Expert: Derek Hamilton - 7/2/2010

Question
We talked to an agent who we may use but we discussed that we would probably try selling privately first and we decided that's what we will do for maybe 2-4 weeks.  She called us and said she has someone who might be interested, and we could show the house Saturday (before we're really ready).  I assumed that we may mutually agree on a finder's fee much smaller that the full commission.  She mentioned before, if we sign on, and her or we find a buyer, she reduces it $2000 off the $16000 or so.  But we haven't agreed to use her so I didn't think this would apply, but she told my wife the agent agreement would be backdated.  Does this seem normal or am I just being cheap?  I have no problem paying a fair amount but $14000 seems crazy and that's why we wanted to try privately first.  We have done it before.

Answer
Hi Shane,
I suggest you just list with a Real Estate Agent and let the Professionals deal with the Sale of your property. They know what they're doing and you need all of the exposure that you can get. Buyer's work with Real Estate People!(NO CHARGE)
The chances are, this Buyer will not be interested in the property anyway.If your Agent brings in someone and they decide to buy it without the use of M.L.S.,Internet, Marketing, Open Houses or Advertising etc... I think a fare Commission would be 3% Commission of the Selling price! Sign an exclusive listing for a few days. Real Estate Agents work very hard and have many expenses. Don't waste your time privately.....90% will be calls from Real Estate Agents asking for the business! Buyer's will know you are saving Commission and will low ball you anyway on the price.
Thanks,
Derek