11 Replies Latest reply on Jul 30, 2013 5:24 PM by acupunto

    Selling a house without an agent

    Louise49

      I am hoping to find someone who has sold their house without using a real estate agent.  I currently live in DC and am moving to Boulder.  DC's market is turning into a seller's market believe it or not, and several houses in my neighborhood have sold within two weeks of listing.  I hate to pay a real estate agent thousands of dollars for listing my house in the MLS.  If anyone has any advice i am all ears!

       

      Louise49

        • Re: Selling a house without an agent
          cbslc
          We sold our house via owner several years ago. It was pretty simple, but the buyer went with an FHA loan that slowed things down substantially (there were only 2 FHA approved appraisers in the county). The title company did all the work - along with their mortgage company. We downloaded a purchase contract and did take a $500 earnest check. Post it on Craigslist, drop off flyers at some mortgage places and put up a for sale sign. The for sale sign actually worked best for us.
          • Re: Selling a house without an agent
            MyR Community Manager
            Lousie49,
             
            Thank you for creating a new discussion thread! We appreciate and enjoy your participation in the MyRetirement.org online community and look forward to your future contributions.
              • Re: Selling a house without an agent
                JerryD
                Not a sale without broker, but we once sold a house in a terrible housing market area using an auctioneer. The sales commission was steep at 10% and I had to almost tell the auctioneer what to do on the house sale but it sold a week or so after the auction and I figured that it would have taken at least 2 years to sell the house.
                 
                A note about auctioneers from our experience is to get a copy of everything they sold and the price. They wanted to just "send" the results to us and we would not have been able to prove anything about the proceeds. He was later prosecuted while messing around with a university auction.
                 
                Interestingly, we were surprised at the everything goes sale and what people paid for some "junk". Don't discard anything. You could be surprised at what people are looking for and the auctioneer most likely will notify collectors/resale types that come and bid on only 1-2 things and leave.
              • Re: Selling a house without an agent
                TroutBum
                I've sold houses both with, and without, realtors. If I have a buyer in hand I'll save money and go through a title agency to handle the papers. If not, I think a realtor is well worth the fee considering their networking, advertising, expertise and knowledge of available financing.
                • Re: Selling a house without an agent
                  sktn77a
                  I think Realtors are a dying breed.  Let's face it, the internet now provides pretty much everything the old MLS does (at least from the buyer/seller point of view).  I think commissions will gradually be eroded to the point that its no longer a viable career/profession.
                    • Re: Selling a house without an agent
                      smaneck
                      sktn77a said...
                      I think Realtors are a dying breed.  Let\'s face it, the internet now provides pretty much everything the old MLS does (at least from the buyer/seller point of view).  I think commissions will gradually be eroded to the point that its no longer a viable career/profession.
                      I can sell a house without a broker but I've always used one to buy a house. I typically buy HUD houses or repos of some sort and those require an agent, but HUD or Fannie Mae pays the fee, so that is no big deal.
                    • Re: Selling a house without an agent
                      Glicker
                      Hi,
                      We have bought and sold without brokers about 6-7 times. You can save a lot of money. There is a hassle factor - being available. I am in Wisconsin and the standard contract is written to protect both buyers and sellers. My suggestion is to contract with an attorney who knows real estate. For about $1000 or so, they will review and advise on the contract as well as any counters. At least around here it is about $1000. Worst case we have paid buyer broker but that cuts fee in half to 3%. There are a number of firms FSBO is a good one we have used, that provide a lot of general information for a very small cost. You can also get on the MLS but it usually implies you will pay the 3%, again, not bad and worth the exposure. Be prepared for a raft of inquiries from brokers who want to list your home. I tell them, "Bring me a buyer and I'll pay you 3%." Good luck. 
                      • Re: Selling a house without an agent
                        smaneck
                        Belief it or not I ended up selling my house at my yard sale! 
                         
                        Mind you, this was a low-end house. I bought it in Florida as a HUD house for 39K, spent about 10K fixing it up and only ended up living in it for a year and a half before I had to move out-of-state. I talked to a real estate lady about listing it and she recommended it be listed at 65K. I decided just to put a For Sale sign in my yard during weekend the yard sale I was having just before I moved out. I was planning let the real estate lady list after the yard sale, but I got a an offer of 55K from someone on the spot and they were prepared to give me 5K in earnest money! I did the math and figured that was about what I'd walk away with eventually anyhow. 
                        The paperwork was not a problem. Contracts are available on the internet or at any office supply store and it is the title companies job to make sure everything was done properly. I was in Mississippi at the time of the close date and all the paperwork was to be Fed-Exed to me. There was only one glitch. My closing date was 9-11-2001. Oh, well. Shifting the closing date was no problem, just involved more paperwork. 
                         
                         
                         
                         
                        • Re: Selling a house without an agent
                          yanushkevich
                          I feel for you, having sold a couple of houses myself in the DC metropolitan area, all I can say, is that if you sell without a realtor, you lose a large swath of potential clientele, plus when a buyer purchases a house without a realtor, they check the prices around and expect you to split the commission.

                          I am not a realtor, but in today's market you need some good advice regarding code violations and required vs non required upgrades the buyer might ask for.
                           
                          My suggestion is to negotiate the fee with the realtor, you are no  longer bound by the usual six percent these days.  Also you might want to invest in an appraiser who can tell you whether your house is mustard or will need work to offset potential code violations.  Good luck Louise49
                          • Re: Selling a house without an agent
                            Sharon
                            My dad sold his home without a realtor but he didn't even have a real contract so I made sure a lawyer drew up the contract and he went through an escrow company and title insurance.  He took on the paper for the buyer, and by forcing the legality in 5 years the buyer had the house paid for.
                            Where we live, homes are selling in several weeks, now even more than asking since people seem to be worried interest rates will go up.
                            But still trying to sell your house on your own isn't easy.  
                            You have to put it in MLS or advertise on line and have tons of gorgeous photos to go with the listing. Do all that, you will save thousands as long as you have a legal contract (loss of deposit if doesn't close, take as is, subject to financing, etc.)  Around here almost all the homes are selling for cash (out of country).  And these are million dollar homes!
                            • Re: Selling a house without an agent
                              acupunto
                              I find it risky .. It is a mean sellers mkt. and trouble may ahppen, specailly with multiple offers and shortcutting my sale price .. I live alone and I hesitate the most ..even if I was married , I would .. 
                              I also hate to pay commmission .that is why I will only work with someone working for me !! I pay the comm$$$!