Home Selling in 54901>Question Details

racheldehne, Home Seller in Highland Lakes, NJ

Looking for advice on how to sell a home quickly without getting socked with the 6% realtor fees in our area.

Asked by racheldehne, Highland Lakes, NJ Fri Jan 25, 2013

We've looked in to the cash for homes websites but none of them seem to reputable. Currently the house is on the market FSBO at almost $20 below fair market value. I would appreciate any suggestions about how we can make a quick sale so we can move in to the house we really want.

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9
Annette Lawrence’s answer
Lets see if I understand the question correctly,
'You want to enjoy the full dinner but not pay for it."
To be honest, I just don't know how to advise you to take the resources and services of others without paying for it.
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You've discounted your home $20 and that didn't help. You placed a craigslist ad and newspaper ad and stuck a flyer up at the grocery and laundry. There must be a little more to finding a qualified buyer than what those activities can accomplish.
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You will find that skilled, knowledgeable professionals, in any arena are worth more that the fee required. Nearly all real estate professional can more that off-set the cost in actual, material, benefits for a home buyer or seller, in addition to the expertise and know-how to get the purchase offer higher, a real estate professional will oversee both sides of the transaction to make sure all 300 wheels stay on the wagon, moving in the same direction and at the same speed. It is only when one of those wheels start to wobble that a agents real value surfaces. Unfortunately, most agents resolve such issues, don't make a big deal of it, and get you to the closing table on time, under budget and with less stress. And, as in most cases, it all goes unnoticed. A professional makes complex, difficult situations look EZ!
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If a bigger sign does not work, have a chat with those who sell dozens and dozens of home a year. There are more than 20 ways to sell a home, most only know two.
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IF you are sincere saying, "....quick sale so we can move into the house we REALLy want" you will do what you need to do. Pick up the phone and call a Highland Lakes NJ professional.

No, don't use that 'contact' link.
No, don't use Trulia email.
Go old school and pick up the phone.
But only if you are serious about 'getting into the house you really want."

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
2 votes Thank Flag Link Sat Jan 26, 2013
Hi Rachel

Buyers want to see an advantage of buying a FSBO, if you keep it $20 below market value.
It is unlikely going to sell.

Try pricing it 5% below. Buying a home in a FSBO holds risk for the buyers.

Are you considering offering a buyers agent compensation such as 2.5-3%?

Good luck
Ruth
Web Reference: http://ruthandperry.com
0 votes Thank Flag Link Sun Jan 27, 2013
The biggest mistake most homeowners make is looking at the Real Estate Tax Bill and somehow thinking that value is the REAL Fair Market. As some have said already unless you have had an appraisal done strictly for valuation (Not for home 2nd mortgage money etc..) you probably have no way to "know" what your home is really worth in this market. The Professional Realtor is certainly your only legitimate avenue to not only a true evaluation based on comparable sales, but also is the Best avenue to the bulk of qualified buyers. To not utilize a professional for the most important transaction you make should seem counter-intuitive to you. Any buyer who comes to you while you are engaging in a FSBO is going to take about 2X the 6% off their offer simply due to their correct perception that you are trying to get out of paying a commission to put more in your pocket, and they are going to "Share in that windfall" by doubling the perceived savings! This just DOES NOT go well in a tough housing market.... You need to pay the ordinary fees in marketing a home if you want to sell at a good price in a good time frame. Simple as that! You truly DO get what you pay for..
0 votes Thank Flag Link Sun Jan 27, 2013
Funny when you consider you are asking Realtors how NOT to get socked with a 6% fee. That's like asking your employer if you could teach him to do your job so he doesn't have to pay you!

First of all if you think you are getting socked then you have the wrong attitude and or Realtor. If you want to do it yourself adjust the price according to what has sold in your neighborhood till you get a buyer. Look at it from the eyes of a buyer. When would you buy it?
But that's only half of the task How do you reach a buyer who is really qualified in today's market and stay out of legal problems?
Did you know that Realtors have a track record for a higher net to the seller than For Sale By Owners after paying all selling expenses including the commission? Most Sellers end up hiring a Realtor because they find out that the job is more than just a FOR SALE sign in the front yard.
0 votes Thank Flag Link Sat Jan 26, 2013
Rachel,

You can always go the FSBO route but it might be important to know that the majority that go this direction eventually list with a real estate professional....once they truly realize what is involved.

Additionally, it is a fact that homes listed with realtors, sell faster and for more money than those that are sold by owner. Agents know the market and have negotiation skills that can be of great benefit to the seller.

The choice is yours....

Good luck,

Bill
0 votes Thank Flag Link Sat Jan 26, 2013
Rachel,
An aggressive realtor that thinks outside the box, with good negotiation skills would be worth the 6% commission and can sell your home for top dollar, you get what you pay for if you do a little research. There is a lot involved in selling a home and not just putting up a sign and hoping someone buys it.
Contact me if you would like a free market analysis of your home. Most of my homes have sold within 90 days when priced competitively.

You wouldnt fix your own car if you didnt have the training would you?

Best wishes
Nan Brennan
0 votes Thank Flag Link Sat Jan 26, 2013
I think you mean 20,000 below market value? Is this your opinion, or did you have an appraisal on the property? There are several things involved in selling a home besides just putting up a sign and a price on the property. With FSBO's you will most likely attract unqualified buyers or buyers looking to get a deal. Since the buyers know you are not paying a commission they will try to discount your price even further costing you more than the 6% you are trying to save. Contact an agent in your area to help you get your home sold.
0 votes Thank Flag Link Sat Jan 26, 2013
Selling a home is much more than simply sticking a sign in the yard and signing a generic contract downloaded from the Internet. Proper pricing of a home requires knowledge of both the local market and the buyers.Although home sale prices are readily available online or in county record, placing unbiased, accurate values on improvements and discovering any details in comparable homes that may have upped the value can be difficult. You must look at your home through the eyes of a buyer when assessing an improvement;s value; this task is much easier for a real estate agent. Since buyers agents are paid from the listing agents commission and are typically free to the buyer, most smart buyers use one. These agents are knowledgeable about the local market and take the time to qualify their clients and know their needs. An experienced buyers agent will only take their client to the most suitable, well-priced homes. You need to reach these agents, which takes time and effort, and be willing to pay them a commission for bringing the buyer to the home if it sells. Since agents are in a professional community together, they will often speak to each other behind the scenes about homes they have listed or have seen.
0 votes Thank Flag Link Fri Jan 25, 2013
Oftentimes what may seem like the cheaper way to go ends up being more expensive in the end. How does the average person really know what the current market value of their home is now? Is it what the tax assessor says it is? Is it what one paid for it plus what one has invested in it to improve it? How does one market it to attract the best , the most qualified buyers in the shortest time possible? How much does a FSBO invest in marketing it and how much of one's own time is spent learning how? Perhaps professional advice on staging, decluttering and cleaning it would help it stand out against the competition? How about the networking and the referrals that a professional Realtor brings to the table? They not only market to Buyers but also directly to other professionals that are also working with Buyers. How many Buyers are missing your property right now, because they are seeing listed properties exclusively? 6% commission may seem like alot but when Sellers realize how much expertise, support and representation they receive through the entire process with a professional Realtor, not to mention the best possible price in the current market, the value is self-evident! .
0 votes Thank Flag Link Fri Jan 25, 2013
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