their own home, then wonder why it isnt selling.

Like me, for example. I run a FSBO website and help people sell on their own all the time. I help them save the 6% Realtor commish, and in return they use me as their Mortgage guy on future deals. Everyone wins.

If someone REALLY wants to sell, instead of offering 6%, FSBO it and offer 4% for the selling agent.

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