How to sell a house?

[brownout]

I was curious about this. My dad and I (more so him) purchased this house that I currently live in. I'm thinking that it's about time to sell it and move. But I'm curious about how one sells a house.

Sure you can post the sign outside "House for Sale". But if the owner sells it, does Jim Doe come up and say, "Hey I want to buy" and gets a loan to pay off my loan? Or does he pay the difference on what is left of the loan to me, then assume the payments?

Now what about realtors? Do some realtors just flat out buy the house then sell it themselves? I know some will help you sell the house but will take a cut of the selling price.

 

[gittyup]

byowner

 

[MrBond]

I'm no realtor. But one could assume they exist because it's so difficult to sell a house, or there's lots of work involved. Drive around your neighborhood and see what realtor's are more prevalent on the for sale signs. If you see 8 signs for realtor X, call them up and talk.

 

[gittyup]

Do-it-yourself home sellers

 

[Carbo]

brownout, I'm in real estate. What part of the country are you in? PM me if you want.

 

[brownout]

New Mexico

 

[cavingjan]

You can sell it yourself but then you are on your own as far as protecting yourself from the buyer and knowing what you are responsible for and what the buyer is responsible for. Getting a realtor will open up new things for you such as access to the average selling price of similar houses in your neighborhood so you can determine a fair selling price for your house and general advice that you would probably end up going to a realestate lawyer to get the answers for anyway but at a per hour cost I'm sure.
Just some thoughts. An RA will also be able to give you some selling suggestions like painting your walls white or a neutral color that improves the appeal of the house. If you know anybody in your area that has recently sold a house, find out who sold it (not just company but agent) and if they were happy with that person and if they would recommend/use that person again.

 

[Carbo]

<< New Mexico >>

I lived in ABQ for six years. With many regrets I moved to FL about two years ago. In fact, I still own a house in Rio Rancho.
Shoot, send me some green chile! In the meantime, PM me with some details and I'll be happy to offer you some advice.

 

[PullMyFinger]

Brownout,
You absolutely DO NOT need a realtor to sell a house, they help w/ the process but are not absolutely necessary for a real estate transaction. You do however need a real estate lawyer. My wife and I sold our house ourselves (in less than 8 hours and for more than the listed price because 2 people were interested) and bought our current home from someone who was selling by-owner. A total of $350,000 in real estate transactions for $750 in lawyers fee's; the realtor's cost would have been more than 10X that amount.

If you have a realor in mind then give them a try but don't believe that you can't do it yourself. PM me and I'll let you know the details.

 

[Carbo]

<< You do however need a real estate lawyer >>

Well intentioned advice, I'm sure, but incorrect.
You do not need an attorney to sell a house, especially in the state of NM, unless the deal has some unusual aspects to it. I flipped close to forty deals in my last two years residing there and never once required the services of an attorney. However, when comparing the cost of an attorney to that of using a realtor, PullMyFinger's advice is dead on. At 6%, a realtors commission is a nice chunk of change to pay for a service that you more than likely do not need.

 

[brownout]

Well, I'm at work now so I'll have to hit you guys up on that offer later, thanks Carbo and PullMyFinger.

Oh, and Carbo, I live on the west-side, very far south from Rio Rancho. A few streets past Central if you know where that is.

 

[Windogg]

Get a book called, &quot;The Idiot's Guide to Buying and Selling A House&quot; I;m on the buying side but they has a lot of good info on selling that can help cover a lot of areas you never even dreamed up.

Also consult with an accountant or get familiar with tax laws. I know you can forgo taxes if you earn less than $500k on the sale.

 

[Carbo]

<< I live on the west-side, very far south from Rio Rancho. A few streets past Central if you know where that is. >>

Cool. Know it well. That's where you hang when you're lookin' for some refrieds, green chile, and a chubby Latina from south of the border. Lucky you. Talk to you later.