Home Buying in Saint Louis>Question Details

azizenterpr…, Real Estate Pro in Saint Louis, MO

I own a condo as a rental property my neighbor wants to buy that condo . Does anyone know how to sell a property with lowest closing cost? My buyer

Asked by azizenterprisesllc, Saint Louis, MO Sun Apr 6, 2014

is also a real estate agent but if get an agent then they are charging 2.5%. Which seems expensive considering they are not doing anything except paper work

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Thank you all of you. You have no idea how much you have help me ;)
0 votes Thank Flag Link Mon Apr 7, 2014
The standard St Louis Board of Realtors requires that Realtors identify themselves as realtors when they are buying or selling property because it is considered that they would have an unfair advantage over someone who is not a trained Realtor in transaction
0 votes Thank Flag Link Mon Apr 7, 2014
The buyer usually pays for their own closing costs so you shouldn't be concerned with paying closing costs as you are the seller. Unless of course the buyer is asking you to pay for them as part of the sales contract. If the seller is paying closing costs they agree to pay for a set amount at the time the sales contract is written.

You may be talking about paying a commission on the sale of your condo. In which case the commission rate is determined by the realtor and their broker.

Your buyer who Is also an agent should know how to handle the transaction for himself. However, you are not being represented. You will need to hire an attorney or realtor for your interests to be represented.

Chris Post
NMLS# 238345 License #436 MLO
0 votes Thank Flag Link Mon Apr 7, 2014
If you are confident of "the deal's fairness", you can do the deal without an agent. You can obtain the necessary forms on-line and use either a Sale Agreement of a Quit Claim Deed. The buyer should take the document to the Recorder of Deeds office, after payment is complete.
0 votes Thank Flag Link Mon Apr 7, 2014
My condo is in creve couer . I am aware that I do need an attorney or real estate agent I have an agent but I am wondering which one would be cheaper and /or safe option
0 votes Thank Flag Link Mon Apr 7, 2014
Where' s your condo located?
0 votes Thank Flag Link Mon Apr 7, 2014
Realtors in your situation do more than just "the paperwork". I just had clients who hired me to assist them in buying an "As is" "for sale by owner" home, because they wanted my expertise in ensuring that they were protected in the deal. I helped them determine the value of the home, what inspections they should have and what inspections they were required to have, guided them through the legal paperwork, advised them as issues came up and much more. In their case, his father and her sister are both lawyers, but they wanted my Real Estate expertise, skills and ability to kerp the entire transaction on track, ensure that their interests were protected, and that they got to a smooth closing.

In your case the realtor on the other side of your deal is protecting his interests, not yours. Has anyone else told you the value of your property? Has anyone told you if the condo is in a buyer or sellers market area and how that affects its value? Has anyone advised you what your legal protections are? What inspections you are required to do? What protections your tenants have in the transaction? Do you know that you have to give the buyer the renter's security deposits for the condo as part of the deal? Who is protecting YOU and making sure you get a fair deal?? That's what you are hiring a realtor for - not just for "doing paperwork".
0 votes Thank Flag Link Sun Apr 6, 2014

You really need a real estate professional that review the documents and advice you properly. Now, is a personal decision, but, you need to hire a real estate attorney or a real estate agent.

Best of Luck,

Maria Cipollone
J C Realtors Group
0 votes Thank Flag Link Sun Apr 6, 2014
If you want the experience and assistance of an agent, then you'll have to pay them for their experience and assistance.
0 votes Thank Flag Link Sun Apr 6, 2014
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