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#21
11-22-2005, 02:59 PM
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Re: For Sale By Owner Horror Stories
[ QUOTE ]
I don't understand why more people don't do this. I just have a big problem with paying a person like $50K to show people my house and then sign a few papers. I swear, realtors (oh, I'm sorry, Realtors) are the biggest scam artists in the world. [/ QUOTE ] Most Realtors (like 90+%) make a very paltry sum of money at the end of the day. 
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#22
11-22-2005, 03:03 PM
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Re: For Sale By Owner Horror Stories
[ QUOTE ]
paying a person like $50K to show people my house [/ QUOTE ] You must have a REALLY nice house.
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#24
11-22-2005, 03:18 PM
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Re: For Sale By Owner Horror Stories
[ QUOTE ]
[ QUOTE ] paying a person like $50K to show people my house [/ QUOTE ] You must have a REALLY nice house. [/ QUOTE ] Or a 2 bedroom condo in SF or NYC. [img]/images/graemlins/grin.gif[/img]
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#25
11-22-2005, 07:53 PM
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Re: For Sale By Owner Horror Stories
I appreciate all the rapid replies and advice.
The attorney who officiated the closing when we bought the house has a realtor who works in his office and will assist with the purchase agreement, providing proper paperwork, etc if we use him to close this sale. These costs would be part of closing costs which are usually paid by the buyer. We're also looking into local realtors who for a flat fee would list our home in the MLS. The open house sounds like a good idea since there is some new construction in our neighborhood and that usually increases the visibility of all houses in the area. I will need to look into the state laws regarding the ability of potential buyers to back out of the deal within a particular timeframe. Thanks for the assistance.
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#26
11-22-2005, 08:41 PM
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Re: For Sale By Owner Horror Stories
I'm not sure about your area but there is a place in mine that does do it for a flat fee. I think it's $800 and they show you how to do a open house, show you the paper work and put you on MLS. But you have to give the selling agent 2.5%. It still saves you 3.5%.
And like alot of people here has said 6% is way to much. Real estate agents have had it very good for to long.
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#28
11-23-2005, 06:27 AM
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Re: For Sale By Owner Horror Stories
[ QUOTE ]
When I moved, I called the number on the sign of the first house I liked- in that case, the seller's agent. I decided I didn't want the house, but the agent kept sending me info on other houses, thereby becoming the buyer's (me) agent. [/ QUOTE ] WARNING! THAT AGENT WAS NOT A "BUYER'S AGENT". This is a common misperception. That agent, whenever given a choice, would act in the SELLER's interest. The more the house goes for, the bigger the commission, and that commission only gets paid if the deal gets done. There are "buyer's agents" in this world, but their allegiance is given 100% to the buyer's best interests. A buyer's agent will tell you something like, "This is a bad deal, you should walk away." I'll bet the agent you mentioned never said anything like that, at any time.
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#29
11-23-2005, 08:33 AM
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Re: For Sale By Owner Horror Stories
[ QUOTE ]
[ QUOTE ] When I moved, I called the number on the sign of the first house I liked- in that case, the seller's agent. I decided I didn't want the house, but the agent kept sending me info on other houses, thereby becoming the buyer's (me) agent. [/ QUOTE ] WARNING! THAT AGENT WAS NOT A "BUYER'S AGENT". This is a common misperception. That agent, whenever given a choice, would act in the SELLER's interest. The more the house goes for, the bigger the commission, and that commission only gets paid if the deal gets done. There are "buyer's agents" in this world, but their allegiance is given 100% to the buyer's best interests. A buyer's agent will tell you something like, "This is a bad deal, you should walk away." [/ QUOTE ] The only way this is true is if you pay the "buyer' agent" a flat fee. If he/she is getting a cut of the sale, he/she has no reason to negotiate a better sale price, and is still on the side of the seller.
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#30
11-23-2005, 12:45 PM
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Re: For Sale By Owner Horror Stories
[ QUOTE ]
[ QUOTE ] [ QUOTE ] When I moved, I called the number on the sign of the first house I liked- in that case, the seller's agent. I decided I didn't want the house, but the agent kept sending me info on other houses, thereby becoming the buyer's (me) agent. [/ QUOTE ] WARNING! THAT AGENT WAS NOT A "BUYER'S AGENT". This is a common misperception. That agent, whenever given a choice, would act in the SELLER's interest. The more the house goes for, the bigger the commission, and that commission only gets paid if the deal gets done. There are "buyer's agents" in this world, but their allegiance is given 100% to the buyer's best interests. A buyer's agent will tell you something like, "This is a bad deal, you should walk away." [/ QUOTE ] The only way this is true is if you pay the "buyer' agent" a flat fee. If he/she is getting a cut of the sale, he/she has no reason to negotiate a better sale price, and is still on the side of the seller. [/ QUOTE ] wrong. they (both agents) have one concern in mind. closing the transaction. if that means that they come down on the price a bit, so be it. What they don't want is for the place to go back out on the market (especially w/ the way prices have been going recently). Here's a fine example from my recent home purchase: The sellers were listing for $715,000. We offered full price and were accepted, but then another home down the street went up for $700k. We hadn't removed contingencies yet, so we could still back out. Agents got together, and we ammended the contract to $705k. A good compromise. How much did the agents each lose with the reduced price? 6% of 10k is $600. Split between both agents is $300. If they have a 60-40 split w/ their broker, they lost .6 * 300 = $180. After taxes it's like $100. I'm pretty sure that it's worth it to negotiate a proper price in order to make all sides satisfied. Much more important than price considerations are typically flexibility in contingency removal and payment of fees. This is where you want to have you own buyer's agent or at least work out a deal w/ the selling agent that if they are going to represent you, you get some sort of discount towards closing costs since they are doing the same amount of work for twice the fee. As far as FSBO, my opinion is that if you are going to go that route, use a discount flat fee broker like HelpUSell. At least you won't fcuk up the paperwork, but you will still save a ton compared to a 5% realtor. When I sold my house, I went w/ a realtor because I've seen too many horror stories w/ FSBO's and the discount places.
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