You don’t need a realtor to buy or sell a house. Sometimes it is beneficial, but you certainly don’t need them and sometimes the commission they charge can make or break a deal. Yes there are standard or generic forms from Office Depot, etc, and many Guru courses have contracts, you can get a copy of the local Relator association contract, usually just by asking. Use a realtor if you want to, or if it is to your advantage, but the services they provide are normally not worth it to an experienced investor, with a few exceptions.
OK, we’ve been thinking about trying to sell this investment home we just bought, but we knew we would lose a ton of $$$, so we’ve still been trying to rent…until tonight when I got a call from a guy wanting to know if we’d consider selling instead. So, I met him and his wife at the house and they are very interested and willing to pay enough for us to break even, maybe even make a little (which is fine…we just want out, we didn’t tell him this, of course). So, my question is, what do we need to do to sell this house without a realtor? We are not familiar with this at all, so please be detailed. We are going to be talking to him tomorrow night to tell him what we want and to see if he accepts. If all goes well, what do we do from there? I know he needs to get financing lined up, which he says won’t be a problem, but then what on the end of the title company? HELP!!!
Re: Selling house without a realtor - Posted by Diane (TX)
Posted by Diane (TX) on July 24, 2003 at 21:06:10:
The first time I did this, I went to a title company and asked them what I needed to do. I talked to a lawyer for about an hour (new office, and he wasn’t busy). He gave me the standard state purchase offer forms that all the realtors use here. I filled in the forms, we signed, I took the forms to the title company and they handled it from there. When I had a question how to fill in the form I asked the title company lawyer. Yes, I had fees for title insurance and attorney fees, but that’s to be expected.
Have you considered reading a book on “how to sell your house?” There are many of these books written. A well-stocked public library is likely to have a few. Also, there are law libraries where you can get examples of the documents that attorneys provide. They copy them out of “forms books.”
You might consider paying a knowledgeable real estate broker to help you out, perhaps somebody who is retired or semi-retired. You might be able to pay by the hour.
Or do you really like stumbling around not knowing what you are doing?
Oh, any description of how you managed to get yourself into a situation that you don’t like?
When I sold my first home on my own, I used the generic forms from office depot for agreement of sale. I’d of course not using those any more now. Call realtors, some will provide services creating agreement of sale only for a small fee. You might have to schedule inspection and appraisal on your own, but they are pretty straight forward. After that,the title company will handel the remaining work.
good luck!
basically, you are saying that you don’t have any idea about how to negotiate a valid contract, make sure it protects you, follow up on it , follow up on financing or follow up title problems.
ask yourself this, why isn’t the buyer working with a realtor?
even the hard core investors know that serious buyers work with realtors, why do you think they list their properties on the mls?
let me ask you this …
three months from now when your deal still hasn’t closed will you then hire a professional?
hire somebody…what do you have to lose, you don’t pay unless they perform…
"Or do you really like stumbling around not knowing what you are doing?
Oh, any description of how you managed to get yourself into a situation that you don’t like?"
OK, Ron. People post on these boards, beginners like myself, to get help and information, not for a response like this. You ask if I really like stumbling around not knowing what I’m doing. Yes, that interests me. I love not knowing what I’m doing. Why don’t you try to help like everyone else instead of putting people down like you’re some hotshot. The reason for these boards, I thought, is to share information. You ask for a description of how I managed to get myself into this situation I don’t like, well, we trusted in a “knowledgeable real estate broker” (as you call it) to help us with our first investment home. He saw a quick opportunity for himself to make some money and hasn’t been much of a help since. We have read many, many books, attend real estate investment club meetings, etc. So don’t think we’re sitting around, just trying to find an easy way. So, that’s why I come to this board seeking help, but instead I get a cocky response like this from you. To the “all knowing” Ron Starr, thanks.