Expert: Lisa Webber - 10/27/2009

Question
Lisa, Thanks in advance for your help. Im thinking of selling my house.Could you tell me how to go about it and what options I have. I live in Michigan.

Answer
HI Dennis,  You can choose to sell it by yourself if you'd like.  If you choose this option, you'll want to hire a real estate attorney to help you with the paperwork and the closing process. You can consult with the attorney in advance and ask how they are going to be paid.  You may be charged an hourly rate based on the time they spend with you or you may be charged a commission to be paid at closing.

You can choose to hire a Realtor as well.  With the Realtor you'll have a commission which will be a percentage of the price of the home.  Half of the commission typically goes to the agent who brings in the buyer and the other half goes to your agent.  The agents also split the commission with their respective brokers.  Some of it goes towards marketing and advertising as well as other expenses they may have (signs, lockboxes, their time in staging, photographing, internet advertising, etc.)  With this option the Realtor typically takes on all of the risk and does not get paid until they are able to have a successful closing and the money is taken out of the proceeds from the sale.

Those are the main options that you have, either listing it for sale by yourself or hiring a professional to do it for you.  If you would like a recommendation for someone in your area, just let me know.

I hope this helps - good luck!