We live in a world where everyone does everything without expensive expert service providers. People trade stocks without a stockbroker. People create wills and trusts without attorneys. Many even remodel homes without contractors. As independent as everyone is, why wouldn’t you want to look at the benefits of selling your house without an agent in NKY?
We are helping people save time, energy and stress by helping them sell their house fast all over Northern Kentucky. In cities like Florence, Erlanger, Bellevue, Fort Thomas, Fort Wright, Burlington, Elsmere and Newport, you can save money and sell your house fast without an agent.
Agents cost money. It’s that simple. In many cases, it’s a lot of money. A real estate transaction can cost six percent of the final property sales cost. If a property sale price is $500,000, this can cost sellers $30,000. This amount is typically split between the buyer’s and seller’s agent. In some cases, where the listing agent provides a buyer, they act as a dual agent and can receive the full percentage of the commission.
This is a considerable amount that is taken from the final sale price. If a seller still has high mortgage balances that need to be paid off, eliminating commission costs is a huge advantage. Just increase net profits is attractive to sellers. Keep in mind, just because you don’t have an agent as a seller doesn’t mean you can preclude the buyer from having an agent.
Most sellers end up paying between two to three percent to the buyer’s agent in self-represented sales. However, if you are new to real estate sales, the buyer’s agent might try to negotiate a bigger commission because he will most likely be doing work on both ends of the transaction to make up for your lack of experience and understanding.
Even though you can’t force the buyer to not have an agent, it doesn’t become negotiating power to say you are more flexible in the price if there is no outside representation. Buyers might feel they are able to negotiate a better price without an agent because they know the amount of savings in the transaction.
Beyond negotiating the sale price, sellers might feel they are more qualified to sell and negotiate the transaction than an agent. Sellers well versed in real estate transactions might be comfortable walking through the process and negotiating items at different points in the escrow process. When a seller is comfortable dealing with a buyer or buyer’s agent, he can save at least three percent of the commissions by representing himself.
There are some situations where a qualified negotiator is not as important. For example, when you are buying new construction, the deal is pretty much going to be the same every time other than any specific items you choose from the builder. In this situation, the builder has a set price for every buyer.
Keeping Things Personal
There are times when a transaction is among well-known parties. Well-known could be family members, close friends or even business partners. In cases like this where everyone is clear who the parties are and what to expect in the sale, there may not be a need to bring on an agent. Of course, there needs to be a lot of trust among all parties in this type of transaction scenario.
Even when parties to a sale know each other, legal sale requirements must be followed. Adhere to all NKY codes for disclosures and timelines. You’ll have to check the laws in each NKY city or county such as Boone, Kenton or Campbell. The last thing you want as a seller representing himself is to find yourself in a legal battle down the road for a property you thought you no longer had any ties to. Follow the rules to avoid legal ramifications and penalties.