• Welcome to SVTPerformance!

Thoughts on selling a house w/o a realtor?

Discussion in 'Road Side Pub' started by PhoenixM3, Apr 13, 2020.

  1. PhoenixM3

    PhoenixM3 Hello Kitty Slayer Established Member

    Messages:
    3,289
    Joined:
    Jul 31, 2012
    Location:
    Colorado Springs
    All,

    As the Flu-Manchu continues to develop, conditions in my area prevent a real estate agent from showing a home unless it is under contract. As I see it, the owner of the home (me) is not a licensed agent, and not under the same restriction as a realtor.

    We've never sold a home without an agent, but the market conditions for home sales are still pretty hot right now. The allure of not paying upwards of $37K in realtors' fees is pretty attractive too.

    Thoughts from people who've actually sold real estate without an agent are welcome.

    Thanks!
     
  2. me32

    me32 BEASTLY SHELBY GT500 TVS Moderator

    Messages:
    15,139
    Joined:
    Sep 6, 2005
    Location:
    CA,NorCal
    You could do it. Only issue i see is that you maybe dealing with alot of deals falling through or getting delayed past the dead lines. So if your in no rush and willing to deal with all the issues that may arise go for it. Personally for me i would use a realtor that i have had prior good experience with.
     
    PhoenixM3 and nxhappy like this.
  3. nxhappy

    nxhappy Well-Known Member Established Member

    Messages:
    9,359
    Joined:
    Dec 16, 2006
    Location:
    AZ
    don't cheap out ...get a good realtor. my house sold in 7 days during this virus I feel we dodged a bullet ....

    ps LIST RIGHT NOW....
     
    me32 likes this.
  4. FIVEHOE

    FIVEHOE Well-Known Member Established Member

    Messages:
    1,361
    Joined:
    Jul 24, 2012
    Location:
    AZ
    lol everyone thinks they can do it themselves until its on the market and they have zero bites for weeks/months. My neighbor put theirs up and its been sitting 2+ months. Every other house in my neighborhood has gone pending within 30 days (even during the pandemic). I only see their listing on zillow, haven't seen it on any other listing site, which I imagine from that alone you're losing so many potential buyers.

    Pony up the money and have no regerts.
     
    jmsa540, nxhappy and me32 like this.
  5. Blk04L

    Blk04L . . . Premium Member Established Member

    Messages:
    9,034
    Joined:
    Nov 1, 2006
    Location:
    South Florida
    There's a chance a realtor might miss your listing due to their MLS not showing by owner sales, or so I'm told.

    Long story short, a month into trying to sell my home I saw our same model down the street go up on Zillow for 14 k less than our price, selling by owner. They had the bigger lot, and imo nicer interior designs. So I thought we were screwed if we wanted to get out asap.

    Two weeks later we get a showing, people love our house, and we found out they didn't stop at the other house*. The next day they gave us an offer, we counter and agreed to a deal in two days.

    The other house eventually got a realtor and 6 months later sold for 33k under our selling price. Maybe they got desperate and had to move.

    *Our realtor said that house wasn't showing up on MLS listings and the other realtor said he showed our house and two different models in the neighborhood.
     
    PhoenixM3 and me32 like this.
  6. Lambeau

    Lambeau Superfleck Moonbird Premium Member Established Member Beer Money Bros.

    Messages:
    2,403
    Joined:
    May 13, 2010
    Location:
    Rockwood Lodge
    I paid to get our house inspected and FSBO'd. Made a sign, put it in the front yard. Within 3 weeks it was sold. Turns out the buyer saw our sign and told the Realtor they were using. They paid for all the paperwork.

    Good luck.
     
    PhoenixM3 likes this.
  7. Rb0891

    Rb0891 Well-Known Member Established Member

    Messages:
    177
    Joined:
    Feb 9, 2020
    Location:
    Indiana
    We did it with a limited listing. Was like $700 and they do very limited services, but they get it on the MLS. The buyer had a realtor so we compensated the standard amount and she was pretty helpful as well to close the deal. Just have to realize she is representing the other side when it comes to some of the details. I am not sure all states allow this type of limited listing.
     
    PhoenixM3 likes this.
  8. coposrv

    coposrv Well-Known Member Established Member

    Messages:
    4,752
    Joined:
    Sep 4, 2007
    Location:
    boston
    Realtors are overpaid and I think they’re completely outdated but I would be hesitant to sell on my own unless I was absolutely sure I could do without them.


    Sent from my iPhone using svtperformance.com
     
  9. nxhappy

    nxhappy Well-Known Member Established Member

    Messages:
    9,359
    Joined:
    Dec 16, 2006
    Location:
    AZ
    the realtors know the pricing, and they won't BS you with fake numbers. Do you want to sell within weeks or do you want to roll the dice ?? I can tell you during this shit storm virus a realtor WILL be needed to sell.
     
    me32 and PhoenixM3 like this.
  10. DriftwoodSVT

    DriftwoodSVT 2020 F250 7.3L Tremor Established Member

    Messages:
    6,635
    Joined:
    May 27, 2006
    Location:
    Driftwood, TX
    When there's companies like Redfin who do it for 1% or 1.5%, it's not worth the trouble.
     
    MG0h3 likes this.
  11. tistan

    tistan Well-Known Member Established Member

    Messages:
    4,550
    Joined:
    Feb 20, 2005
    Location:
    savannah
    I agree. With the average price of homes hitting 4-500k in most areas and average closing time of 30 days or less, why is a realtor getting 6% for every sale? On a half million dollar home, that is $1k a day for their services. On top of that every time I buy a house, they don't think I should ask for closing cost. Every time I sell a house they think I need to concede closing cost. In a hot market like we had, I don't see the value in a realtor.

