Home Selling in Deptford>Question Details

Jodi Holbrook, Other/Just Looking in 08096

Can a homeonwer sell by themselves and what is needed? Are there Web sites to list under?

Asked by Jodi Holbrook, 08096 Fri Jul 13, 2007

What paperwork and documents are needed to sell on your own?

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Answers

17
You can certainly sell your home on your own. There is no requirement that you use a Realtor. Selling yorur home on your own, however, does not assure you that you come out ahead.

The primary motivation for selling without a Realtor is to "save" the commisison fees. That savings will be quicly eroded if you sell for a lower price than you would with the representation of a Realtor. You also run the risk that you may erode your net proceeds with mistakes or oversights in negotiations, inspections, etc.

You might find that you actually come out ahead by hiring a Realtor.

I suggest that you meet with a few Realtors and let them know upfront that you are considering selling on your own. Ask them to explain to you the benefits they bring to the table.

After gathering information, decide if you believe that you want to undertake the task on your own or not. Also, you can always try it on your own for a few weeks. The risk in this approach is that if you did get a contract, you wouldn't know if it represented the highest and best price your property could command.

Good luck
Deborah Madey - Broker
Peninsula Realty Group, Inc.

While
Web Reference: http://PeninsulaFirst.com
5 votes Thank Flag Link Mon Jul 16, 2007
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
Contact
Dear Jodi,
It is possible to sell on your own. Make sure that you know the disclosures necessary for your state and it's probably a good idea to get an attorney involved.

There are many websites to post under and one of the best ways is to Google "for sale by owner" or "fsbo" and see which sites come up. Even your local CableMart might allow you to advertise the house with them for a fee (in my area that is usually less than $100 per home).

For sale by owners statistically get 16% less for their homes than properties that are listed, however, so you might want to begin interviewing agents in case you decide to go ahead and list. Remember that any buyer that comes to you will either have an agent, or want you (most likely) to reduce the price by the amount you normally would give a buyers agent.

Good luck!

Chris Tesch
RE/MAX Bryan-College Station
526 University Drive
College Station, TX 77840
(979)574-1084
http://www.ChrisTesch.com
Chris@ChrisTesch.com
Web Reference: http://www.ChrisTesch.com
3 votes Thank Flag Link Fri Jul 13, 2007
I'm a Realtor, I don't work in NJ, but have great and competent associates that do if you'd like some recommendations. As an agent, I'd still list my own personal property with another agent - why? Because most people get too emotional over the sale of their own house, even agents.

Secondarily - the market in NJ from what I understand, most buyers sign agreements to work with agents, so you'll be dealing with an agent who is working for the buyer. That puts you at a disadvantage. Not sure your particular area is like that, but I wouldn't pit yourself against a Pro and hope to come out ahead.

Then there's the safety issue: WHO are you letting into your home? Agents are trained to ask the right questions, they know the right responses and still some of us get killed or hurt.

While your original question was "can you sell your house" to which the answer is a resounding YES, I think the real question should by 'would the benefits outweigh the risks". If you are trying to save some money, see if there is a real estate consultant in your area, at least that way you will get professional help, save some money, AND stay safe.

Your next question(s) to think about is "do you need to sell before buying?" How to coordinate the move so you don't have to move twice. . . a professional can also assist you with those stressful situations, as well as the home inspections, disclosures, etc. Sometimes the stress isn't worth trying to save the money, only you will be able to answer that question.

Depending on your financial situation, I'd recommend at least talking to a few agents and find one you like, communicate well with, and trust. I've found that most people who don't like using agents have just used the wrong ones and had a bad experience.
The good news? Aside from trying to 'agent shop' yourself, get some recommendations here from people, consumers and/or agents who won't be competing for your business.

I wish you good luck, and I hope to hear how this all turned out for you.
1 vote Thank Flag Link Tue Aug 21, 2007
Yes, you can sell by yourself -- BUT, I agree with the rest, that using a REALTOR is your best best.
If you still opt not to ---- You can try http://www.zillow.com or http://www.craigslist.org for free listings - and a few brokerages in some areas will take MLS only clients for about $300-600. That said, most people will still end up listing with an agent.

