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Getbig Main Boards => Gossip & Opinions => Topic started by: TTfit on April 22, 2018, 03:56:29 PM
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Have any of you ever done this? Is it worth it to pay the extra to get a real estate agent or should I sell privately or use comfree? Opinions?
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Depending on where you live, if houses are selling fast, etc. there is no need and this is coming from a real estate agent. Not sure how it is in Canada (looks like comfree is a canadian site?)
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Have any of you ever done this? Is it worth it to pay the extra to get a real estate agent or should I sell privately or use comfree? Opinions?
i would try without, i've always used estate agents for sales but last property i sold was before online private advertising was really a thing. last property i rented i did independently on advertising site rather than using estate agent. saved me about £400 on what i previously paid estate agent to find a tenant for same property.
i would get a few estate agents around to help with valuation, then advertise it online. if you don't get the interest then go back to agents. for the potential saving it's worth risking the fee that online sites charge(not usually very much).
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realators are good that 6% hurts but all they do is sell n meet people.
you dont need a realator if u advertise on zillow or on a busy street
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ALWAYS use an agent unless you’re an agent yourself.
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always use an agent -
i am in the business (mortgage broker) and when i run across for sale by owners they are a nightmare, deals fall out all the time, low appraisals, legal issues
hire an agent -
dont use opendoor or one those quick sale products out now. they basically will give you wholesale value - they only make sense if you need to do a firesale and have equity in your home and have to sell in 2 weeks or less.
get a good agent who specializes in listings in your zip code.
avoid any weekend warriors - 80% of realtors are barely working so avoid them.
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realators are good that 6% hurts but all they do is sell n meet people.
This is wrong. Brokers do not actually sell your house, they just broker the business. Two different things. The realtor's job is exposing your house to as many potential buyers as possible and selecting the few that they feel have the potential to end up buying the house. HOWEVER, they will make it very clear that the decision is yours and will keep their mouth shut when asked "what do you think?"-caliber questions.
Thankfully this broker business is going to die very soon, as the 2-5% commission is WAAAAAAY above what they deserve, and the internet is basically rendering their model to shit.
Depending on how much time you've got, try getting the realtor license and that'll cut the commission expense a lot.
When I bought my house the realtor asked me if I didn't mind if he were to act as dual agent (agent for seller and buyer) and got stiffed BIG TIME. Guy never told me the deal on the other side was a three million dollar home (mine was 700k) so, although after the deal was done, when he came clean and told us, he swore it made no difference to him. Of course it made a difference! We told him we wanted to put an offer in at 650k and he basically came out and told us that the family would "never accept" and that it was best to "offer what they asked". Since money was not an issue we said "Aw... fuck it". WROOOONG. We should've negotiated it down and dropped this guy of an agent.
In essence:
1) Find a house you like by using the internet;
2) Find out if it is for-sale-by-owner;
3) If #2 is negative, find the cheapest broker in the area and work with them. If # 2 is positive, work directly with the owner and find the cheapest licensed internet agent you can get;
4) The most important: Find yourself a good and honest inspector. Take as many tests as you can, asbestos, termite, CO2, roof, et cetera. Use ANY and ALL negative feedback as part of the negotiation. Even if the owner decides not to sell you the house, you have a legal right to sell/share the inspection report with any prospective buyers;
5) It's a buyers market: Low ball the offer by at the very least 10% under the market price. If they're eager to buy, they will bite. Before I bought my house, which was 700k, we looked at a townhouse in a very nice private community, so much so that we put an offer in for 550k even though the owner wanted to sell it for 650k. We argued that the house was in dire need of renovations but the owner didn't budge. He ended up selling it for 350k 7 years later. Fuck him. And yes, the guy had the nerve to ask our agent at the time to call us up and see if we were still interested at 550k. People are like that, hence expect the worst.
6) Be patient and do not sacrifice what you want for less money.
My two cents.
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This is wrong. Brokers do not actually sell your house, they just broker the business. Two different things. The realtor's job is exposing your house to as many potential buyers as possible and selecting the few that they feel have the potential to end up buying the house. HOWEVER, they will make it very clear that the decision is yours and will keep their mouth shut when asked "what do you think?"-caliber questions.
