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9/22/2017 12:11:25 AM
Posted: 9/9/2002 4:09:01 AM EDT
Well, we've finally got our minds made up that we're going to move. This is a great house, brick exterior, newer roof, new boiler system, new hot water tank, very well constructed house. House will sell easy. House is just getting too small for us with 3 growing kids. Anyway, anybody ever take a shot at selling their own house? I know I'm over-simplyfying the whole thing, but I remember when we bought this house. Sure didn't seem like the real estate agent did very much (house sold itself). Seems like the mortgage people did most of the work......all the real estate agent said was: "go on down and talk to the mortgage people". I feel I have a couple things going for me....my wife's boss use to sell real estate (he has his own insurance business, a real good guy and very helpful) and said he would help out, and, my brother-in-law who lives about 45 minutes from here sells real estate, so I know he would help out (he works for beer). What's your gut feeling, go for it or let the "pros" do it? Thanks for any help. vmax84
Link Posted: 9/9/2002 4:18:45 AM EDT
I did. It all depends on what you paid for the house vs. what you can get for it. If the bite the realtor is going to take is too big to suit you (it was in my case), then you're on your own. It will take a bit longer, and you will have to deal with showing the home and dealing with people who are just being nosey or who may not qualify for a loan, but such is life. Good luck!
Link Posted: 9/9/2002 4:25:33 AM EDT
A lot depends on how complicated the real estate laws are regarding closing in MI. Here in FL, the "Title Companies" do most of the work. In someplace like NJ, it's done differently, and it can be tricky. I don't know MI. Given one point - a "good" (emphasize that) real estate agent can facilitate the sale by better exposure of your home through the Multiple Listing System, which enables other agents to see and sell your home - otherwise you can do it yourself. If you have a decent location, meaning reasonable traffic nearby, you can put up signs and generate "looking" traffic. Of course, there's the newspaper ads, and also For Sale By Owner websites. I'd try the signs and your own newspaper ads yourself, first. I'd recommend finding a good real estate attorney. That is, one specializing in real estate; perhaps more expensive per hour than a "general" attorney, but will need fewer hours. He/she can protect your interests and advise you along the way. Probably all attorney fees, including closing, will probably be less than $1,000., and probably closer to $750. A far cry from the 6% an agent will charge (and, without the same level of protection/service). It will be the cheapest $750. you'll ever spend. Often, it's a good idea to have an attorney even with an agent, depending on the experience and diligence of the agent, though that's more from the buyer's side than anything else. Many of the other issues are the buyer's problem: mortgage, inspections and title insurance. You'll need the attorney to deal with some of their nonsense and technicalities unless you are quite experienced, and even then one can be surprised. One of the most important things to watch is the overall contract (Purchase and sale agreement). You need deadlines/milestones for a mortgage commitment from the buyer, times for inspection, and the terms of breaking the contract depending on what the inspection turns up. It is NOT as simple as writing that one agrees to uy and the other sell on a piece of paper - see an attorney. Bottom line, yes you can do it yourself with the right resources, and save thousands.
Link Posted: 9/9/2002 4:31:43 AM EDT
[Last Edit: 9/9/2002 4:32:57 AM EDT by redray]
nope, but i bought it off someone who did. never used an agent since i dont find them trustworthy at all, and neither did the seller. wouldnt you rather keep the profit from the sale than give it to one of these shysters? it will involve a lot of legwork on you and the buyer's part, but in the end, everyone wins. just make sure to get a lawyer at closing. go to this website for more info: [url]http://forsalebyowner.com/[/url]
Link Posted: 9/9/2002 10:46:43 AM EDT
I used to have some friends who worked for the National Realtors Assoc. in downtown DC. To a person they all said they would sell their own house. GunLvr
Link Posted: 9/9/2002 11:07:53 AM EDT
Originally Posted By GunLvrPHD: I used to have some friends who worked for the National Realtors Assoc. in downtown DC.
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Another NRA [:D]
Link Posted: 9/9/2002 1:35:45 PM EDT
[Last Edit: 9/9/2002 1:38:32 PM EDT by Watch-Six]
I have done it a couple of times. Depending on how homes are selling in your area, it can be quite easy. The title insurance company will take care of most of the paper work anyway. On the other hand I had to sell my parents home for them last year and it was a nighmare. We got some very bad advice from a realtor and we could not sell it for what it was really worth. A reliable realtor can be priceless, and a good one finally got their house sold quickly. I would try it myself first. If you are using a realtor to buy your new home sometimes they will help you with "free" advice on the sale of your old house just to expedite the sale on the new house. Watch-Six
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