has anybody ever sold their own house?

Discussion in 'After Hours Lounge (Off Topic)' started by Jeremy Illingworth, Jul 7, 2004.

  1. Jeremy Illingworth

    Jeremy Illingworth Supporting Actor

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    I'm getting ready to move and will be needing to sell my own house. My neighbour suggested that I try to sell it my self. We live on a street that gets a fair amout of traffic. I know a real estate agent can be a valuable ally, but I can take $10,000 less for the house and still make as much money without one. Tell me your opinions and experiences.

    jeremy
     
  2. Scott Tucker

    Scott Tucker Stunt Coordinator

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    I don't know about Canada, but here in the U.S. it is relatively easy. I would say go to a title company and let them know your intentions. They will let you know what you need to do as far as closing the deal. Have a contract ready for anyone wanting to make an offer.

    Good Luck!

    Scott
     
  3. David McGough

    David McGough Second Unit

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    I have sold 3 homes in Tenn. It is easy as can be, all you have to do is have a Termite letter, when you have a buyer
    You hve him sign a contract with what you agree on.
    He gives you $1,000 earnest money. You find who his lender is and get he closing date/time and you show up.
    You need to get his bank/mortage company.. He pays all the fees. Then monies go to pay off your loan and you are given any extras.
    It is that easy.
    I always hve a packet that list who has the deed, how it is registed. Age of house, when was built, ect ect.
    More information you give it helps him process the loan quicker.
    Very easy and you save 7% fees in Tenn
    Good luck
     
  4. Ashley Seymour

    Ashley Seymour Supporting Actor

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    The main reason for droping the price $10,000 and not using an agent is to help the house sell faster in a slow market. If the agent can get $10,000 more then what is the logic for not using one? If you can sell for the same price the agent could get and you keep the $10,000 then that makes more sense. You didn't pose your question with all the facts.

    Like getting adivorce and saving on the attorney fee.
     
  5. Chris Hovanic

    Chris Hovanic Supporting Actor

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    I bought two houses this way and sold one. you can make it as difficult as you want involving real estate agents and lawyers and anyone else you can think of.... or you can make it pretty simple. Some local Stationary stores should have some pre-made contracts that you can purchase for a small ammount. Just fill in the blanks.

    Good luck. [​IMG]
     
  6. Christ Reynolds

    Christ Reynolds Producer

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    www.isoldmyhouse.com is a pretty good website for selling your house around the new england area, not sure how broad they are going to get.

    CJ
     
  7. Cary_H

    Cary_H Second Unit

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    If the housing market in your area is hot, the better off you'll be.
    A home is only worth what the market dictates. If there is an abundance of buyers out there there's a fair chance there might not be enough homes for sale to go around.
    So, as a former realtor here's my take.
    When selling their homes, many folks want to list their home for a number that allows them to net the funds they require to make their subsequent purchase deal fly.
    A common hitch with this is that their home gets put on the market at an unrealistic asking price in order to hit their net target. Prospective purchasers with even a half-assed idea of what's worth what, will spot an overpriced listing in pretty short order after setting foot in the door.
    What you need to net is a non-factor in what your home will command on the market.
    Most FSBO's out there think their home is worth more than it is really is, aren't really motivated to sell, or can't net what they need to make the move without making cuts to the costs in the selling process. As well, a fair number think the fees a realtor asks are insane.
    The good realtors are the ones that know their stuff. The bad ones give all realtors a bad rap. The fees they want will pale in comparison to what you could lose if you don't CYA. There are any number of ways you can be taken.
    If you go it alone, here's just a couple of things you had better do.
    Hire someone who is really up on the ins and outs of writing a tight sales contract. Surprisingly it is pretty rare to find a lawyer or notary who can, but you must have one who can on your side. Bar none,the absolute best at it are experienced realtors but you're not going that route. Contract know-how is a big part of what you're paying them for. Sadly, many of them can't and have no business being in the business at all.
    So ask around and find a lawyer or notary who specializes in real estate. Price your home accurately. When the realtors start calling to convince you to list with them, tell them you might be open to co-operating if they have a serious buyer. You can negotiate a 'finder's fee' later.
    If an offer does show up, don't sign anything without a 'Subject Clause' of some sort to protect yourself 'til your 'expert' has gone over it. Better still, don't sign anything. Period.
    You don't want to get screwed over by some shyster by entering into a loose contract.
    I could go on forever, but I'll stop here.
     
  8. Tim Abbott

    Tim Abbott Second Unit

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    Jeremy,

    You NEED to do quite a bit of research on your own before you undertake the process. The process can vary hugely from state to state around here, not to mention different countries. Each area will have different laws and regulations (no termite letter in New England unless the buyer is going with FHA financing, as an example).

    If you decide to sell on your own, spent a couple of hours with a real estate attorney and have them tell you what NOT to do. It will be the best money you will spend during the process.

    Also, about 75% of For Sale By Owners (FSBO) end up with a realtor. There is a reason for that. If you feel comfortable that is fine, but it's just somehting to think about.


    I am NOT a realtor, by the way [​IMG]
     
  9. Andrew Pratt

    Andrew Pratt Producer

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    Is Comfree available in your area? If it is take a look at their site. There's comfree signs EVERYWHERE in Winnipeg these days and the house we bought was a comfree listing (though we had an agent do the dealing for us)

    http://www.comfree.ca
     

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