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Selling a house by owner??

Discussion in 'The Lounge' started by ParmaBass, Jun 30, 2007.

  1. ParmaBass

    ParmaBass Kiss The Converse

    I've asked a few questions in the past but can't find the post. After dragging our feet for 2 years we're gonna try this again.

    What kind of associated costs will I be looking at? In other words how much money will I have to spend in order to avoid using a realtor? I'm convinced I can save alot of money by avoiding a realtor, but just not sure where to begin. Anyone get me going in right direction? Thanks!
     
  2. Champion188 Elite

    Champion188 Elite Smallie slayer

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    Get an attorney. I sold my old house 3 yrs ago. It was very simple and cheap. The lawyer can point you in the right direction,I'm sorry I can't remember all the specifics. Once you have a party interested in buying your house you will both meet with your lawyer to go over and sign what is called a Purchase Agreement. A purchase agreement is set up so that neither party can change things such as,cost,closing date,warranty(if it has one).
    The attorney will handle all the courthouse leg work such as,research of the deed,leins(if any),switching taxes to the other party.
    If I remember right (I'll have to ask wifey) we spent less than $1000 getting all this taken care of.
     

  3. can you do all the paper work ,? what about addvertizing,? a sign in the yard wonlt get it done , theres more to it than ,sign here please , a good realtor earns there keep, and comm rates are not fixed they can give some. 5to 7% is fare get the place in good shape , , find one a friend would recommend. only list for three months ,that way if you hired a jerk your not stuck with him/her forever. make sure they will hold open houses every other week . you need lots of exposture. remenber first impresions are very important.
     
  4. With the way the market is in this area right now it would seem that a good agent would be a smart investment. If you were selling a house in a strong market then you can do it yourself without too much trouble but I wouldn't think that would be the case anywhere in NE Ohio right now at least not if you want to sell it reasonably quickly and get a decent price; unless of course you already have a buyer lined up and a price agreed on.

    My only experience selling a house without an agent was pretty much like what Champion 188 mentioned. A lawyer friend of my dad took care of the paperwork so that part was easy. In our case we already had a buyer lined up (a relative) and the price was set so we just needed a lawyer to help with the paper work. We paid very little to get it done but that was quite a while ago and I had inherited the house and had no idea what was really going on so it might have been more complicated than I remember ;)

    Steve
     
  5. ParmaBass

    ParmaBass Kiss The Converse

    I live in a neighborhood where every house looks the same. I also have houses all around me that are for sale and have been for sale for several months to over a year. ALL the big name realty companies are accounted for. I have nothing against realtors, just with the way the market is right now I see nothing wrong with giving it a shot on my own for a few months. It's a buyers market. If I can list my house for less money (5-7%), it might make it more attractive than the ones that have been for sale for a long time.

    I might have a potential buyer lined up, just wondering how to go about setting up the paper work. I guess I'll call my Lawyer and see if he'll help me out. Thanks guys!
     
  6. When my mother passed I was named to take care of estate. When checking to sell house I wanted to let realtor handle it. The realtors informed me they had a MINIMUM charge. House was only worth 30 K and their mimimum was 6K. I decided to let lawyer and mortgage company handle it.

    The entire deal cost 500.00. A neighbor bought the house and everything worked out rather easily. You can google about selling home by owner and pick up some good advice also.
     
  7. that sounds like the way to go, the att should help you out. good house selling.
     
  8. stormfront

    stormfront Guest

    we sold in 1999 by owner. cost to us was 400 bucks from a neighbor who was an attorney. he drew up a purchase agreement, and the rest was up to the buyer. nothing against agents, but we did all the work getting the house ready to show, and i would have been crazy to have him sit in our living room and have people sign in for 6%. we had time on our hands but this may not be the case for someone who is too busy to show their home. by selling ourselves, we were able to sell lower than other homes in our development and still came out ahead by not paying the agent's fees.
     
  9. I just bought a house and I would say you NEED time to show the house. That was our biggest gripe. Seemed like no one really cared about selling their house..... You could easily tell who wanted it to be sold and who didn't really care.

    I'd say go for it but make sure you get the place cleaned up REAL nice, neutral paint colors, etc... Then just show the heck out of it. Don't be afraid to talk to the people that come to the showing about other houses they have seen and how yours compares.