How do I get someone to buy my house?
Volume 1
So you’ve chose that you need someone to buy my house. There are many more options available than there used to be regarding HOW to sell your house but all of them have positives and negatives.
Today’s real estate news seems to be filled with doom and gloom. But, homeowners DO have options. Learn more about these options in this simple to read multi volume blog.
The most common or traditional option when looking for someone to buy my house is “Seller Agency”. This relationship is between a real estate agent and a seller/homeowner in the brokerage of homes. The real estate/listing agent and the seller enter a written contact that specifies: home price, duration of agreement, commission, rights & obligations, duties, etc. Most commonly the listing agreements are “exclusive sale”. This means that the agent/broker earns a commission even if the seller finds the buyer (in an exclusive agency agreement, the agent/broker must procure the buyer to earn a full commission).
In return for this commission, the listing Agent/Broker agrees to: help in setting a selling price and negotiations, advertising/marketing including posting in the Multiple Listing Service (MLS), arranging open houses, fielding inquiries and organizing showings, prepare contracts, manage final transactions, all while acting in the Seller’s best interests. The Listing Agreement usually specifies that the Listing Agent/Broker agrees to split, the total commission with a Buyer Agent/Broker who represents the Buyer if that applies. The cost of a traditional broker is 4% to 7% of the selling price of the property, that amount typically being split between two brokers involved in the transaction.
There are an exorbitant number of houses on the market keeping agents/brokers very busy. At the same time there isn’t as much commission to be made in this industry so there are fewer brokers/agents. This doesn’t allow even the best to work as effective or efficiently as someone who NEEDS to find someone to buy my house quick would like. This isn’t the best option for everyone especially not the truly motivated sellers.
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