Selling Your Home Without a Realtor?
The pros and cons of selling your home without a realtor. Saved commission is not always a priority.
With the economic turmoil we are facing, many homeowners have ventured out to sell their home “without a realtor”. Why? Of course the answer is “I’ll save a bunch of money!” Could be you’re correct or could be you have not considered all facts that could possibly lead into a dilemma.
First and foremost, it’s your home and you can do what ever pleases you. Just be cautious, and ready for opening your doors to strangers and unqualified buyers that ride around with nothing better to do; than house tour. Some people call them “houselookers” They have no intensions of buying a home; nor do they qualify.
Most realtors engage a mortgage company to pre-screen a customer before scheduling a showing of a property. This cuts out wasted time and assures that the prospective buyer is serious. The buyer usually provides up front fees for credit reports. It might be a smart question to ask a prospective buyer if he has already been pre-qualified when receiving a phone call from your ad or sign. Ask them to bring a copy of this pre-qualifying letter in the event they decide to make an offer.
Inform your neighbor to be on the lookout when your prospect arrives. Get the license number and make of the car they arrive in. It’s not a good idea to show your home alone.
Never turn your back on these prospects. Keep your front and back door unlocked, so as to have easy access for letting them out. You want to be relaxed, but at the same time you must do everything possible to protect your family. Saved commission is not worth jeopardizing your life.
Most commissions earned from the sale of a property are added to the asking price of the home. Of course this applies when you’ve got a reliable range of comparables in the area you live in. These comparables usually support the sales price of homes that included commissions and or a portion of the buyers closing costs. It sometimes appears that realtors don’t earn the commission they ask, but on the contrary they act as cab drivers, qualifiers, and eliminators of “just curious lookers”.
If you do decide to sell your own property-make sure you hire a real estate attorney as well as give the buyer the privilege to use their own attorney at the closing of the transaction. It’s imperative to seek legal advice so as to avoid unseen problems.
9 Comments
I hope that I never have to go through that. The pressure would kill me. I hate dealing with papers and anything that deals with selling anything.
It seems as though you have your eyes wide open. You’ve got all your checkmates in the right place.
Good luck and God bless, Trishia. I hope you get all you’re asking for.
Very helpful information. Unfortunately I’ll be putting my house on the market for the New Year.
This is very useful advise and should be taken seriously. Selling your home yourself can save you money but it means more work on your part. Well, you can get a realtor that is more work than doing it yourself so be careful who you choose to sell your house and know someone who has used him or her before.
Hats off to everyone’s comments. Thank you so very much. Ruby great thinking on that referral issue. I think most people feel more at ease using someone a friend or family member has used.
Scary but true.And with all the deceptive pratices out there, having a trusting agent to rely on helps ease tensions of selling and buying.
Great advice!!
Helpful and comprehensive info that you should take a look.
Very helpful information to think about!