As most of the agents have explained you are correct there is no shortage of buyers. In fact I just had two homes listed one in North Fontana and one in Rosemead (two very different areas). One of the homes was a probate and we had an appraisal, which both the seller and I felt was a little low because of the most recent sales. It was appraised at $365,000.00 and I felt I could get it to appraise at $399,000.00 and maybe as high as $410,00.00. To make a long story short we had 55 offers on the home (no shortage of buyers). I countered them all and provided all of the disclosures up front (would you know how to do that?) and we actually went into escrow, with all of the buyers contingencies removed (because we provided them with the disclosures up front) for above $500,000.00. The buyers needed $200,000.00 in cash to put down, so that they would be able to qualify for a loan. As a home owner would you know how to do that? Or as a home owner would you have left money on the table. Do you understand the contracts and how they protect the buyer? Would you know how to work with multiple buyers and would you know how to determine if they where capable of purchasing your home? Would you know how long it would take and what disclosures you are required by law to give to the buyer? Who would be protecting you in this process? Many time people think that there is nothing to do but get a buyer. The buyer is the easiest part of the transaction, there are many people who want to buy, the question is can they qualified and is your home qualified? Having a realtor who knows how to prepare your property, market your property and make it available to all or at least most buyers through the many web sites on the internet is only part of our job. My client was so thrilled with what I did for her, that she actually gave me a $10,000.00 bonus, because after all she most likely would have accepted a $420,000.00 (and been thrilled) not understanding what or how to make it work at the higher price.

The other home in Fontana, I had 20 offers, this one is a short sale, which is a difficult and long drawn out process. Again we priced it at the last sale, but there weren’t a lot of homes, none as nice as my clients and way too many buyers. But most of these buyers are FHA buyers so the highest offer is not necessarily the best offer, because of the issues with appraisal and the monies that the buyer was asking for the seller to contribute towards their closing cost. Again something that needed to be explained in great detail to the seller.

So can you sell your home by your self, the answer is yes. Would you get the most money for your home and would you be protected in California by providing all of the Statutory Disclosures, that is something for you to determine.

I would love the opportunity to sit down and talk to you if your are looking to hire an agent.

Diana 909-945-5763

I've been selling homes in the Rancho Cucamonga and Alta Loma areas for over 15 years. I have not experienced a market quite like this one in the past nor has anyone else for that fact. But you are correct in saying that there are definitely buyers out there ready to make offers on primarily entry level housing up to $350k.

If you are within that price range and priced competitively you should have no problem procuring a buyer. The buyer will most likely have an agent as many do and for good reason; their own protection. This buyer will contact you either direct or through their agent to ask to see your home. The agent will ask you if you cooperate meaning, will you pay a commission to that agent. No commission means no agent and no agent means no buyer. My suggestion would be to not lose any possible buyers and agree to pay the buyer's agent a commission (3% is typical).

So if you most likely going to pay out a 3% commission anyway, you may as well do it right and list your home for sale with a qualified Realtor/Broker to enable full service to you and in negotiating with the buyer and their agent. For an additional 3% (customary) you gain all your advertising costs paid for you, all the showings performed for you, all the disclosures and proper documentation, contracts completed for you, you are protected under your agent's insurance umbrella for proper handling of the transaction in the event of a dispute, home inspection and termite appts covered with no expected wait times on your clock and much, all negotiations between parties relieving you of awkward confrontations, and much more.

You should at the very least contact a Broker to receive a current market evaluation in order to price your home most effectively. If your home is priced outside of the "first time home buyer" pricing window, the likelihood of your home selling drops dramatically. There are not too many buyers for higher priced homes. In that case you should not waste your time and hire a professional. Everything is negotiable and with an agent you have a stronger chance of selling your home for more which will cover the added expense of hiring a Realtor. Remember, that is what we were trained and licensed to do all day long.

If you would like a current market evaluation of your home, please don't hesitate to call my office. There is no obligation and we are happy to provide you with the basic tools necessary to decide whether or not the job is for you or for a professional. Either way, good luck to you.

Diane Wheatley, Broker
Move Up Properties Real Estate Brokerage
diane@moveupproperties.com
(909) 981-5589

Dear Downtown,

I agree with Tisza as well. I think the choice is yours, if you think selling a home is easy, then you should try to do it yourself. If you don't get any buyers, please feel free to contact me so that we can discuss how I market homes. I don't just put your home on the MLS, I do many other things that I will discuss to you. I have many references and was #2 in sales in my office last year. I have over 20 years experience in the real estate industry and am a professional realtor. I work for the 3rd largest real estate company in the country as well.

If you do decide to talk with agents (and I would recommend talking to several), please include me in your list.

Good luck!

Joan Patterson, B.A., A.S.P., G.R.I., Realtor, License #0141647
Keller Williams Realty
8250 White Oak Avenue, Ste 102
Rancho Cucamonga, Ca 91730 http://www.calljoan4homes.com
calljoan4homes@aol.com http://www.socalreopartners.com

Hi Again,

I have been watching the responses to your question and decided to weigh in again. I truly do understand your desire to try to save money and I don't blame you because we are all in the same boat trying to do the very same thing. Here's the thing though, when I was a kid, my best friend's dad had a great expression which I have never forgotten and which I think is appropriate here "Saving money at a loss".

