Selling our home without an agent

[Bunnny]

My husband and I have decided to sell the house we live in. He received it in the family, so he didn't go through the traditional buying process.
We did look into agents, but it looks easy enough to sell without an agent (with a real estate lawyer, of course).

Has anyone had first hand experience in selling without an agent?
Any tips to avoid the not-so serious people?
Do you straight out ask if they've already spoken the bank?

[W Cole]

Originally Posted by Bunnny

My husband and I have decided to sell the house we live in. He received it in the family, so he didn't go through the traditional buying process.
We did look into agents, but it looks easy enough to sell without an agent (with a real estate lawyer, of course).

Has anyone had first hand experience in selling without an agent?
Any tips to avoid the not-so serious people?
Do you straight out ask if they've already spoken the bank?

I think you should really consider speaking with a real estate agent. They typically charge 2.5%. Next to nothing. If they do their job right they should be able to help you get a lot more than 2.5% more for your home while saving you a lot of aggravation.

They will Hold open houses, broadly market your deal for sale, have buyers compete against each other. A good agent is worth a lot more than their fee.

Not to mention some buyer rep agents won’t even show your home to their buyers because they don’t want to work directly with a seller because sellers are emotionally involved in the transaction and are uneducated on the process. Think about it from the perspective of the buyers agent, why not plug their buyer into a home with an agent that will result in a smooth transaction?

[tcphoto]

It’s not just the staging, marketing, showing, selling of the home, it’s the legal process of it. If you want the most money for the home with the least amount of effort, you will find an agent. Otherwise, you may expose yourself to legal action should an issue arise.

[TXSTYLE]

I've sold one of our previous homes by myself. There's nothing frightening or risky about it. The Title company will ultimately verify and legitimize everything anyway. The fact is, at leat in my area and market, agents get 6%! That's a huge chunk of your hard earned equity!
So even if you sell it for less, you will probably save. You will simply place your For Sale By Owner signs up. Call local realtors and let them know you're selling. Have your home inspected which is very important. I suggest small improvements that cost minimal to modest, but make huge impact: Fresh paint, and landscaping for curb appeal.

- Marcus

[Alfisti]

The system here is broken, you get dinged for both agents, so about 4%. So i'd be out about $80K, I question the value at that point.

[clutchdj]

If you have plenty of time (patience) on your hands it’s doable. Bought my first place w/ no agent, but that was in NY state. Considering today’s market; an agent may be able to help your property sell faster while negotiating a higher asking price especially if there is more than one buyer.

[dreamingat30fps]

When we tried to sell our home in FL a couple of years ago the realtor fee was 6% that's not chump change on a $400k house. Plus I didn't really feel like they did much. I mean they had a photographer come take pics, we obviously had to prep the house, remove extra stuff etc then they listed it online and that was pretty much it. If someone wanted to see it they showed it, we then had to pack up the dogs and GTFO for like an hour sometimes more if people were late etc.

Ultimately they failed to sell it after maybe a month or month and a half and we were planning to go on a 5 month road trip so that was the end of that. As for making sure everything goes smoothly... from a buyer side I still had to get a lawyer to do the paperwork and title insurance company to do that so the realtor didn't really seem to do much in that regard. Although as the buyer I don't really have to pay the realtor directly so it's a little different.

In this ridiculous market... if I were to sell... I would probably try doing it myself.

[Alfisti]

My issue is the percentages have not dropped, like ever, yet prices have climbed super sharply even accounting for inflation. Like I said, $80K to sell a $2m house is a bit ridiculous.

[hdahman]

i use an agent even when renting my properties, I will never sell my home myself for whatever extra gains.
(1) piece of mind and time, for me this is priceless
(2) de-risk yourself from scams, and/or any legal issues

[spazzyfry123]

I paid $400 to use MLSmart's services when I sold my last house 4 or 5 years ago. A FSBO type deal that gains access to MLS. No hiccups, worked with real people, and sold my home before the for sale sign showed up with multiple offers.

If you're in a hot market and willing to work with the buyer's agent and do the leg work up front, can save you many thousands...

[tdott]

Going to be hard from what I have heard from other people unless you find someone that really wants your home.

Everyone thinks if you are selling without an agent, they will offer you much less.

Most agents probably won't show their client your home unless you are offering them their full commission, even then they usually still avoid it and bad talk it to their clients.

Most buyers esp first time ones, won't want to buy without an agent, they think an agent is acting in their best interest and will somehow protect them.

Definitely an industry that could use turning upside down, but too much red tape and gate keepers looking to protect their interests.

Goodluck with it, hopefully you have a good experience.

[Bonk!]

I've sold three places without an agent - if you're reasonably well organized, able to look at your place objectively and understand that this is a business transaction there is no real mystery to it. Many factors make it easier than ever: on-line assessment tools, the extraordinary number of buyers out there, the ease of producing high quality brochures, etc. A good local lawyer who specializes in real estate is a must. He/she will know what you're required to do in terms of smoke, septic, and C0 inspections, getting last minute utility bills, analyze offers, and explain all the little things needed to make a closing go smoothly. However you list it, make sure to clearly specify what percentage you're willing to pay a buyer's broker. With the number of savvy buyers out there in this market you may get away without paying anything. Good luck.

