Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
As a Seller there is no way to get AROUND realators fees?
I respect them, heck I used to be one and just let my license go a few month's ago but here is the break down.
It does not make sense for us to go with a realator. Its a 10K difference and frankly 10K is money we could use for savings or to pay off debt.
We have a Broker friend who is willing to list our house on MLS for free but I didnt think that we would still have to pay the 3% to a buyers agent.
Even if we do a FSBO there is no way around it right?
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Re: As a Seller there is no way to get AROUND realators fees?
As a FSBO if a buyer's agent brings their client through you just have to make it clear that the buyers will be responsible for the 3% realtors commission, not you. Or you don't let potential buyers with realtors look at your house.
In our area you can not even list on MLS without offering a buyer agent commission. Even if you are doing a flat fee FSBO, MLS requires commision offer listed or they will not accept the listing.
You could do FSBO and just advertise on Craiglists, free websites and newspapers, but you won't get the same exposure MLS gives.
I had the same setup. A friend listed it for me on the MLS and I did FSBO. If someone came to me with a contract and no agent, I could have avoided those fees.
I ended up selling to a couple who had an agent, but I negotiated it down to 2.5% commission.
However, that was when the market was great and people were knocking themselves over to buy.
Have your friend list it and see of you get showings from people without realtors. Who knows, you can get lucky.
It's worth it to pay the buyer's agent. People working with realtors to buy a home are typically more serious and have a higher likelihood of being qualified versus random person off the street. Exposure on MLS will help the home sell.
To me it doesn't make sense to discourage realtors from bringing their clients to see your home by not offering to pay their commission.
We have a similar MLS rule in my area as well. It depends on if it's more important to you to sell your house or to save the commission money -- if you're more concerned about selling, list on MLS and offer a commission, but if you don't mind not selling immediately, try your luck on Craigslist, signs in the yard, etc. and see what happens. You can always list on the MLS later.
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It really isn't in a buyers interest to not use an agent nor them to pay their agent's fees. Unless you have an amazing unique home you might be fsbo for a long time.
Along time on market means paying longer on your current mortgage. So yeah you avoid 10k fees today but how much longer you going to sit on market because your selling strategy isn't appealing to buyers and thus continuing to pay a mortgage for home you don't want to be in. Money that may be wasted depending on how your market is fairing.
Good luck!
lol...
I think my brain was fried when I wrote that and I was not paying attention.
Spelling has never been my strongest point, but I am college educated and am successful in my own business but yes I did have to laugh at myself! I was wondering how far I was going to get down the list before someone caught that.
The real estate license wasn't my choice and obviously wasn't my "Thing" I took the test after a 1 week crash course and passed. It was for a builder and I did their marketing/management.