Sure, you can try to find an agent who will sell themselves and their services cheaply, sometimes very cheaply indeed, but you have to ask yourself, if they are working for such a cut rate what are they not doing that someone who is working for a more reasonable amount might be.

In order to do the job of marketing a home properly, maintaining a business, maintaining all the tools and memberships and keeping the doors open between sales it costs money. To do it right and get my client's top dollar for their homes it costs a lot of money, we are talking about roughly $2000 in marketing expenses alone. And that does not include the cost of Errors and Omissions insurance to protect us both should something go sideways with the paperwork, or the cost of a Transaction Coordinator (who is a person hired to help make sure that all the t's get crossed and the i's get dotted where and when they need to be).

Could I work for even less than I charge for my services? Yes, but why would or should I? If you decide to hire a Realtor (And I don't mean a Real Estate Agent, which is someone who is merely licensed to sell real estate in California for others, I mean a Realtor who is someone that has gone the extra step to join the State and National Boards of Realtor's and subscribe to a code of ethics in order to give you an even greater level of protection.) why would you want to hire a bargain basement agent when for literally a penny or two per dollar you could get the best in the business and thus be in a better position to get the absolute most for your home.

In the market we are currently in when property values are fluctuating and in most cases descending, you really need to hit the market with the biggest bang you can so that you have the very best chance of getting top dollar and of also having the market support any offer you might receive when it comes time to have the property appraised by the buyer's lender.

The longer a property stays on the market, the lower the price it sells for ultimately will be. It's just like shopping for anything else, you expect to pay less for the item that has been in the store the longest and not having an aggressive marketing campaign that puts your home where the buyers that can buy your home are looking will put you at a great disadvantage.

One other thing to consider, because I am a professional Realtor (and because most well qualified buyers will be working with a Realtor of their own who think like I do), when I search for properties for my clients I search like a Realtor first, meaning that if a property is not in the Realtor specific sites I go to first, appropriately categorized, and well described with all the features clearly listed, and well composed, professional looking photographs displaying it to its best advantage, I may still find your home eventually (mainly because I will look harder to find what my client's want than most), but I won't find it first. And when your home will be competing with foreclosures priced below market you need to make sure that your home is the one that gets the most attention not the least.

If you do decide to meet with some agents to discuss the possibility of allowing one of us to help you do what we really do best which is sell homes, I would be truly honored if you would consider allowing me to do a listing presentation for you to see if we can help each other achieve our goals.

It will take about 1 hour of your time, and even if we don't decide to work together I assure you that you will get value out of the meeting and I will get the opportunity to find out about another property that might be available to meet my client's needs.

I hope we get a chance to meet, I would love to have the chance to show you what a professional can and should do for you.

Take care and have a great day!

Tisza Major-Posner, Realtor DRE#01784679, IVPG Realty (909) 837-8922 Tisza(at)HomesByTIsza.com

D
Great question.
I take it that your home is on the market, you haven't got any offers, and so by selling it yourself you could lower the price and save on the commission, right?

The questions I would be asking if I were you are:

1. SInce your property has been on the market, how many homes, like yours, have:
come on the market, lowered their price, entered escrow, sold, and expired.

Those numbers will tell you the truth.

2. How do I think I can sell my property without a REaltor if I have been unable to sell it WITH a Realtor? Lets be honest. WE know that 90% of the time the buyer that purchases your home sees it with a Realtor. So that means, by selling it "without a Realtor" you'd be excluding 90% of the buyers. By dealing with 10% of the buyers do you think you will get the best price?

3. Let's say that you find a buyer willing to pay YOUR PRICE. What happens if the price to which you agree is not supported by an independent appraiser?

I suggest you look at the facts, interview another two Realtors, and have them assess your situation. Most buyers have an "overly optimistic idea" of their property's value;.

Dear Downtown,

I live in Alta Loma myself and know the area well. And, you are correct, there are no shortages of buyers out there and you can sell your house by yourself. However, if it does not work out and you are having trouble finding qualified buyers, I would like to apply for the job to represent you. Many times, when buyers see a for sale by owner, they know you are not paying a commission and will try to negotiate a better deal for themselves as well.

The problem that I foresee selling on your own is you don't have all the right forms to protect yourself which can be a bad thing as well. I do this for a living and believe me, if someone can try to find a loophole in something they will. That is why it is imperative to have all the correct paperwork as well to protect yourself.

Real estate agents earn their commissions believe me. I know I sure do. The market has many buyers, but can the buyer actually follow through with their offer? Ila Josephs summed it up pretty well. A real estate agent will market your home on the MLS and many other areas that you just cannot do and therefore get buyers quickly as well.

You should try it yourself and then call for a few interviews to decide which agent you would like to hire if you cannot do it yourself. It is a lot of work and selling your home yourself can be an emotional challenge for you as well. An agent can take that out of the picture too for you making it a smoother transaction for everyone having a go between person.