    Redfin isn't in all areas yet, but I will probably use them next time I sell a house.
     
    Crimson2v likes this.
  12. 13COBRA

    13COBRA Resident Ford Dealer Premium Member Established Member

    Messages:
    15,855
    Joined:
    Jun 4, 2012
    Location:
    Missouri
    If your house is in the middle to low size value of the area, you can sell it. If it's on the high side, hire a realtor and negotiate their rate.
     
    STAMPEDE3 likes this.
  13. coposrv

    coposrv Well-Known Member Established Member

    Messages:
    4,752
    Joined:
    Sep 4, 2007
    Location:
    boston
    I get annoyed with a realtor who makes as much as I do. A 600k new spec build I put in 20/25 grand of my own money to see a profit of 5k and some ass clown opens the door with no skin in the game and collects a check.


    Sent from my iPhone using the svtperformance.com mobile app
     
  14. Outlaw99

    Outlaw99 Join us. Moderator Premium Member

    Messages:
    16,731
    Joined:
    Oct 10, 2002
    Location:
    North Carolina
    Real Estate here is thriving. March Alone got 1.3M under contract and another $850K in the pipeline.

    As a realtor, of course I am going to advise you to have representation. Is it possible to do it without one? Sure if you know what your doing. So many times I have talked with people about their horror stories and ask me if they have any legal recourse...the answer is no. You can't unring a bell.

    Do you know what your states laws are regarding what you are responsible for? There is so much involved and so many moving parts.

    Would rather see you represented than add to my disaster stories.

    Sent from my S20 Plus
     
    Last edited: Apr 14, 2020
    PhoenixM3 likes this.
  15. Outlaw99

    Outlaw99 Join us. Moderator Premium Member

    Messages:
    16,731
    Joined:
    Oct 10, 2002
    Location:
    North Carolina
    This past september, a young couple I go to church with, pulled me aside and asked me for advice. They decided to buy a house unrepresented. They wanted to take the cheapest route possible to buy a house. Who doesnt right? About 90 days after closing, they received certified mail that stated a lien had been placed against their property for roughly $62,000. The sellers of the home told them they wouldnt need title insurance at closing. Title insurance was $112.00. The sellers of the home, never disclosed the lien that was headed their way and after consulting with an attorney, they have 0 legal options and are stuck with the lien. This was a 100% preventable situation. Sure, they can go to court and sue the former owners. Who knows how much that will cost.

    You can also go to court and represent yourself, but would you? shit, most of you hire an atty to handle speeding tickets.

    OP, google selling on your own and make sure after days of research that is something you want to juggle.

    when it goes bad, and chances are something will come up that will be a nightmare for you, you can just argue that guys on SVTP said it would be different.
     
    STAMPEDE3 and PhoenixM3 like this.
  16. 5.0 Hatch

    5.0 Hatch Active Member Established Member

    Messages:
    315
    Joined:
    Dec 21, 2005
    Location:
    Gulf coast
    Sold mine myself in 2hrs. In my case, i couldn't see any value paying someone 6% to do it for me. The buyers bank took care of whatever is needed from a legal standpoint.
     
  17. KingBlack

    KingBlack 2018 Fluffer Champion Established Member

    Messages:
    5,953
    Joined:
    Nov 21, 2004
    Location:
    myrtle beach
    And how is that the realtors fault? This honestly sounds like a personal issue based on nothing. You have every right to stop what you're doing and become a realtor why don't you do that instead of hating someone for following the rules?
     
  18. wowsers

    wowsers Looking for a Terminator Established Member

    Messages:
    102
    Joined:
    Jan 19, 2009
    Location:
    Harrisonburg, VA
    IMHO with a little bit of research you are going to be more informed about your home’s value than most realtors.

    We sold our house last May and it was in a nice neighborhood surrounded by the ghetto. I met with 4 realtors who swore up and down that our home was worth 20k less than we wanted to list it for (We thought ~210k). 2 of them wouldn’t even consider trying to list it for what we wanted. They would use comparables that we’re on the shitty side of town. I finally convinced one to list it for 200k...it sold for 208k in less than a week.

    Houses are like cars. If yours stands out it will sell. Now, the legal stuff might be a headache, but the realtor fee is not worth it.


    Sent from my iPhone using svtperformance.com
     
    Handlebar Moustache likes this.
  19. jrandy

    jrandy Well-Known Member Established Member

    Messages:
    1,836
    Joined:
    Feb 15, 2008
    Location:
    Bay Area
    This right here is what realtors are still needed for. Buying and selling can be easy. However, buying and selling can get messy real quick with all the loopholes and regulations. Not to mention the potential for someone trying to mislead or deceiving you.

    While I do agree that realtor's fees can be way too high (especially in the Bay Area with $1m homes as a norm), I think of realtors like insurance. A good realtor can pay for themselves while a bad one will just sit back and collect a check.
     
  20. 2000GTSTANG

    2000GTSTANG Well-Known Member Established Member

    Messages:
    1,690
    Joined:
    Nov 26, 2006
    Location:
    Plymouth, MI
    Find a flat fee broker that will list your house on the MLS for a fraction of the cost. Find a RE attorney to represent you and read through paperwork if need be and agree to pay the buyers agent their 3% or only offer 2-2.5% if you want to be really cheap.

    Agreed that realtors are an outdated thing now. They do have a benefit in that they will handle all the paperwork and appointments needed to sell a house, but what they get paid to do so is outrageous IMO. Especially when pretty much all the forms are fill in the blanks.

    I love when I see realtors saying I sold this house in two days for above market value. All you did was put in an offer that the other side accepted. Big whoop.
     
    Handlebar Moustache likes this.

Share This Page