We are sellling our condo without an agent, what will be responsible for paying to sell the home? Will we?

Asked by Yolanda, Menomonee Falls, WI Tue Nov 20, 2007

have to pay the title, etc?

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David Eyrise, Agent, Brookfield, WI
Fri Dec 28, 2007
Hi Yolanda, Here is your answer. Your Costs based on selling your home in Wisconsin would be the following: 1) A real estate Attorney to help you negotiate your offer and hire a title Insurance company to pay off all your liens, mortgages, taxes, recording fees, etc. and close the deal for you. 2)Title Insurance w/ possible gap endorsement. - This clears all liens, judgements and pays off Mortgage at Closing. You or your attorney can shop costs. Make sure when you shop costs you ask for Title Insurance, Special Assessments and closing costs with your quote. Most title companies will just quote you the insurance cost. Ask for everything. 3) State Transfer Fee (or tax) You have to pay the State a fee of $3 per $1,000 of your sale price. (if you sell for $200,000 your transfer fee of $600) 4) You will have to pay recording fees that record the Deed and satisfaction of your mortgage. 5) Miscellaneous costs are that you will prorate your property taxes, water and sewer bills at closing as well. property taxes will usually be based on 100% or a little more of prior years tax bill and you will credit the buyer from the first of the current year to the day prior to closing. If you currently escrow your property taxes with your mortgage payment this will generally be a wash. Your water and sewer bills may actually come back to you as a credit to you if you pay quarterly. You will receive the amount left over if you close in the middle of the quarter.

If you have any other questions, feel free to give me a call or email. Dave Eyrise, Realty Executives Integrtiy- Brookfield (262) 901-0801 or daveeyrise@reintegrity.com or visit http://www.daveyrise.com
2 votes
Keith Sorem, Agent, Glendale, CA
Tue Nov 20, 2007
Actually, you don't need to pay for anything. The great thing about selling on your own is that you have no rules to follow.

Actually, you may not need to pay any fees. Really. Just have the buyer pay for them all!

I do not know your market. But let's see...I want to buy a condo. Just because a buyer's agent represents me for no cost, I will opt to seek out sellers selling their home so I can save the cost of comission.

So, if your home is $100, I can offer $90 because I know the seller is not paying a Realtor that high commission.
Of course, since I am saving the $10, I don't also want to pay anything above, because I am looking for a deal. I read where sellers selling on their own sell for about 18% less than sellers using a Realtor, so I don't want to pay any more than absolutely necessary...otherwise, I'll get a Realtor, and I'll tell them to negotiate the pants off those sellers! Trying to rip me off? No way.

Just kidding (kinda) You are looking for a buyer to pay above market, less the comission, and pay closing costs? Are you high? It's a buyer's market.

I say let your listing sit for a couple of months, then I'll bring my agent and you'll have to make deal with me.

Sorry to be a spoil sport. Ask a local attorney, title company, or whatever you use in the Falls. You can pay what you want, bottom line is if you want to max your net, then at least Interview three agents...then do what you want.
2 votes
Keith Sorem, Agent, Glendale, CA
Tue Nov 20, 2007
Unfortunately my first post was delegted...technical problem..probably not Trulia, although I do wish there were an Edit Save, Post switch First, don't pay anything. Take all the money. Go For It, Then everyone will sell by owner.

Why is that? If EVERYONE sold by owner...then there would be no Realtors....How could that be? If we really are bloodsuckingworms, how could that be?

The answer is that, like it or not, we bring VALUE to a transaction. What does VALUE mean to YOU?
Example one - if you sell your home without an agent, and 18% oif home sellers do...what happens?

The NAR stats show you will net 18% less. What a great deal! A Home buyer buy their new home for under market!
I'm sorry. Are you selling? Read a different post! Both buyer and seller cannot save the same commission.

Are you buying? 90% of the time, the listing the buyer sees was shown to them by an agent. So, Selling by owner, your buyers see no listings
1 vote
Brett Dunne -…, Agent, Upland, CA
Tue Nov 20, 2007
Hi Yolanda:

Let me add to the previous posts. You will need to pay for marketing, good marketing. You will need to invest time for open houses; follow-up phone calls to people that have called about your property. Possibly a virtual tour with a unique web address hosted by professionals.

And the one thing that you cannot pay for: relationships with buyer agents in your local market.

Yolanda, while in the Navy I work for 4-years in Neurosurgery. I helped with brain surgery BUT I would not try it on my own….(just food for thought). Selling a home is tough and critically important to your finances, I suggest you get help.
1 vote
Dennis Herman, Agent, Menomonee Falls, WI
Mon Jan 18, 2010

Seems as if you received enough information to become more confused.

The price can vary. One agent answered with a list which pretty much covers the costs involved. My guess is he used an estimate of proceeds list. If you are interviewing agents make sure they estimate all the costs involved in selling your property. One agent stated they could not give you an answer because that would be providing legal advise. My training insists I provide a list of costs before presenting an Listing Contract. To me providing open and honest information is the standard method of doing business. It does not matter if I am buying groceries, a car, an appliance or a home. We have to remember we are in the service industry and the public should demand the highest quality of service we are able to provide.

