Expert: Jessica Bryan - 5/24/2005

Question
Hello Ms Bryan

We have a "For Sale By Owner" question - as in, should we do it?  The problem is, if we hire a realtor to market and sell our home, the sales commission will take a large enough chunk of our home sale profit that we won't have a sufficient downpayment for our next home.

We've looked into some of the 'flat-rate' services like Assist-2-Sell and Help-U-Sell, but we're worried about marketing coverage for a still hefty fee of around $3000.  Their websites are well developed, but will enough potential buyers know where to look?

Is it possible for the lay homeowner to sell themselves and get a home listed on the MLS?

Any advice and direction you can provide is welcome and sincerely appreciated!  We look forward to hearing from you.

Mason & Anne Marie Cannon  

Answer
Dear Mason and Anne Marie;
To answer your question about a "for sale by owner" transaction the first thing to consider is the price range.  If the home is an entry level price range for your area, or if you live in an area where homes sell quickly with lots of people who drive by the home, then you probably have nothing to worry about.  Many times, you can judge how easy it will be to sell your home by yourself if you watch other homes on the market and see how long it takes them to sell.  If there is a "listed" home in your neighborhood that has taken a while to sell, then you may be running into problems as well. From your describtion of the problem (not having enough down-payment for your next home) it is simply not an option to list your home with a REALTOR, but perhaps you can call a sales agent and ask them if they would be willing to do a consultation for a few hundred dollars.  They can then do an in-debth market analysis, talk to you about the market conditions and may even agree to list the property on MLS for you.  Don't waste your time with the flat-rate services if you are saving money.  You can do everything they do on your own. They do not provide the level of service that a full-service company does; and for the $3,000 you are not getting very much help.  The only thing you can't do is list on MLS. Call your local Association of REALTORS and ask for the name of someone who is an independent broker but who has been in business for a while.  This agent wil not need to follow company policy and can help you on your terms.  By striking an agreement with the agent you can ask what his or her consultation fee might be and ask for help only where you need it.

Good luck and best wishes.
Sincerely,
Jessica Bryan
Managing Broker
House to Home Realty Services