Selling A Home/A few questions

[Firedog]

My wife and I have decided to sell our house. So I have a few questions about doing just that since I have never sold a home before. I have talked to three different Realtors about getting a market analysis. So I have an idea of the market value.

My questions are, should I list with a Realtor? The going rate seems to be from 5%-7% of selling cost. If so how do you determine who to use? Should I wait till I get all the small projects done? I.E. New kitchen and bathroom flooring and fresh paint. Or go a head a list it and work on the projects along the way? OK there are a few of the questions, I am sure I will have more. And if anyone is interested in a small NE Portland home let me know
:smile:

[ 11-11-2003, 04:18 PM: Message edited by: firedog ]

[Jettin' Fool]

You could sell it yourself and use the For Sale By Owner program. They have a paper for you to list it and a program you follow that shows you all the paperwork you will need. I've never done it but its an option. You will need to show the house yourself and that was a problem for me when I sold my last house.Most will charge you 6% and some will charge 5% if they sell it to one of thier own clients. I know a great realtor if you want I'll give you her Name and number.
http://www.salebyownerrealty.com/
Good luck

JFool

[ 11-11-2003, 05:32 PM: Message edited by: Jett'in Fool ]

[Joe Schwab]

Firedog, if you are not in a hurry, sell it yourself. My wife and I did and it sold in 5 days. So much for not being in a hurry. A good escrow firm will walk you through the paperwork and a lawyer can handle the legal stuff for a couple of hundred bucks. Get an inspection done to tell you what needs to be fixed. That's about it. Good luck!

[PayDay]

Firedog-
A long time ago I sold real estate and quit because it was seriously way too much stress for me. People get really tense when they're dealing with such a big transaction and they come up with some strange stuff. The toughest part of selling wasn't getting offers, it was getting the deals to make it through closing. Some were easy and some went totally sideways. Whether you sell yourself or through a realtor the most important thing is correct pricing and exposure and then be prepared for about 60 days of tension after you get an offer. That's when a realtor earns their money.
I've had friends list through a realtor and get no offers, then when the listing expired they were able to drop their price a little because they were saving the commission and the sold right away. Realize that buyers are ususally represented by a realtor and if you're selling by owner they will probably expect a small break on the price since you aren't paying a commission and they won't have anybody taking care of things for them either. Also, if you sell by owner be prepared for a barrage of calls from realtors wanting to list your house, so know what your response will be. A good sign (not just with your phone number) and flyers out front are a must.
I've always thought having a website with photos and more details about the house would be helpful for selling yourself, but I don't see people doing it. Also, don't show the house to anybody who hasn't been pre-qualified or better yet pre-approved by a reputable lender. You don't want to waste time showing it to people who aren't qualified. A few hundred bucks for an attorney and a home inspection probably a really good idea too.
Taking care of some relatively easy and inexpensive projects will probably add to the value of your house, but be sure to use neutral colors for flooring, painting, etc. If you have a lot of stuff in your house, find some off-site storage and it makes the house seem bigger. Traditionally the holidays are a tough time to sell, so it might be a good time to take care of those small projects and put it on the market after New Years.
Good Luck!

[Thumper]

Adiboy is a smart dude. Do what he says.

[Firedog]

Thanks everyone for the info, I will probably put a sign in the yard. Soon and then after the first of the year get serious. Don't know yet if that means using a realtor or doing it myself. Love the idea of selling a bit cheaper and putting more money in my pocket :smile: So we will see. I will get to work on my projects, gotta go on that second elk hunt of the year first.

[El Toro]

My wife and I were in the same situation, sell-by-owner or sell through a realtor. At first, we decided to sell-by-owner and did not receive any calls. If you sell your home-by-owner, list your home on mls for exposure! So, a month and a half past and nothing, so we decided to use a realtor. Less than three weeks past we had our buyer.

Overall, I would suggest using a realtor for selling a home not necessarily for buying.
- one they are experienced when it comes down to the "wording." When we were going back and forth on the price of our home, they used language that neither party could go back and misinterpurpt for a possible sueing frenzy.
- depending on the realtor, they will know how much to counter on your house.
- they will show, advertise, and market your house. This was the big selling point, for me because I could fish and not have to be home to show the house!

Good luck!

[lost_sailor]

It's nice to have a middle-man to negotiate the price, so you don't have to deal directly with the buyers.

Then again, it's nice to keep that 6% commission for yourself!

The title company will take care of all the legal mumbo-jumbo.