Remember one more detail. Commissions are negotiable.
0 votes
Karin E Kohl…, , Menomonee Falls, WI
Wed Jan 13, 2010
In response to your question, as a top realtor in the area, technically I can not give you this real estate advice. This is why you need to hire an agent! However, if that is not your choice, you would want to contact a real estate attorney or a title company,. Any agent that answers this question is giving you legal advice, which is illegal in our line of work. One of the many reasons to hire an agent...call me! I'd love to help you sell your condo. In the end, it is very possible I could save you a LOT more money than you think!
0 votes
John, , Waukesha, WI
Wed Jan 2, 2008
Yolanda, I read the answers to your questions that the various Realtors posted and it looks like David Eyrise is the only one that really truthfully answered your question. I recently sold my own home in WI using Craigslist to market it, a real estate attorney to review the contact, and shopped around for the a cheap title company for closing. It cost me $0 to market the home, $200 for the lawyer (note Realtors are not lawyers and use boilerplate contracts from the State), and then the standard fees for closing which David covers nicely. Out of all the costs you need to be aware of, the biggest fee is if you choose to use a Realtor... ouch! A 6% for $500 or less of marketing!!! There was a good study by 3 economists comparing Realtor sold homes and FSBO homes in the Madison, WI area; I am including the link their paper below. Also, the chief economist for NAR is a joke so feel free to laugh at any NAR statistics a Realtor quotes you about how much money you're losing by selling your home FSBO. The chief economist for NAR thinks the housing market in 2008 will be flat.. wait a few months and see if his prediction is true. This market especially rewards people who can reduce their listing price, which you can do yourself by 6% by not using a Realtor.

When my wife and I were deciding whether to do a FSBO or list with a Realtor with met with 3 Realtors. One told us to list for 10% below what we paid because the market was so bad, the next 2 said to list it for over 10% more than what we bought 2 years prior. It turns out the first Realtor had only sold 1home in the past year or so and was probably just desperate for a commission, but the other 2 were both competent and sold many homes. Two things I learned from them is that 80% of buyers find their homes on the internet and about 2/3's of these Realtor's listings sold to people not working with other agents!! Now this is incredible! So they told me that good internet listings sell homes and most people that buy are not working with agents... very valuable news. So that means I could list the home myself, take lots of great pictures with my digital camera, and find a buyer on my own. We listed our house on Craigslist.com which is active in our area, linked to an online photo album with about 20-30 high-res pictures (way more than a Realtor would take), and listed for a few % below what the market was at that time. We sold in 3 weeks. It's my opinion that if we would have used a Realtor we would have had to lower our price from what they recommended and held the home for several months, in the end making less money.

If you're able to show your home yourself, I highly recommend using a Realtor. Charging 6% commission on the biggest transaction of your life is crazy. The State of WI only charged me 0.3% on the sale of my home, why should a Realtor get so much more. I think the real estate bubble popping will encourage normal people like you to start selling their own homes, then Realty will be a niche market. BTW, I've been researching the Milwaukee, WI market to see when to buy again and it looks like it's still overvalued by about 20%. It's interesting that Trulia doesn't show median home price trends from before 2000, which is the precise time that the bubble started. Maybe they don't want to scare off buyers?

In summary, congratulations on listing your home yourself. Try Craigslist or Yahoo Real Estate and if you don't get any bites pay a discount Realtor to list your home on the MLS for a few hundred dollars. Good luck and don't listen to all the hype from the Realtors that claim you'll be doomed without their help
0 votes
Debbie Cromer, , Charleston, SC
Wed Nov 21, 2007
You need to speak with a real estate attorney and ask him your questions. By selling your home yourself, you are opening yourself up to alot of liability so be careful what you do. There is a reason that realtors have to go to school, be licensed, get continuing education and errors and ommissions insurance.
0 votes
Jim Walker, Agent, Carmichael, CA
Wed Nov 21, 2007
Yolanda, I apologize on behalf of my peers that gave you undiplomatic answers. The fact is , all those professionals do know the answer to your question, but they decline to answer it, as an agent can only you advise you on the specifics of your contract if they are representing you.

There are a number of consumers on this site who will give their opinions, without restraint. I am posting this to bring it the top so that you might get an answer from one the other consumers.

I do ask that those consumers who answer you do so out of a desire to help you. I have already apologized for our lack of tact in telling you that agents shouldn't answer your question.
0 votes
The Hagley G…, Agent, Pleasanton, CA
Tue Nov 20, 2007
I read a stat recently that omes sold by owner sell for an aerage of 11% LESS than market. Who will be paying to sell the home? Ultimately, you will. Good luck.
Web Reference:  http://www.cindihagley.com
0 votes
Christinaloa…, , Los Angeles, CA
Tue Nov 20, 2007
Escrow fees. Go to a reliable Escrow company and negotiate fees.... Yes, negotiate. I also would recommend obtaining an appraisal on your house to justify your listing price (not needed but good to have). The buyer's lender will need to obtain one independently to support the loan amt.
0 votes
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