The risky realities of selling without a realtor
Jessica White/DC Columnist
Issue date: 10/29/07 Section: Business
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Agents can also provide free advice for inexpensive and small remodeling jobs that can help add significant value to your property - and may have access to contractors who can do these jobs on short notice.
Additionally, they have the knowledge to guide you through a maze of paperwork - all of which can have legal ramifications if not done correctly like your state's disclosure laws. It is crucial to disclose known defects, to avoid - or win - any legal challenge from the buyers after the sale.
Lastly, I think the skill involved with negotiating a sale should not be underestimated. Who would you trust to represent you in any type of negotiation: someone who has had years of experience with countless transactions, with all the knowledge that brings or a rookie doing it with no training, skill, supervision or knowledge?
If you insist on selling your house yourself, be prepared to spend about 10 hours a week on the sale of your property, and just assume that in each of those 10 hours will be at the maximally inconvenient time. It is much more than just having an open house on a Sunday. Be ready to take calls at 10 p.m., show the house at 7 a.m., or at noon - or to take the afternoon off from work to meet a buyer, who may not even show up.
The buyer will most likely have an agent - and that person will get a commission (assume 3%). And, the buyer may well take into consideration that since you are not using an agent, s/he can offer you 3% less (the 3% that would be your agent's commission), thereby wiping out any profit from not using the real estate agent.
If you still want to tackle this Help-U-Sell has broken down many of the steps of the home selling process, and you can buy just the services you want (like listing your home in the Multiple Listing Service, about $250 - $400). Hiring your own lawyer can be another $500 and your own stager -$300 - for advice only.
Before you decide to go it alone, why not interview three successful real estate agents who know your neighborhood well? That won't cost you a thing, and you will at least be more knowledgeable as a result. And maybe one of them will change your mind. Best of luck,
Jessica White, also known as "Ms. Mortgage Maven," is a mortgage consultant with Tenacity Mortgage. Call or email her to discuss your home purchase or refinancing needs. She can be reached at 202-607-4449 or Jessica@msmortgagemaven.com. You can also apply online at www.msmortgagemaven.com.
Additionally, they have the knowledge to guide you through a maze of paperwork - all of which can have legal ramifications if not done correctly like your state's disclosure laws. It is crucial to disclose known defects, to avoid - or win - any legal challenge from the buyers after the sale.
Lastly, I think the skill involved with negotiating a sale should not be underestimated. Who would you trust to represent you in any type of negotiation: someone who has had years of experience with countless transactions, with all the knowledge that brings or a rookie doing it with no training, skill, supervision or knowledge?
If you insist on selling your house yourself, be prepared to spend about 10 hours a week on the sale of your property, and just assume that in each of those 10 hours will be at the maximally inconvenient time. It is much more than just having an open house on a Sunday. Be ready to take calls at 10 p.m., show the house at 7 a.m., or at noon - or to take the afternoon off from work to meet a buyer, who may not even show up.
The buyer will most likely have an agent - and that person will get a commission (assume 3%). And, the buyer may well take into consideration that since you are not using an agent, s/he can offer you 3% less (the 3% that would be your agent's commission), thereby wiping out any profit from not using the real estate agent.
If you still want to tackle this Help-U-Sell has broken down many of the steps of the home selling process, and you can buy just the services you want (like listing your home in the Multiple Listing Service, about $250 - $400). Hiring your own lawyer can be another $500 and your own stager -$300 - for advice only.
Before you decide to go it alone, why not interview three successful real estate agents who know your neighborhood well? That won't cost you a thing, and you will at least be more knowledgeable as a result. And maybe one of them will change your mind. Best of luck,
Jessica White, also known as "Ms. Mortgage Maven," is a mortgage consultant with Tenacity Mortgage. Call or email her to discuss your home purchase or refinancing needs. She can be reached at 202-607-4449 or Jessica@msmortgagemaven.com. You can also apply online at www.msmortgagemaven.com.
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