Also in response to your commission being 1 1/2-2%, it is not really possible only because more than likely there will be 2 agents getting paid, the listing agent and the buyer's agent. Many times, I sell both sides, but the chances are that there will also be a buyer's agent. Each will need to get paid, and then their brokers take a cut as well. So, in reality, it seems like a lot, but it is not if you get top dollar for your home. How do you know what your home is worth? Have you done a market analysis to make sure you are not asking too much or too little? That is another factor to consider. However, getting back to the commission, it would be advisable to offer 2.5-3% to the buyers side as well as 2.5-3% to the selling side. This way, you know you are getting the best service you can out there.

My office also offers a Risk Management Policy which is mandatory at close of escrow for each seller and buyer for later on if someone decides to sue, you have coverage to talk with an attorney to mediate and pay up to a certain dollar amount if something went wrong after the purchase. This can come in handy because real estate has more lawsuits than doctors do these days because we have so many sue happy people! That is also a good reason to use a realtor.

If you have any questions that I can help you with, feel free to contact me below.

Kind regards,

Joan Patterson, B.A., A.S.P., G.R.I., Realtor, License #0141647
Keller Williams Realty
8250 White Oak Avenue, Ste 102
Rancho Cucamonga, CA 91730
951-204-1864 http://www.calljoan4homes.com
calljoan4homes@aol.com

A quick response to Fred, yes I am serious! Really, there are NO shortages of buyers. However, there is a glut of homes, really-really-really bad ones, really-really bad ones, well you get the picture. 6% is way too much to pay and I was wondering if I can find an agent to represent me for 1-1/2% to 2%. Is it possible or do agents only want 6% for a normal/non short sale/not REO property.

Give it a try! then hire a realtor if you get in trouble. This way you won't feel you are over paying,

I'm sorry you have been frustrated. You do not need to be represented by a real estate agent, but here are five reasons why it's a good idea:
1) You are likely to get more money from the sale. When a buyer sees "For Sale By Owner," he or she deducts the cost of the commission from the sales price, so you aren't really saving anything. In addition, the buyer, knowing you are not a real estate professional, may persuade you your house is worth less than market value.
2) A good agent provides you with the detailed information you need to make informed decisions about the sale your home before and throughout the listing period.
3) A good agent markets your home through the MLS, in the community, and online. Yes, you can market your own home but it takes time, effort, and a certain amount of home marketing expertise to get the attention of qualified buyers.
4) A good agent strives to ensure the buyer can complete the transaction before you open escrow.
5) A good agent makes sure you are protected by providing you with all the necessary disclosures, uses forms developed by California Association of Realtors attorneys to protect both seller and buyer, and maintains a legal defense indemnification policy that will pay YOU if errors committed by the agent harms you.
Before you put up a "For Sale By Owner" sign, please take time to talk to a few real estate agents. If you then decide to go it alone, at least you'll have some good ideas about the current home market and the market value of your home. I've lived and worked in Rancho Cucamonga for more than 25 years. I'd be pleased to sit down with you and talk about your options, and give you my Home Seller's Guide. No obligation. You can call me at (909) 261-3541.

Hi,

Legally, no you don't have to use an agent but you really should consider it. A good Realtor will bring you more than just a sign in your yard and a listing on the MLS. A good Realtor will also do a virtual tour of your home an professional quality photographs allowing for greater exposure, will have your home marketed on every site they can find to increase the number of folks who will see your home.

But truth be told that is only the least of what you are paying for when you choose to hire a Realtor. You are paying for someone to know and understand the reams of paperwork involved with the administration of a sale. You are also getting someone who will be able to screen potential buyers for your home to see if they are able to demonstrate that they are capable of purchasing your home. They will blanket your transaction with the expertise of the California Association of Realtors and also their local board in order to ensure that should challenges arise they will be handled swiftly and with minimal negative impact.

A Realtor will also help you to get more money for the sale of your home which in most cases will more than offset the cost of the commission they earn. They will also be able to save you time which is really your most valuable resource because you can always get more money but time is truly in short supply (just ask Michael Jackson or Farrah).

I do understand your wish to make the most of your dollars and I agree with you that this is very important. But speaking as a Realtor myself, I have to tell you that when the time comes to sell a home of my own I will happily hire a good Realtor and pay them their commission gladly when they do their job because it is much to hard to be intimately involved with the transaction and still adequately cover all your bases. And I happen to be a good Realtor who really knows her stuff and spends countless hours in additional classes, trying to stay up on all of the changes in the law, changes in the contracts and changes in the rules for financing, but I still wouldn't want to run my own deal. I really would hire a Realtor.

Remember, that if the agent does not perform then they don't earn anything and any and all marketing that they do for you comes at no cost.

Really for all that a good agent provides it is well worth the few cents on the dollar that they cost to use.

However, if you are sure you want to go it alone, but need additional advice, I would be happy to see if there is any way I can help.

Have a great day and thanks for stopping by,

Tisza Major-Posner, Realtor DRE#01784679, IVPG Realty (909)837-8922 Tisza(at)HomesByTisza.com