Home Selling in 60035>Question Details

Cary R, Real Estate Pro in 92253

Selling our home ourselves or with an agent.

Asked by Cary R, 92253 Wed May 15, 2013

We are about ready to sell our home. We have met with 4 agents and they estimate we can list our home for an average price of XXX,XXX. They all indicate it will sell fast because of all our new improvement, upgrades and location. We agree. Question-if it will sell so quickly, should we try to sell it ourselves for the average price they indicate we can sell it for and save the enormous commission?

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Answers

18
What did you end up doing and did your house sell?
0 votes Thank Flag Link Mon Jan 6, 2014
We hired a realtor and sold our home. Thank you.
Flag Mon Jan 6, 2014
Hi Cary!
Check out my fsbo tips. I have a network of really good agents if you need a free referral. Best Wishes, Gerry
http://www.youtube.com/watch?v=AAOVoR7LFvY&sns=em
0 votes Thank Flag Link Sat Aug 17, 2013
Hope you went to a flat fee MLS listing as selling in this market is easy. Call Pressman Realty in Northbrook
0 votes Thank Flag Link Sun Aug 11, 2013
Remember that the majority of home buyers find their home with a realtor on line. If you are going to sell your home, you will need to invest a lot of time to do so. You will have to be around to show your house when it's convenient for potential buyers.

A real estate agent will market, advertise and show your house only to qualify buyers, not to any buyer.
A real estate agent will be able to review the offers and make sure that you are getting the best terms, conditions and price.
A good real estate agent will discount their commission on the listing side if you buy the next house with them.

All the best,

Maria Cipollone

http://www.Flahomespecialist.com
0 votes Thank Flag Link Tue Jul 23, 2013
"The price you will receive using a broker is greater (even after factoring in the marketing fee) than the price you will receive if you try to sell it yourself. " I think this is one of the most told lies in all of real estate. There is no good evidence to support this statement.
0 votes Thank Flag Link Tue Jul 23, 2013
Before I entered into the business my husband and I listed our home for sale with a broker for four months. We never did get it sold so when the contract expired we decided to try on our own. The morning we were going to do an open house a girl dove up and said she loved the area, wanted to view the home and bought it for cash. Well, that is not the norm, we got very lucky. I did have an attorney and had gone through school but was not licensed yet. So I didn't know too much about the process. What is different today is that everything has gone mobile. This is not the same industry as it was at that time. People used to love to look for open houses but today they are all viewing them Online. The MLS is the most powerful tool you can have if you need to sell your home. At least start there with a good professional Many agents are flexible with their commissions if you need a bit more from your sale. Good luck!
0 votes Thank Flag Link Fri Jun 14, 2013
How did this situation resolve itself???
0 votes Thank Flag Link Mon Jun 3, 2013
You can certainly try, however you risk losing a portion of your profits in what you'll have to pay in upfront marketing costs.

Also - aside from the upfront costs of buying a sign, paying various websites to advertise your property, taking professional pictures, etc etc etc. - how much do you value your time? You'll be fielding questions, phone calls, and people knocking at your door constantly - and you'll also have to ensure you are home alot to let people in who want to see it.

The other thing to consider is - if you aren't at least paying a commission out to a buyer's agent, then you are eliminating 90% or more of the qualified buyers out there before you even get the sign in the yard.

The bottom line is - listing your home yourself "can" work - however you have a very high probability of the following happening:

1. Your home doesn't sell at all, and all the money you've spent is wasted.
2. Your home sells, but for much less because you weren't able to generate the amount of interest an agent could of.
3. The transaction turns into a gigantic mess, or worse.
0 votes Thank Flag Link Wed May 22, 2013
There are many moving parts in a real estate transaction and some are not so obvious.Think about this, would you represent yourself in a divorce? Change your cars oil? Just because you can do it does not mean you should. If you want to assure a good outcome, use a professional Realtor.
0 votes Thank Flag Link Wed May 22, 2013
Cary,
Usuallly agents have marketing systems and the experience to get your home sold. Sold means from offer to closing. Many issues come up in the process and experienced agents know how to settle the seas to get your home sale closed. Agents sell hundreds of homes. When you sell by owner you have to deal with the buyers directly so buyers know you are not paying a commission and will want further discounts because of that. Why not give it a try yourself. If it does not work out call agents again.
0 votes Thank Flag Link Thu May 16, 2013
Hello,

As you know, the market has picked up and I can understand how you might want to sell your home by owner--especially if you've made good improvements and have a good location. If you're up to advertising, showing and negotiating it, then perhaps yous should try that route. However, as the other agents have pointed out, there are other considerations that would cut in to what you perceive to be a substantial profit. I'd also like to mention that an agent can also help you stage your home and will monitor and expedite the paperwork, attorney and inspection issues leading up to closing. These days, there have been many bumps along the road in many transactions from contract to closing, and having a professional on your side to help you navigate this road could prove invaluable. My company, Baird and Warner, also offers a concierge type of seller services ( at competitive prices) to help you keep control of the process and avoid many of the pitfalls that you might otherwise encounter.