[VAcurler]

It is all about location, location, location. In the right market the houses sell in a week so the agent is really only helping you get the listing and then the all cash bidding war starts. If you are selling yourself make sure you include the 3% buyers agent fee. If I were selling now I'd go as cheaply as I could on the selling side. A true selling agent becomes helpful when you are selling a one of a kind property or the market sucks.

[vreihen16]

We just closed on our retirement lot two weeks ago. Went with an agent in the area. Since we did a cash sale, I was glad to have an agent using their standard forms instead of winging it myself...especially without a bank at the table looking things over. Peace of mind for my 3% or whatever the buyer's agent gets there.

The closing was in South Carolina, and our attorney did the title work and obtained an owner's title insurance policy for us as part of their closing fees. Another check that I was happy to write with no bank at the closing table as a third set of eyes.....

[Tommy-G]

Keep in mind, if someone is going to try to scam you they are going to look for a "sell by owner" situation specifically.

[6oclockshadow]

If you do, you better do your homework. So much could go wrong.

[Bunnny]

Originally Posted by W Cole

I think you should really consider speaking with a real estate agent. They typically charge 2.5%. Next to nothing. If they do their job right they should be able to help you get a lot more than 2.5% more for your home while saving you a lot of aggravation.

They will Hold open houses, broadly market your deal for sale, have buyers compete against each other. A good agent is worth a lot more than their fee.

Not to mention some buyer rep agents won’t even show your home to their buyers because they don’t want to work directly with a seller because sellers are emotionally involved in the transaction and are uneducated on the process. Think about it from the perspective of the buyers agent, why not plug their buyer into a home with an agent that will result in a smooth transaction?

I have done my homework on what they charge. It's 7% on the first 100,000 where I live, and my home will be listed for $960,000+ (based on the neighborhood, and I recently spoke to neighbors I know who sold recently). At 7% and their rate of 3% after, its closer to $25,000+ I would be paying them out, for showing my home and listing it, and since I'm not working right now and have time to do all this, I don't see the value in them for that amount of money.
I did speak with an agent before, and we had him by to see the place, but basically to take some pictures and list it online, it's seeming like it's not worth it.
He didn't seem like he really knew the neighborhood or the selling rates, and I've already spoken to my neighbors who have sold/bought this year and what their price was. Maybe its just the agent but he left me with the impression that if an idiot can do it, surely if I research the fuck out of it I can be successful too.

[Bunnny]

Originally Posted by TommyG-inFlaNow

Keep in mind, if someone is going to try to scam you they are going to look for a "sell by owner" situation specifically.

Problems everywhere you turn, even with Real Estate agents also, who have friends who buy up the home, only to return it to the market at the price they know will sell for more money. Or they don't notify you of requests or changes in time.

[tom2021]

I sold my house, by myself, through Purple Brick (used to be Comfree) in 2012, although my lawyer recommended to sell through realtors. One month of hard work cleaning the house after every single visit by "a prospective buyer", I sold the house $10,000 less than asking price. The market was a seller market back then.

It was around 50 of them including two open houses who viewed my property. "A prospective buyer" with her daughter came during open house and surprised to meet their acquaintance, "another prospective buyer" with her daughter, in my house. Guest what, they were going to attend a gathering nearby, and stopped by to "check out". Most people don't appreciate your time and just come to see your house. But, the moment you decline to show your property to a "not so serious buyer", you may loose your golden opportunity.

My friend just sold his house, $50,000 over asking price, recently through a realtor.

The lesson learned for me: if you have a good agent who have a network with buyer agents, you will get the best bang for your property.

It is a good time to sell and no need to buy a property. Best of luck.

[Z_Pilot]

As a first time buyer, I bought from a By Owner seller. Firstly, all the stuff about inspections is up to the buyer, NOT the seller. However, some banks have gotten really good with pre-purchase inspections and may have you do things you may not wish to do just to sell it. That's fine IF someone has put down money to hold it til closing. Why?
1. If they fail to close they forfeit the money. ( I actually know people in the "Investment" market that list and show rentals with the intention to NEVER rent it. By charging an "application fee" that is not refundable. If you show the house 5 times in a day, that's 500 bucks for doing diddly squat but sitting there all day waiting for the next client. If you are good you can book them at least 1 hour apart so no one sees anyone else and BINGO you just landed your mortgage payment in one day.
2. Having a Lawyer for the BUYER and maybe not so much for the seller cause the title work must be verified before closing. The attorney job. My father advised me to get one. It saves your azz when the title company doesn't do their damn job right. (He was sued for a former 2nd loan on the house he bought that was not disclosed at the closing.)
3. Try it and find out just how much pain you can tolerate. For 80K I can tolerate a lot of headaches.
4. Don't Worry. JUST DO IT.