[Kimber]

Most frugal way of selling a house? Would like to avoid hiring an agent, I have time, just not the knowledge or money.

I’m exploring options to sell my house independently and minimize expenses typically associated with agent fees or commissions.

Any tips on handling the process, from listing to closing, while keeping costs low would be greatly appreciated!

[Janice]

Get a good lawyer who specializes in real estate. They usually have someone on staff that will walk you through it and they will have blank contracts.

I have bought and sold a few homes by owner and I wouldn’t do it without the guidance of a lawyer.

THAT SAID, with financing and bank loans being so tricky now and number of scammers out there, I plan to work through an agent on my next home.

A good one knows the pitfalls and will protect you in the long run. This ain’t Kansas anymore in the real estate market!

[Laura]

I have to say, that I have always gotten my clients way more than they expected. And, I know that coming from me, as a Realtor, that sounds like a sales pitch, but it’s true.

Hire a good, seasoned realtor.

Find out how long they’ve been one, because I hate to say it, because I was new once as well, but there is way too much to know that only years of experience can help with unless they are paying a successful Mentor to teach them, as I did when I was starting out many years ago.

[Dorie]

Nooooo, don’t go there. The agent will save you heart ache. There all kinds of little nasty surprises when you sell.

[Annette]

I have done it both ways and I will always pay an agent now. They do far more behind the scenes than one realizes.

I pay a guy to work on my car because he has the knowledge and experience, same same with a real estate guy.

[Bjuster]

Our real estate agent managed to get us €40.000 more for the house than what we would have asked. So, it was worth it to have him sell the house.

[Elizabeth]

Pay the 3% for an agent. They really do earn their money and have connections in that field that will sell your house faster and at top dollar.

Don’t forget, the bigger the sale, the bigger the commission, so the agent has incentive to push for a larger sale.

Also, they have the connections for the appraiser, inspector, buyers not on the radars of the other agents. All to your advantage.

You’re not stuck home waiting for unknowns to knock on your door to look at your house.

You can go about your day and your agent will show for you.

It’s worth that 3%, believe me.

[Cely]

I had hired a real estate attorney. It was a bit of work, but I am glad I had an attorney for all of the paperwork and the closing.

Getting the right price also is important, and getting someone to look at your home ahead to see what needs to be done is important.

I did the research myself, read tons of books on appraisals and also on how to evaluate a home. Lots of work.

I am glad I had a real estate attorney to help me out.

[Amanda]

If you don’t have the knowledge a real estate agent is the most frugal way to go.

You won’t get top dollar without a solid marketing plan and are more likely than not to lock yourself into a lopsided contract or leave money behind in negotiations.

[Sara]

I would get a agent and just negotiate the commission. They provide a very valuable service in qualifying potential buyers.

The other thing you could do is retain a title company, who also would help you with forms, etc.

[Rebecca]

I’ve seen many of the comments above. Definitely if you don’t want to use an agent which I would highly advise you to use an agent, but if you don’t want to use one, get an attorney and speak with them first.

The next thing that you need to be very careful of is letting strangers into your home.

Agents screen people before they put them in their cars and show them houses.

You have no idea whether you are showing your home to someone that can afford it or that has any intention of purchasing.

I have been an agent for many many many years and I would never advise for anyone to do this.

Perhaps once you speak with an attorney, found out how much they’re going to charge you and what the other possible costs are an agent might not look so costly.

[Megan]

Paying an agent is the most frugal way. There are ao many time lines that have to be met that they know about, and missing inspections by a day and paying twice won’t help you.

They also have connections to get better rates, and know the ins and outs of real estate law to get the deal that makes you the most money.

[Robyn]

Not having the knowledge or money, is exactly why you should hire an agent.

Statistically, homes sell for more money with an agent.

[Heather]

Don’t do it! Just pay the percentage… legality is tough these days.

[April]

1) Interview 5 agents. They should come to your house and walk through then show you pre-researched comps and tell if their guesses about those comps still make sense after walking the house.

Even is you decide not hire one you need this info. No more than 1 hour per agent. Speak as little as possible. Just listen.

2) cross 2 off the list and follow-up with the other 3 with these questions:

a) If the house is depersonalized and well cleaned what can we do for less that $500 to improve it.

b) what is the biggest problem selling this house?

C)Who will be interested in this house and how will you reach them?

3) clean, clean, clean. Power wash the outside, weed the garden, wash the mailbox… make windows, bathrooms and kitchen sparkle and mop floors, vacuum everyday.

Seriously, updating your house won’t help it sell faster or get more money but buyers can’t see past a dimly lit dusty house.

Make sure the blinds are open and there are lights on in every room. Also, almost empty your closets.

