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SELLING A HOME -
Realtor Or For-
b. You will also need to negotiate the term of the listing. Realtors want to list the property for as long as possible, usually at least six months. If you are concerned about getting tied up this long with a particular realtor, most agents will relent and do a four month listing. Just tell the agent what you really need. But keep the listing term as short as possible in case you want to change realtors. Remember, you are the customer.
c. Most realtor listing agreements have a clause that if the buyer does not complete the sale any buyer’s deposit that is forfeited will be split evenly between the seller and the seller’s realtor. Make sure you insist that the realtor change this clause so that the realtor only receives their commission percentage of the deposit, and the remainder of the deposit goes to the seller. In other words, if the agreed upon commission is 6%, then the realtor would receive 6% of any forfeited deposit and the seller would get 94% of the forfeited deposit. After all, it is the seller that has the real exposure if a deal falls through. Most realtors will balk at making this change but if they won’t, find another realtor.
4. If you list with a realtor and they are not doing their job to your satisfaction, get another realtor. People change realtors all the time. So do not hesitate if you are not happy. In some instances, a realtor may even let you out of your listing agreement early if things are not working out. And, if the realtor is not doing their job, they have probably broken the listing agreement and will be obligated to cancel the listing agreement on your request.
5. If you decide to go the for-
a. One option is to simply put a sign in front of your house that says for sale by owner and includes your phone number. Hopefully, you will get some calls and be able to make a sale. You may also get a lot of calls from realtors with potential buyers they will bring around, if you agree to pay a fee. Usually, they will show the house if you agree to a three percent fee if a sale goes through. Normally, they will expect you to sign an agreement to this effect, with respect to the individual they will be bringing to your home, prior to showing your house
b. If you want to be a bit more active and spend some money, consider placing an
ad in the local newspapers or other local publications to attract attention. Make
sure your ad is also posted on the local paper’s web site. Keep in mind that non-
c. You can also sign up with some companies that will list your home on the multiple listing service for a minimal fee (usually a few hundred dollars). This provides you much broader exposure to potential buyers, but you will owe at least a three percent fee if a realtor shows your home. And many realtors will not show these homes because they are concerned that you are trying to circumvent the standard realtor listing.
d. There are also companies (like BuyOwner.com and many others) that list your home on their web site for a fee and/or commission. These fees and commissions are usually far less than conventional realtors. But, keep in mind, conventional realtors will often avoid homes for sale in this manner.
e. Remember, if you do for-
Listing your house at the “right” asking price is important. If you list it at too
high a price (even if your are planning on dropping the price significantly during
negotiations), you will probably discourage many potential buyers from even looking
at the house. They will consider the house “not within their budget” and never look,
or just consider the house to be “over-
1. Whether or not you are using a realtor, get some information on recent sales prices of homes in your neighborhood, so you can get a “ballpark” idea of what your house may be worth. If you are working with a realtor they can supply you with this information. If not, you can get this information through the city clerk’s office or appraiser’s office. Generally, they have web sites that include this information. Sites like Zillow.com can also help you get a ballpark idea of what houses may be worth in your neighborhood. Also, try to get an idea of local market conditions, such as whether it is a buyers’ market or a sellers’ market.
2. Decide what is included in the home sale, such as appliances, window treatments, etc. This will not only help you develop a listing price, but will also help eliminate any confusion later with an interested buyer about what is included.
3. Decide the relative importance of a quick sale, versus maximizing dollars received from your home sale. It’s a balancing act, but whether you can afford to be patient, or need to relocate quickly, should influence your decision on listing price.
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