our listing contract has expired with our agent. We just got divorced and the house is supposed to remain on

Asked by Sth22klv, Shakopee, MN Fri Aug 7, 2009

market til sold. Question: the agent is trying to get us to resign - but, I'm thinking that it may save us more $ if we list ourselves. Our home is over $550,000. I have been on homecommission.com where agents bid for your business to sell your house. Whats your take on the do-it-yourself listing with MSL, and with the auction commission bidding. I'm thinking with MSL listing - no agent - but we pay 3% to the buyers agent - they would get the paperwork done....right?

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Jody Goode, , Eden Prairie, MN
Tue Feb 23, 2010
A lot of good advice below!
The stats show that you will gain more money at the closing table and much more likely to GET to the closing table than if trying to sell yourself or count on the buyers agent to do your work for you without gaining additional income. The buyer's agent has duties signed on with buyer and will do everything in the their buyer's best interest, not yours. Interview agents, learn their strategy, pick the one that makes the most sense and whom will back it up with proof as to a good listing price that will CAUSE it to sell at the highest price that the market is willing to pay. Your home is in a bracket that will definitely benefit from an experienced Realtor.

Any further questions, feel free to contact direct jody@cbburnet.com
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Aaron Dickin…, Agent, Champlin, MN
Sun Aug 9, 2009
$500k+ in Shakopee is a tough market because of what you can get in Bloomington, Eden Prairie, Minnetonka and Prior Lake for that price.

Before you decide to do anything, my suggestion would be to interview a few agents. Good marketing and strategy can make a huge difference but even 3 agents charging the same price can have wildly different strategies, skills and services. Price often suggests quality, but often not as much as you might think.
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Keith Sorem, Agent, Glendale, CA
Sat Aug 8, 2009
The fact that the listing expired tells us a couple of things:
1. Is it priced correctly?
I would ask for your current Realtor to provide you with an updated CMA that shows homes, like yours, that have sold, expired, come on the market, etc.

2. Most lawyers and judges would probably be supportive of using a full service REaltor rather than a Flat Fee MLS Entry only Broker.

I research Discount and MLS Entry only brokers each quarter and compare their results in the MLS to those of Full Service brokers. I just finished answering another question just like this one today and the bottom line is this.
Listings taken my MLS Entry Only or Discount brokers are 38% less likely to sell than those of Full Service Brokers. I cannot tell you how many posts we get "why won't our home sell?". When you list with no listing agent, it's like playing chess with your eyes closed. You have no idea what is happening in the market , you're just "on the market", waiting, waiting, and waiting.

Also, homes that DO sell by MLS Entry Only and Discount Brokers sell on average for about 2% LESS than those sold by Full Service brokers.

Homes that do sell take longer to sell. Which makes sense...the faster a home sells, the closer the list price to sale price ratio. Homes that sell in under 30 days sell at 101.2% of asking price, but 96.3% of asking at 120 days.

In short, if you don't mind risking that your home will not sell,have got plenty of time, and can afford to sell for less, then go for it.
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Cameron Piper, Agent, Forest Lake, MN
Fri Aug 7, 2009

If you are looking for a real estate agent's permission to list your home yourself, you have it. The plain and simple truth is that you get what you pay for in real estate. Don't lose sight of the fact that the amount of money you walk away with is your main concern and not the amount that you pay your listing agent. A good agent if given the proper opportunity would be able to show you how you can walk away with more money in your pocket while using their services and paying their fee.

Most people could build a house themselves if they really put their mind to it. Very few ever do however because they aren't will to spend the time, put in the work, risk the money, and learn the trades to have a successful end product. Selling your house, contrary to popular opinion is very similar. The MLS isn't some magic widget that sells house - it is simply a piece of the puzzle.

Good Luck!!

Cameron Piper
#1 Trulia Agent in MN
Web Reference:  http://www.campiper.com
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Patrick Howa…, Agent, Edina, MN
Fri Aug 7, 2009
Jennifer's answers below offer some good advice that I would like to add to. First of all you can't save any money in commission by listing the house yourself if the house doesn't sell. Moreover, in a divorce situation, can you move on if the house doesn't sell? More than 50% of homes on the market today will not sell. Not take a price reduction and eventually sell, not switch listing agents and then sell- not sell...period. So if your house isn't listed properly and you have to sell because of the divorce, you will need to deeply discount your house and saving a few thousand dollars on commission will seem like pennies when everything is said and done.

Your question indicates that your listing has expired which to me means that your home has been on the market for at least a few months. This has already put you at a disadvantage because the buyer and their agent can see how long your house has been on the market as well as any price reductions you've had. This makes your listing a stale one and in the buyer's mind they wonder what's wrong with the house before even looking at it.

I would argue the opposite of what you're looking at doing, especially if your house is valued at over $550,000. You and your agent should be doing everything possible to get the home sold. This includes freshening up the home (paint, possibly carpet, cleaning, etc), professional staging, professionally taken photos (the first showing is online) and a realistic analysis of your competition to see where your house stands among the hundreds of other homes you're competing with. Anything short of that and you won't be moving anytime soon. If your agent hasn't done the things mentioned here, it's time to find one that will and it should have everything to do with their marketing plan and nothing to do with their commission.

Best of luck to you. Please feel free to contact me with any questions via my Trulia profile.

Patrick Howard- Edina Realty
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Jennifer Kir…, Agent, Minneapolis, MN
Fri Aug 7, 2009
Buyer's agents work for the buyer and have no responsibility to you. They will do the buyer's side of the transaction, but you will be responsible for your paperwork. Do not expect them to do if for you. They are being compensated for bringing a buyer to the table, just like they are if your home was listed with a Realtor.

Yes, you might save some money being a For Sale by Owner, but seeing as your home is valued over $500,000, it is going to take a little more in this market than just throwing it up on the MLS. I truly believe you get what you pay for. If an agent is so willing to auction off his commission, then he will be just as willing to auction off your list price as well. I have never heard of the site you mention, nor ever met an agent in the area who participates. I myself would be a little wary taking a bid from an agent online who has never seen the inside of my home.

If you have no faith in your agent, then maybe you should speak to an agent who knows how to market more expensive homes. Divorce situations just add that much more to the mix than a normal transaction.Good luck with your decision!
0 votes
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