I'd be happy to help you with the sale of your home. Please let me know if I can be of service.

Regards,

Dayle Lively
0 votes Thank Flag Link Wed May 15, 2013
Give selling it yourself a shot for a month, if you cannot get it under contract, hire an agent. Be sure you understand the terms of the purchase contract and disclose everything that you need to if you do sale the home on your own. It would be a shame if you are taken for everything because not all terms of the purchase agreement are meet.

Best of luck.
0 votes Thank Flag Link Wed May 15, 2013
Hi Cary,
A good Broker will not cost you money, but will net you a higher price for your home. For many sellers their home is one of their largest assets and as the old saying goes " you don't know what you don't know". There are many pitfalls and issues that can arise, during the sales process that can cost you far more that the commission.
Another great reason to hire a professional is that the best way to show a home is to have the sellers out of the house. That way a buyer can feel comfortable enough to ask questions of the broker and to start to picture themselves living in your home. As a seller you really need the objectivity that your agent will bring to the table as well as the constant updating on what is going on in the local marketplace.

You know what they say about a lawyer who represents himself. It's not much different.
0 votes Thank Flag Link Wed May 15, 2013
Hi Cary
There are many good reasons to list your home with a real estate broker. The main reason is price. The price you will receive using a broker is greater (even after factoring in the marketing fee) than the price you will receive if you try to sell it yourself. By selling yourself, you will receive low offers and you won't know if the buyers are even qualified to buy the home.
Another reason is exposure. How will you expose the property to perpective buyers? Using a full time, full service agent such as myself, you will be exposed to all the realtors in the area, all the websites geared toward home buying, and all the print ads in the local area.
How about security? Do you want to show it yourself? How will you qualify these people? Do you want strangers in your home opening up all your drawers and cabinets?
These days especially, it is important and worthwhile to hire a professional real estate broker.

Michael Hope
Coldwell Banker - Highland Park
847-323-9517
0 votes Thank Flag Link Wed May 15, 2013
The Goal is to expose your home to the most buyers to find the person willing to pay the most for your home. Most nice homes are selling at or over asking price and FSBO model cuts the pool of buyers significantly.

2nd, most buyers have an agent, so you still need to pay the buyer side commission, and dont think the buyer will let you save the listing side of the commission. They want half of that since you are "saving" that commission money. Plus you do not have an licensed agent representing you looking after your best interests with full fiduciary care, placing your interests above their own. So in short, you save about 25% of the commission costs after paying half to the buyer agent and negotiating away half the listing commission. AND as a FSBO, you are far less likely to get a multiple offer scenario and if you did you wouldn't know how to handle it. AND the legal risks of perceived discrimination if you violate HUD rules.

Realize if you price the house right, get a good local agent to promote it you will have multiple parties interested and could sell fast. If it sells fast, does that mean the listing agent doesn't deserve as much commission? No because we are paid a success fee at closing and if you never close listing agent gets nothing. By your same logic, we should charge you more if you overprice the house and take 6-9 months to sell!

If you like my answer, thumbs up me and best answer, thanks.

John Walin
Trulia Pro VIP3
Coldwell Banker
847 276-0120 mobile/text
john.walin@cbexchange.com
0 votes Thank Flag Link Wed May 15, 2013
Use a professional Real Estate expert. You will get an expert negotiator( if you hire me) and someone looking out for your best interests throughout the transaction process. This is a full time job. Do you have the time, negotiating skill, and knowledge regarding the many facets and moving parts of a real estate transaction? Do you have access to 40,000 = agents and marketing know how? Do you know what makes one buyers financing better than anothers? You get what you pay for, use a pro and get the professional results. Do it yourself and you are at a disadvantage. Do you have the pshchological toughness to negotiate for your home with out being emotional. No.
You could paint your own house and save money. How is that going to look at the end of the day. Stick with a pro and get professional results.
Good Luck!
0 votes Thank Flag Link Wed May 15, 2013
Keep in mind, you're asking this question of a large group of "real estate agents", so it's highly unlikely that we would counsel you to not use an agent.

Part of the reason that the agents you've interviewed feel that they can get the house sold quickly, is due to the marketing and their access to the multiple listing services... so they can expose your home to the largest number of potential viewers.

If you sell by-owner... you will still need to offer a commission to the buyer's agency, if you want to attract buyer's agents to show your property.

And keep in mind... "your home will sell quickly"... is probably part of their sales pitch... right up there with "you have a lovely home".


:-)
0 votes Thank Flag Link Wed May 15, 2013
Alan May, Real Estate Pro in Evanston, IL
MVP'08
Contact
You can try. A buyer will generally use an agent to purchase your home. Half of your savings would be gone. No mls listing means reduced traffic. Lower odds of selling. Getting paperwork and coordinating showings fall on your shoulders. The attorney you find to represent you may or may not be fairly priced. The upside is the potential commjssion savings. Your call.

Geoff Ommen
Broker Baird&Warner
847-271-2622
Geoff.ommen@bairdwarner.com
http://Www.geoffgetsit.com
0 votes Thank Flag Link Wed May 15, 2013
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