Thankfully this broker business is going to die very soon, as the 2-5% commission is WAAAAAAY above what they deserve, and the internet is basically rendering their model to shit.
Depending on how much time you've got, try getting the realtor license and that'll cut the commission expense a lot.
When I bought my house the realtor asked me if I didn't mind if he were to act as dual agent (agent for seller and buyer) and got stiffed BIG TIME. Guy never told me the deal on the other side was a three million dollar home (mine was 700k) so, although after the deal was done, when he came clean and told us, he swore it made no difference to him. Of course it made a difference! We told him we wanted to put an offer in at 650k and he basically came out and told us that the family would "never accept" and that it was best to "offer what they asked". Since money was not an issue we said "Aw... fuck it". WROOOONG. We should've negotiated it down and dropped this guy of an agent.
In essence:
1) Find a house you like by using the internet;
2) Find out if it is for-sale-by-owner;
3) If #2 is negative, find the cheapest broker in the area and work with them. If # 2 is positive, work directly with the owner and find the cheapest licensed internet agent you can get;
4) The most important: Find yourself a good and honest inspector. Take as many tests as you can, asbestos, termite, CO2, roof, et cetera. Use ANY and ALL negative feedback as part of the negotiation. Even if the owner decides not to sell you the house, you have a legal right to sell/share the inspection report with any prospective buyers;
5) It's a buyers market: Low ball the offer by at the very least 10% under the market price. If they're eager to buy, they will bite. Before I bought my house, which was 700k, we looked at a townhouse in a very nice private community, so much so that we put an offer in for 550k even though the owner wanted to sell it for 650k. We argued that the house was in dire need of renovations but the owner didn't budge. He ended up selling it for 350k 7 years later. Fuck him. And yes, the guy had the nerve to ask our agent at the time to call us up and see if we were still interested at 550k. People are like that, hence expect the worst.
6) Be patient and do not sacrifice what you want for less money.
My two cents.
Your low ball negotiation idea didn't work at all but still you say don't use an agent.... ::)
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I don't think it's worth saving 3%. Even if you try and sell without an agent, you will still need to pay the buyers agent 3%
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realators here are charge 6% sell your house with due dilligence as is to protect you.
you dont need an agent or realator or whatever, they show the house n take 6%
if u dont want to show ur house then get a realtor
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realators here are charge 6% sell your house with due dilligence as is to protect you.
you dont need an agent or realator or whatever, they show the house n take 6%
if u dont want to show ur house then get a realtor
1. It’s not “Realators” it’s Realtors.
2. 6% is standard unless negotiated for less and that depends on the price of the home or property
3. There is much more to selling property (in a legal sense) than just the commission
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It’s not what you pay someone to sell your home, it’s what you net. A realtor can get you top dollar.
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1. It’s not “Realators” it’s Realtors.
2. 6% is standard unless negotiated for less and that depends on the price of the home or property
3. There is much more to selling property (in a legal sense) than just the commission
strong point there stud
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unless the US house selling process is very different from the UK then you use a solicitor to take care of all the legal details. all the checks to verify whether a buyer is actually in a good position to buy your property you can do yourself, unless you're a complete moron.
the main things you care about as a seller is that the prospective buyer has a pre approved mortgage and it's a plus if the buyer is chain free or at least not in a large chain.
an estate agent is nothing more than a glorified overpaid tour guide. that is if system is similar to UK. if you can get buyers into your house without one, then you're just throwing away money using one.
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unless the US house selling process is very different from the UK then you use a solicitor to take care of all the legal details. all the checks to verify whether a buyer is actually in a good position to buy your property you can do yourself, unless you're a complete moron.
the main things you care about as a seller is that the prospective buyer has a pre approved mortgage and it's a plus if the buyer is chain free or at least not in a large chain.
an estate agent is nothing more than a glorified overpaid tour guide. that is if system is similar to UK. if you can get buyers into your house without one, then you're just throwing away money using one.
are you forgetting where you are?
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are you forgetting where you are?
possibly! ;D
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Its a bit hard on the liver.
(https://media.swansonvitamins.com/images/items/master/HPH102.jpg)
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Wouldn't it be tons cheaper to just hire a RE lawyer than RE agent?