If the closets are packed if makes buyers feel like the house lack storage room.

4) the cheapest thing to update are light fixtures and cabinet pulls. These are DIY projects. Pick neutral ones.

5) If you for sale by owner let the agents know. Do an agents open house and let them know that it they bring you a buyer you will pay a buyers commission of 3%. It’s fair and they can close a deal with an interested buyer.

You need an attorney for the paperwork and this is different than dual agency.

*I’ve bought and sold several houses, stages and assisted with many more and if you can sell it yourself in 30 days fine but in the end most FSBO spend more in extra mortgage payments and stews than the agent commission.

No matter unless you have pet stained carpets in the common areas don’t spend money to update the house.

Self paint the main areas of the house if you can. Do the elbow grease work to make the outside look neat and clean and honestly, the house can’t be too clean.

In the end 75% of potential buyers say no just because the house felt dark or messy. Even empty houses. Clean, clean, clean,

[Cynthia]

Go with an agent and negotiate the commission fees both ways. YouTube for real estate resources and for what questions you should be asking.

A lot has changed in real estate this past year.

[Gina]

Do not try to sell the house yourself. There are too many laws you have to follow & it’s very stressful & you don’t have the expertise.

Make your home as presentable as you can & have a listing agent over so they can determine a proper selling price.

Winter is the worst time of year to list a house. Spring & summer are better.

[Marilyn]

The most frugal way of selling a home for the untrained is with an agent. These is a very big financial transaction where you stand to lose or gain.

Interview several agents and check with others who have used their services.

Educate yourself about real estate values in your area.

[Diane]

I always sold my own house because I had the knowledge being in finance appraising and being a real estate agent.

When it came time to sell my dad’s house it was located in a different state and I was not familiar with the market.

Even though I could have done it myself the broker I hired was top notch and got multiple offers and 25k over asking price.

Need to leave it to the professionals or take the time to study up.

[Mark]

So, after selling a number of houses I would say that a good realtor is way worth it.

A good realtor will get you more money even with their fee.

[Jessica]

There is too much that you don’t know. It is best to hire a professional agent.

I’m an agent and not saying that for any other reason than for you to be protected.

It could end up costing you more if you try to do it yourself.

[Nicole]

I’m an agent and can tell you with so many scams and buyers that can have so many issues I highly recommend hiring an agent.

We get paid out of the proceeds of the sale and typically you will get on average 18% more then selling without one.

Interview a few and see who is the best fit

[Latina]

We sold our home and 4 acres on Zillow. Took a total of three days. We used our title company for the contract and paperwork. It was very simple and had no issues.

My daughter is actually in the middle of selling 7 acres. She also used Zillow and our title company.

It took her one week to get it under contract with earnest money in hand. She closes next week.

With no agent we were both able to pocket all the profits of the sale.

[Penny]

An acquaintance of mine tried to sell their home on their own. They accepted Earnest money from a potential buyer.

They spent the Earnest money. Then the deal fell through.

The fireworks began. LOL.

[Elizabeth]

There are several new rules regarding buyer and seller commissions. My husband has his license just for personal business, so we haven’t bought/sold in a few years, but he says the rules are a lot different, confusing, etc.

We’ve sold by owner in the past, too, but I don’t think I’d do that these days.

[Aly]

Focus on the frugal fixes to increase your sales price rather than sacrificing the knowledge without a QUALITY realtor.

I became a realtor, because I did not want to pay other peoples commission.

However, after learning my trade, I can recommend simple, easy strategies to get top dollar.

One example is decluttering and having quality pictures taken. Sometimes a simple paint job goes along way.

Good luck!

[Virginia]

See if you can hire a realtor to help with the contracts. If you want to do your own marketing, go for it.

But the contracting can be fiddly; a professional can protect you

[Victoria]

Not enough information to make even a semi-educated guess. No clue where you live, what options there are for registered real estate agencies, no clue if you have approached any to ask what their commission is/costs are, etc.

All in my area work for free to advise you on what needs to be done to make the property appealing to potential buyers – although you can chose not to do any of the options, or only some, you pay for the actual costs to fix the property.

When the property is put on the market – they take the photos, confirm the square footage for the house and the property, what the current property taxes are, how close to schools, walk scores, etc.

They also set up open houses so those buying don’t need to get an agent to look and/or even make an offer.

The terms for their work is usually a set percentage – 6% – of the final sale price that is calculated on the HUD 1 and they are paid at the time of signing/settlement – not before.

To act as your own “real estate agent” it is a lot of work and required steps/actions that you should not only know of – but fully understand what is needed to protect yourself.

If you have no background in real estate – check to see if your local community college has classes for real estate agents – which you can take and learn the same information.

[Author]

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