You've got your work cut out for you...

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You've got your work cut out for you...
Posted by Ward-CA- on March 07, 2004 at 3:25 PM
In Reply to: Selling my home, trying to keep max cash in pocket posted by Vic on March 07, 2004 at 2:22 PM
: Hey Ward,
: I haven't been here for a while... I'm getting ready to sell my home and I want whatever approach will put the most cash in my pocket. In this market (and my neighboorhood in particular: Discovery Hills area in San Marcos) the properties literally sell in one day.
: I really can't see forking over even 3% to a realtor. If I get it listed on the MLS, and can get an escrow company to handle the paperwork, how do I deal with say, a buyer's agent who will probably expect a commission?
: What can I expect my total costs to be? The house is worth 450-470K.
: Thanks!
: Vic
: P.S. I'm moving to Ogden, UT and I'm thinking of doing foreclosures there where the prices aren't quite so intimidating or the market so insane. Any thoughts there?
=======================
Vic,
Don't put the property in the Multiple Listing Service (MLS) if you don't want to pay a selling salesman's commission. Your alternative is to do all of the following:
1. Create a flyer describing the property and its amenities. Include a photo, map/directions and pricing information.
2. Host an open house on Sat/Sun from 1:00 to 4:00 PM. Advertise the open house in your local newspaper and with directional road signs on both days.
3. Advertise the house for sale in your local newspaper.
4. Go to FastSigns and create a two-sided For Sale sign to hang from an L-shaped sign post in your front yard.
5. Get a Offer To Purchase form from 1st Tuesday (Realty Publications) in Riverside (909) 781-7300.
6. Find a local title company and escrow company that you want to use when you've received an acceptable offer for the property. Have them give you a "competitive" quote for issuing a title policy for the property and escrowing the sale of the property.
7. Ask the escrow company for a referral for a transaction coordinator you can employ to keep track of all the paperwork you're going to have to process during escrow. A good transaction coordinator is worth his/her weight in gold and only costs about $350 to keep your deal moving on time to its planned close.
8. Tell the buyer's agent that they should look to the buyer for their commission.
9. You might consider paying a local real estate attorney $500 to $1,000 to oversee and counsel you concerning any offers and counter offers and the wording of your escrow instructions.
10. If you have the flexibility to freely choose wherever you relocate then I'd research the Ogden, UT real estate market to see if it stacks up to the real estate game elsewhere (such as TX and FL, etc)
11. Finally, go to our discussion board's search window and search under the key words "emerging growth" and you'll find about a half dozen past postings on determining the current emerging growth areas of the US.
Hope this helps.

Follow Ups:

Thanks very much Ward! nm Vic 6:46 PM, 03/07/04 (0)

Re: You've got your work cut out for you... Jk (the other Jk) 5:20 PM, 03/07/04 (9)

Re: You've got your work cut out for you... Lughead 7:36 PM, 03/07/04 (0)

Re: You've got your work cut out for you... Vic 7:01 PM, 03/07/04 (7)

Re: You've got your work cut out for you... Jk (the other Jk) 7:34 PM, 03/07/04 (6)

Re: You've got your work cut out for you... Vic 8:17 PM, 03/07/04 (5)

Re: You've got your work cut out for you... Ed 9:24 PM, 03/07/04 (4)

Ed reread his post Jk (the other Jk) 9:33 PM, 03/07/04 (3)

Well if you put it THAT way Vic 10:46 PM, 03/07/04 (2)

FSBO vs realtor Steve-CA 11:49 PM, 03/07/04 (1)

Thanks for that well thought out reply Vic 9:18 AM, 03/08/04 (0)

Post a Followup:

Name : E-Mail : Subject :
Comments: : : Hey Ward, : : I haven't been here for a while... I'm getting ready to sell my home and I want whatever approach will put the most cash in my pocket. In this market (and my neighboorhood in particular: Discovery Hills area in San Marcos) the properties literally sell in one day. : : I really can't see forking over even 3% to a realtor. If I get it listed on the MLS, and can get an escrow company to handle the paperwork, how do I deal with say, a buyer's agent who will probably expect a commission? : : What can I expect my total costs to be? The house is worth 450-470K. : : Thanks! : : Vic : : P.S. I'm moving to Ogden, UT and I'm thinking of doing foreclosures there where the prices aren't quite so intimidating or the market so insane. Any thoughts there? : ======================= : Vic, : Don't put the property in the Multiple Listing Service (MLS) if you don't want to pay a selling salesman's commission. Your alternative is to do all of the following: : 1. Create a flyer describing the property and its amenities. Include a photo, map/directions and pricing information. : 2. Host an open house on Sat/Sun from 1:00 to 4:00 PM. Advertise the open house in your local newspaper and with directional road signs on both days. : 3. Advertise the house for sale in your local newspaper. : 4. Go to FastSigns and create a two-sided For Sale sign to hang from an L-shaped sign post in your front yard. : 5. Get a Offer To Purchase form from 1st Tuesday (Realty Publications) in Riverside (909) 781-7300. : 6. Find a local title company and escrow company that you want to use when you've received an acceptable offer for the property. Have them give you a "competitive" quote for issuing a title policy for the property and escrowing the sale of the property. : 7. Ask the escrow company for a referral for a transaction coordinator you can employ to keep track of all the paperwork you're going to have to process during escrow. A good transaction coordinator is worth his/her weight in gold and only costs about $350 to keep your deal moving on time to its planned close. : 8. Tell the buyer's agent that they should look to the buyer for their commission. : 9. You might consider paying a local real estate attorney $500 to $1,000 to oversee and counsel you concerning any offers and counter offers and the wording of your escrow instructions. : 10. If you have the flexibility to freely choose wherever you relocate then I'd research the Ogden, UT real estate market to see if it stacks up to the real estate game elsewhere (such as TX and FL, etc) : 11. Finally, go to our discussion board's search window and search under the key words "emerging growth" and you'll find about a half dozen past postings on determining the current emerging growth areas of the US. : Hope this helps. Optional Link URL: Link Title: Optional Image URL:

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