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I've been ripped off badly by a real estate agent who deceived me about the value of my house. About a year later I found out she sold my house to a person represented by her friend the realtor. After she sold my house the exact model of home was selling for 100K more months later.
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5) It's a buyers market: Low ball the offer by at the very least 10% under the market price. If they're eager to buy, they will bite.
It is currently a seller's market. Inventory is low and many homes have multiple bids over asking $. I would not pay over 3% commission period. That's to the selling agent acting on YOUR behalf through closing. Hire an independent, licensed appraiser BEFORE listing (about $350). Home sold AS IS unless you want to spend the $$ after knowing what's what after the appraisal. Interview 3 separate agents. Show ONLY to PRE-QUALIFIED buyers. The buyer pays for the inspection after an accepted offer.
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It is currently a seller's market. Inventory is low and many homes have multiple bids over asking $. I would not pay over 3% commission period. That's to the selling agent acting on YOUR behalf through closing. Hire an independent, licensed appraiser BEFORE listing (about $350). Home sold AS IS unless you want to spend the $$ after knowing what's what after the appraisal. Interview 3 separate agents. Show ONLY to PRE-QUALIFIED buyers. The buyer pays for the inspection after an accepted offer.
I would offer them 2% only, houses are sold within a week. Realtors are a dime a dozen now.
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I would offer them 2% only, houses are sold within a week. Realtors are a dime a dozen now.
You could offer 2% but then you are still on the hook for the buyers agents 3% so you saved 1%. For that savings of one percent, 5% vs 6% you lost your agents full interest in showing your property to potential buyers before other clients who are paying the full 3%. Not worth it.
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2% would be a reasonable place to start. I guess it all depends on how much effort you want to put into selling. Personally, I'd throw it out on Zillow for a month after getting an independent appraisal and bumping the price depending on the comps in the area, field the calls, show by appointment to pre-qual only and see what kind of hits you get. If you get a legit written offer, hire a real estate attorney for a flat fee or in a state like CA, just use an escrow company. Could mean the difference of tens of thousands in commissions.
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Now I'm even lost more than before. Me and my girl just purchased a new home and I'm undecided what to do with my old one. I could rent it out but I think that will be more of a hassle. 6 percent going to a realtor seems like a lot.
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Now I'm even lost more than before. Me and my girl just purchased a new home and I'm undecided what to do with my old one. I could rent it out but I think that will be more of a hassle. 6 percent going to a realtor seems like a lot.
you could rent it out, Ive done that and got lucky with renters. Others haven't been so lucky. If you have no experience in real estate, 6% is money well spent.
If you are in the states, and have lived in your home for 2 years, the sale of the home would be tax free. If you rent it out you can lose that benefit in time.
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It is currently a seller's market. Inventory is low and many homes have multiple bids over asking $. I would not pay over 3% commission period. That's to the selling agent acting on YOUR behalf through closing. Hire an independent, licensed appraiser BEFORE listing (about $350). Home sold AS IS unless you want to spend the $$ after knowing what's what after the appraisal. Interview 3 separate agents. Show ONLY to PRE-QUALIFIED buyers. The buyer pays for the inspection after an accepted offer.
Yep, definitely a sellers market in most of the US at least.
Understandably it is a bit confusing at first but now having been an agent/having the license for a bit there is not really much work involved unless the other agent is not doing his job as well. Also, 80% of the agents I've worked with are shady.
Agree that this is an industry that I could very well see going by the wayside in the future.
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You could offer 2% but then you are still on the hook for the buyers agents 3% so you saved 1%. For that savings of one percent, 5% vs 6% you lost your agents full interest in showing your property to potential buyers before other clients who are paying the full 3%. Not worth it.
It can be negotiated. Your point is correct however overall. Not much of a point in doing that unless you plan on doing it yourself.
Sellers market you should have people knocking down your door whether it be an agent or not. However, depending on the the price you paid for the house to begin with you may just say "Whatever" and have an agent do it as the profit still may be substantial. All depends on how comfortable you feel/profit involved. From that experience you may learn enough to do it on your own next time.