You can also place paid listings on sites such as the one below. But remember, besides the MLS fees, listing fees, etc, you will have to purchase contracts or hire an attorney to draft contracts for your transaction. Signs for open houses, etc. also cost money. By the time you get done with paying all your own marketing costs and also, assign a value to your own time spent on the transaction, it might be less expensive to hire a REALTOR and very frequently, your home will be sold much quicker.
1 vote Thank Flag Link Mon Aug 20, 2007
Sure, you can sell by yourself. There are lots of FSBO sites on the internet. Some things to keep in mind: (1) It's unlikely that you'll save the full commission bu selling on your own. The buyer is likely to have an agent and you'll have to pay him 1/2 of the commission for bringing a sale; (2) Selling a home is NOT easy. Not only is there a lot of time and effort involved, but Realtors have the knowledge and experience to do it right. You need to know what forms are necessary (or even required by law). You need to be able to qualify buyers so that you aren't letting just any stranger into your home. You need to be able to negotiate sales price and home inspection issues WITHOUT letting your feelings and personality get in the way. You need to be available throughout the day and evening to show your property. You need to have an intimate knowledge of the market to value your home properly. So, CAN you sell by yourself? Absolutely. Is it worth it? Only YOU can decide that, but many/most sellers feel it's a job best left to the professionals.
1 vote Thank Flag Link Fri Jul 13, 2007
Yes! just advertise on crags/list, than you can have an attorney draw up a contract or better yet, you can get one off the internet. In the past I drew my own contract up and went by online samples. You can save yourself 6% commission. In the long run your selling the house much cheaper because your saving thougsands on the commission and the buyer is also gains. too.
0 votes Thank Flag Link Sat Jul 27, 2013
You can definatly sell on your own, Just be careful, there is a lot of paperwork involved. It usually takes a for sale by owner much longer to sell than it would if you use a Realtor. A average of about 1% are able to sell on there on. This is a national statistic. With a agent you can make more money in mos tinstances because your open to more exposure which equals more buyers. Also a agent is not emotionally involved with the home. Hope this helped answer your question. If you would like I can send you a for slae by owner help kit. Jus tget me your address and I'll mail it out to you. It has everything from writing ads to handleing the paperwork.
0 votes Thank Flag Link Sat May 10, 2008
You certainly can, and there are lots of tools that can help you. This site is just one of them. I would definately recommend retaining legal assistance through the process if you are attempting the transaction without a Professional Real Estate Agent. Even with the assistance of a Realtor an attorney is sometimes needed. Just be careful of who you let into your home, and make sure that they have a pre-approval for a mortgage before they come through your door. Unfortunately, according to studies conducted by the NAR sellers that do not use a Realtor net on average 16% - 24% less on the sale of their home. With numbers like this and for safety reasons, it usually benefits a seller to consult and hire a professional.
Web Reference: http://www.dianetesta.com
0 votes Thank Flag Link Mon Oct 1, 2007
By all means sell you home yourself if possible! There are many FSBO sites. As one of the agents suggested do a search for sites, or make note of what type of signs are in the yards in your area. I work with FSBO's alot! There are many successful sales. On the other hand I have also listed many FSBO's that gave up or found it was more work than they bargained for.

As other agents have mentioned, a Realtor can usually net you more even after paying the commission. Something they did not say is that 89% of buyers use an agent. Do you really want to keep that many buyer from your listing?

Don't let the statistics scare you. Even in todays tighter market FSBO's are still successful in selling their own homes.

