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non-commission realty companies?

Hi all,

I wonder if anyone here has any experiences/knowledge of the pros/cons of non-commission realty companies such as

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Daughter and family have a chance to move from NY to Denver Co. and have a house to sell plus one to buy when they get there.

I've googled for information, but all I get are hype-pages and obviously biased pages; can't find anything that seems to cover enough information to be able to compare them to the "regular" bank mortgages and realtor relationships.

Thanks for any experiences/opinions.

Pop

Reply to
Pop
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If the house is in a hot area you MIGHT save a buck or two with out a realtor. If they do the move who shows the home? I move a lot and grumble a bit each time I use a realtor. I have found someone who will do the property exchanges for a total of 5%, 2 for mine and

3 for the new one. Saves me a lot of headaches when moving. I know that all of the paper work will be done correctly and the first time. She is a bear when it comes to pre-qualifying even me. She demands and gets all of the paper up front and stops the nonsense before it starts. My last house I had an offer over the price which I wanted to accept. She said no, that when checking with their lender they were not qualified for that amount. Took care of it the same day of the offer. I would have really been pissed when the next legitimate offer came and the house was off the market.

Have fun doing it yourself.

Reply to
SQLit

If I had all the time in the world, I'd do it myself. However, I do have some experience with real estate.

I didn't do it myself when I sold my condo and bought my house a couple years ago. It takes a lot of time, not only showing the house, but culling the riffraff from legitimate offers. Seems all the nuts come out of hiding when you do a FSBO (For Sale By Owner). They think they're getting a free house, or one heck of a deal. They come up with wacky offers they can't possibly honor, they give you lowball offers then argue violently when you refuse, or they try to scam you out of something. Very few real estate agents will show your property, because they aren't going to make any money, and most won't trust you if you offer them a couple percent anyway. Your property also won't appear on the local MLS boards, though you may get it on the internet. SQLit is right on the money with his opinion.

I personally hate the idea of paying a real estate agent anything when all they do is drive you around and maybe help in filling out forms. However, should something go wrong, either with the transaction, the buyer, the seller, or the physical properties, at least the agent, or his broker, will be able to deal with it. I count it as insurance against all the BS that get's thrown your way.

Pagan

Reply to
Pagan

I guess everyone has different experiences and advice. Our neighbor just sold his 3 bedroom rambler for $271K within two weeks of putting up the FSBO signs in the neighborhood. He paid an attorney $500 to take care of the paperwork. He said that he has sold two other home that way in the past. We will probably use the same method and same attorney when we sell our home in a couple of years. I can't see paying a realtor 20k for essentially doing little more than what the attorney did for $500.

Reply to
tenplay

That is what people do here and usually the BUYER pays. After all the attorney is there to protect the buyer, the seller has the big bag of money. It is the buyer who has to be sure he really owns a house.

If you need to do more than hang a sign in the yard to sell your house you may want a realtor.

Reply to
gfretwell

Here is how it works for me:

  1. I interview and negotiate with an escrow company and get a copy of their buyer-seller contract.

  1. I buy an appraisal.

  2. I set a non-negotiable price which splits the non-existant real estate fee with the buyer.

  1. I place the filled out contract and the appraisal on the kitchen table.

  2. I record a detailed message WITH PRICE on the answering machine.

  1. I put a cheap FSBO sign in front with the phone number and a notation "For recorded information" on it. This is important for your curious neighbors who know prices and are mini free agents for you.

  2. I bring the sign in after dark ( and have a spare sign) to thwart the local real estate agent who now hates me and will steal the sign.

Works for me, and quick too. Even less work than hiring an agent.

Reply to
Blue

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