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you could rent it out, Ive done that and got lucky with renters. Others haven't been so lucky. If you have no experience in real estate, 6% is money well spent.
If you are in the states, and have lived in your home for 2 years, the sale of the home would be tax free. If you rent it out you can lose that benefit in time.
I'm in Canada. I think I might try my luck at renting.
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you could rent it out, Ive done that and got lucky with renters. Others haven't been so lucky. If you have no experience in real estate, 6% is money well spent.
If you are in the states, and have lived in your home for 2 years, the sale of the home would be tax free. If you rent it out you can lose that benefit in time.
Depends where you live, most of these "agents" are human filth who know nothing - treat them accordingly, 2% on each end for 4% total. Fuck them and keep 2% in your pocket.
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Depends where you live, most of these "agents" are human filth who know nothing - treat them accordingly, 2% on each end for 4% total. Fuck them and keep 2% in your pocket.
Good luck getting a buyers agent to take less than 3
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i would try without, i've always used estate agents for sales but last property i sold was before online private advertising was really a thing. last property i rented i did independently on advertising site rather than using estate agent. saved me about £400 on what i previously paid estate agent to find a tenant for same property.
i would get a few estate agents around to help with valuation, then advertise it online. if you don't get the interest then go back to agents. for the potential saving it's worth risking the fee that online sites charge(not usually very much).
I agree you don't need an agent but don't go around kicking people's tyres like that.
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I'm in Canada. I think I might try my luck at renting.
That can be a whole other PITA, but also financially a good route.
Yep, definitely a sellers market in most of the US at least.
Understandably it is a bit confusing at first but now having been an agent/having the license for a bit there is not really much work involved unless the other agent is not doing his job as well. Also, 80% of the agents I've worked with are shady.
Agree that this is an industry that I could very well see going by the wayside in the future.
That's disappointing to hear :-\ It's probably easier to negotiate with a broker/agent than just an agent ???
Depends where you live, most of these "agents" are human filth who know nothing - treat them accordingly, 2% on each end for 4% total. Fuck them and keep 2% in your pocket.
Agreed for the most part
Good luck getting a buyers agent to take less than 3
True, and that's been my experience too, however, a good agent who truly wants the best for their client will do the right thing and it will come back to them in the long run. Last agent I dealt with with that attitude lost out on at least $6K for not showing it to her buyers.
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Your low ball negotiation idea didn't work at all but still you say don't use an agent.... ::)
No, we low balled it with the very same agent that brokered my current home. Only difference is that at the time there wasn't a $3,000,000 home on the other side of the deal, so he was happy-uppity about getting some offer traction. I didn't know it at the time but... we were getting played into desperation mode.
Bottom line is that a buyer should always low ball a house that does not meet ALL of their demands. It's called negotiating. If you don't, you have plenty of time (30 years) to bitch and moan about the lack of this and that.
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to avoid capital gain tax from selling (35%) u must buy another property in 40 days . wich is a very fucked law
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to avoid capital gain tax from selling (35%) u must buy another property in 40 days . wich is a very fucked law
In canada?
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to avoid capital gain tax from selling (35%) u must buy another property in 40 days . wich is a very fucked law
Does not apply on your primary residence if you've lived in it 2 years...on a flip, yes you will pay cap gains on the sale price minus your basis/cost in the property unless you roll the gain over into a larger purchase. People who get rich in real estate do it using tax advantages. People who work for money pay the highest taxes while people who work for assets pay the lowest.
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The majority of Realtors should find another career. 1% of Realtors do 99% of the business. The others are just chasing a dream that won’t happen.
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Does not apply on your primary residence if you've lived in it 2 years...on a flip, yes you will pay cap gains on the sale price minus your basis/cost in the property unless you roll the gain over into a larger purchase. People who get rich in real estate do it using tax advantages. People who work for money pay the highest taxes while people who work for assets pay the lowest.
agree. My brother has been taken to court by the IRS and won. He is retired but flips houses for entertainment. He uses every legal tax opportunity and there are many when you are a corporation. That's how fortune 500 companies making billions pay less than I do annually. And the IRS has it set up that if you win against the IRS, it only applies to that specific case. There is no precedent set. Each person has to sue them individually. And they fight dirty. Should be disbanded.