What you are asking about is a For Sale By Owner sale - there are good and bad sides of doing this. Let's take a look at these points:
When selling with no agent:
* no agent commissions means more money for you. If a buyer comes with an agent, you will still usually fork up the 3% for his or her commission, even if you are doing all the legwork w/ the lawyers for documentation etc.
* You have to make sure you get all the right docs and paperwork for the deal, get a lawyer, which costs some money. If you miss out on something, you can be liable to being sued - or worse, lose your property. Do you even have an idea of what a good attorney charges?
* You have to take and field all calls, make appointments, show the property yourself and look at offers
* You need to setup the appointments and fees also with the title company
* Property MAY take longer to sell, since agents tend to bring you more opportunities
When selling w/ agent
* since the property will be listed on MLS - you will get more offers, and often, more GOOD/Quality offers - and thus, you may lose out on some $ here if you don't list with them
* you will develop relationships with RE contacts in your area, something you may need for the future
* you got to fork up 6-7% no matter if the buyer has own agent or not.
If you are going to go ahead and selling without an agent, be prepared to:
* Call RE attorneys and ask how much they charge for their services for the disclosure paperworks and drafting up legal contracts.
* Make sure you have the time and energy to market your property, this takes money and effort too
* You must be able to negotiate with offers, and know how tell if bad offers come in (ie.lots of contingencies, low down payment, and other weird stipulations)
* Make sure to hold open houses
Have I missed anything ladies & gentlemen?
Ty Simmons (913) 999-6006
1 comment:
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