Michael’s opening comment: I don’t have all the answers, but I know where to get them if the subject is real estate related with a local angle.
Here’s a question someone asked me years ago.
Why do I need a Realtor? Why can’t I just deal directly with the buyer and get a lawyer to prepare the paperwork?
Answer: You can. Not every real estate deal requires an agent, usually called a Realtor. You can do what you said if, for starters, you confirm, as nearly as possible, that the buyer is financially qualified to purchase your property. Where’s the money coming from? That’s a very important question to ask upfront.
Do you know how to put the buyer in a binding agreement that protects you as seller if the buyer defaults before the sale is closed? For this contingency you need a legal contract. Your lawyer can provide one.
Are you a good negotiator? If the buyer wants you to make repairs at a large cost or drop the price to compensate for defects in the property, can you work through these issues without alienating the buyer?
As a matter of ethics, if you know of adverse conditions that will affect the value of the property, will you disclose those conditions to the buyer, or will you hope the buyer doesn’t find out about them until after the deal is closed?
In this case, I’m answering a question by asking questions. What would you say about Do-It-Yourself real estate brokerage? Click on This Is Real Estate Today to leave a question or comment.
If you prefer to speak to me, phone: 229-924-3089. Thanks.
Memorial Day, May 25, 2015
Hi. There’s an informative article in the Fox Business section about the pros and cons of For Sale By Owner selling. It pretty well sums up my own thoughts on the subject.
For one thing, it makes a case – or its commenters do – for lower commissions when a Realtor is used. I think the day of the typical 6% commission is passing. I offer my clients commission breaks in certain situations.
A further thought: There’s always the option of allowing a Realtor to show your unlisted property. If you make a sale as a result the commission is halved at least.
This makes perfect sense to me. After all, no matter whether your property is listed or unlisted, you’re the seller. (Realtors “market” property; only the title holder can “sell” it.)
If you have real estate for sale and prefer not to list it with a Realtor, but you could use some help or advice at some point in the process, please call me, Michael Dixon, at 229-924-3089. No obligation.
Here’s a link to the article mentioned above: http://www.foxbusiness.com/personal-finance/2015/05/04/hiring-realtor-vs-for-sale-by-owner/
Your thoughts? Click on This Is Real Estate Today.