You need to make sure you have a property disclosure, if you home was built before 1978 you will need a lead based paint disclosure, if you have a septic you will need a disclosure for that as well. Good Luck! Oh you will also need a copy of a purchase agreement when someone wants to actually buy the house.
0 votes Thank Flag Link Tue Aug 21, 2007
you could seek a transaction broker to take care of paperwork.
0 votes Thank Flag Link Tue Aug 21, 2007
Sure you can sell your home on your own! Two things, though: make sure it's priced right, and make sure you know everything there is to know about selling a home in your area. For example, where I am we have a 2% tax on each sale, the proceeds of which go towards preserving open spaces. You wouldn't want to negotiate a price and take your home off the market only for your buyer to find out he has to come up with an extra $10-15,000. This does NOT make for a happy buyer, trust me. Consult with someone...when i bought my house, previous to my being a real estate agent and being a young happy dumb individual, the FSBO I bought my house from took the carpeting out and left me with plywood floors after the walk thru. Had I had an agent, this would not have happened, and had HE had an agent, this would not have happened.
0 votes Thank Flag Link Mon Aug 20, 2007
Hi Jodi,
I am not sure, but I think that I have shown your home to a cient in the pass. Did you have it listed with a Realtor befor? Please let me know.
0 votes Thank Flag Link Mon Aug 20, 2007
I haven't read the other responses but I can guess from reading posts for the past couple weeks. I am not an agent and I'm on this forum to help balance all of the "use an agent" advice. I have bought and sold several of our homes about half the time FSBO and the other half through an agent. I just fired my agent and I'm selling the home myself. HOWEVER, my ADVICE to you would be to use an agent. If you look at my other posts, I do not always advice that. But I'm very fearful of you getting over your head simply from the way your phrased your question, "Can ...?"

If you already have a buyer, say a neighbor or a relative, then don't bother with an agent. Instead pay for a couple of appraisers and a real estate attorney representing you and the buyer having a different attorney. But if you are like most people and don't know who is going to buy your house, the commission you spend on a good agent will be worth it.
Good luck,
Ruth
Web Reference: http://www.oak-park-il.com
0 votes Thank Flag Link Mon Aug 20, 2007
Ruthless, Other/Just Looking in 60558
MVP'08
HI Jodi,
I am a realtor, who dose alot of work in Deptford Township, NJ. There are a few things involved with selling sor sale by owner. Right now, it is a little harder to do here in NJ. There are so many listings and buyers are more afraid today to buy a for sale by owner they are useing a realtor. You can list your home and let other realtor help you sell and just pay a buyers agent commistion, but by the time you pay the agent and the lawyer and advertise and everyting else involved you might as well listed with a realtor. Your home will sell much faster with a realtor. I would be happy to help you in any way. If you need a realtor I will help and If you sell on your own I will give you some tips on how to help your sale. My e-mail is michele@soldit4them.com or you can call me any time on my cell 856-832-8033
0 votes Thank Flag Link Sun Aug 19, 2007
You can certainly sell a home by yourself. LOOK at who is answering your question here... ALL real estate agents. They have a vested interest in trying to convince you not to sell your home on your own. There are pitfalls to doing it yourself but it can be done. The agent who claims those who sell on their own (Chris Tesch) get 16% less for their homes than those who use agents is wrong. I've attached one article about one area of the country where for sale by owner folks do better.
0 votes Thank Flag Link Wed Jul 25, 2007
Jodi
All homes are truly sold by owner. Owners are still legally required to complete all state, local, and federal disclosures.
Trulia's listings are uploaded from brokers, so if you want your property listed on Trulia, then follow the below advice and intereview three agents, asking them if their listings will be on Trulia.

The other major concern you probably have is maximizing your net profit when you sell your home.
With all of those disclosures and paperwork come the potential for negotiations. Remember, it's not the price for which your home sells, ti's how much goes into your bank account at the end of escrow. I saved one client $5,000 in one transaction, which was over one third of my comission. So selling with professional representation is not only wise, by profitable. Selling without representation would be like going to court without an attorney, or meeting with the IRS without your CPA. You do "save money" up front, but what happens at the end?

Good luck!
0 votes Thank Flag Link Fri Jul 13, 2007
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Jodi, Even when I sell something I own, I use the MLS system and my office and I've been selling real estate in Bergen County NJ for over 30 years. I always suggest you try if that's what you want to do, remember good agents will call you anyway, and i'd always ask for 3 market analysis and see which agent you are comfortable with. If you are selling and buying you should use an agent. Commissions are negotiable but remember "you get what you pay for".
0 votes Thank Flag Link Fri Jul 13, 2007
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