Profile picture for boblohr88

Regarding Agents participation

I am 62 and disabled. I am in a desireable location and the Realator wants $17100 commission, which may be fair to them, but could I sell or buy a home and have them handle the paperwork side, the money that I have is greatly needed.........

If they do handle the paperwork, what would be a appropiate amount to give them generally, I know there will be differences.

Thank you and please, I know I should use a Realator like many of you will say, but $17000 in com,mission is a lot of money to sell this house..........Realator said it would sell within 30 days due to location.................
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November 24 2011 - Fairhope
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Hi Bob....

You mention only the total amount of $17,100....no mention of the sales price of the home, or the % of commission. 

Keep in mind, that $17,100 likely has to be split between your agent and the agent bringing the buyer.

Commissions are ALWAYS negotiable (prior to listing) just as the price of your house is negotiable.

Homes sold with a Realtor generally sell for more than those sold by owner.

If you feel you can sell the house yourself, and save that money, then go for it!   It's great to see people save money.   Be sure to have an attorney review all the paperwork.   Don't forget about the state required Seller's Property Disclosure statements, inspections, etc.

Yes, you can ask a Realtor (or an attorney) what they would charge to do the paperwork for you once you've found a buyer.

This all depends on the amount of time you have to spend on getting your house sold, as it will likely take more time on your own.   You can advertise on the internet, etc.    Your Realtor has access to exposing your home to EVERY Realtor in the area, and they want to sell it!

Hopefully, this answers your question.    You'll surely do the right thing for your circumstances.   Important first to become informed, and you're starting down that path by seeking advise here....continue to talk to several Realtors and professionals in the real estate industry.....

Good Luck with the sale of your home!!
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November 24 2011
Profile picture for boblohr88
Thank you for your input. To answer some of your questions, Maria, The house will be listed at $ 299,900, value according to tax base is $309,900 and the commission is 7%...., expecting it to sell around $285,000 as the Reator has said......................

I do appreciate the comments made and do rrealize the importance of  a Realtor................

Thank you

Bob
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November 24 2011
Profile picture for sunnyview
"When you go to your doctor's office, do you argue with them about the fee they charge? "

Yes and so should you. In any capitalist society, any service that is being provided is neotiable. A smart consumer researches, cuts costs where they can and recognizes their ability to perform services that others charge for.

When my animals have surgery, I remove the stitches instead of paying for that additional service. When I go to a doctor and pay cash for procedures, I ask for a discount and supplies at cost. When I hire an agent, I negotiate with them as a independent business person for their services. Overpaying and expecting the best service is not a good bet. It is better to do your research, know what you are really paying for and expecting the service that was contracted for.

As far as the statistics go, they are suspect since they come from the industry itself. Any owner that feels capable and is realistic  about price can definitely consider trying to sell FSBO, but it is often wise to offer a partial commission to represented buyers and consider a flat fee MLS service to bring the most traffic. If the agent you contacted is stuck on 5-6% you can also negotiate a lower commission with another agent if you do not want to sell full FSBO.
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November 24 2011
Profile picture for B Mike West
The property is yours, so you get to decide what you do with it.

However, if you want to sell it and get the most out of the sale, you would be well advised to select an experienced Realtor to handle the sale.  That person will have two goals.  First, to sell the property for the highest possible price.  Second, to do so in such a way that the buyer does not come after with a lawyer in tow six month or a year later, wanting lots of money from YOU.

Remember that the Realtor does not get the full commission.  Although they do most of the work and give you the best advice.  That commission is split four ways.  Your realtor has to split half of it with their broker (company).  The other half goes to the buyer's agent and broker.

You could try and sell the property yourself, but statistics show that sellers who use a Realtor sell for a higher price.

I also have a question for you.  When you go to your doctor's office, do you argue with them about the fee they charge?  Have you been in the hospital lately?  Try and negotiate for those charges.  In comparison to those fees the $ 17,100 is a bargain!  Remember that you usually get what you pay for.  Good luck.
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November 24 2011
Profile picture for wetdawgs
You certainly could do a For Sale by Owner (FSBO).   It will still likely involve commission to the buyer's agent as well as lawyer fees on your side.

FSBO is  not for the weak of heart.  Here's a useful non-commercial blog "Thinking about selling your house as FSBO" by a contributor to Zillow who did successfully sell his home himself when agents were not successful.

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November 24 2011
 
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