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02-27-2008, 07:55 AM | #1 |
Donating YT 1000 Club Member Join Date: Jul 2005 Location: Chicago Suburbs
Posts: 3,306
| Real Estate Question We are looking to sell our townhouse and we've never sold a house before. The real estate agent we like charges 5%. Is this something that is negotiable? I know they say to shop around with different agents, but I've looked at the listings in our neighborhood and he is the only one selling property - everyone else's listings just sit on the market. I'm sure he's worth it, but with 5% we actually get less than we paid for it (we bought it 4 years ago at the top of the market - how could we know?) I want to at least get back what we paid for it after fees. They are only listing about $5000 more than we paid.
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02-27-2008, 08:10 AM | #2 |
Donating Senior Yorkie Talker Join Date: Nov 2006 Location: Indiana
Posts: 805
| I am not an expert, but I have heard that it is negotiable... It would be worth a try! Good luck! |
02-27-2008, 08:11 AM | #3 |
Furbutts = LOVE Donating Member Moderator | I thought 3% was more the norm...do I have that wrong? This market stinks. I suppose selling it yourself is out of the question?
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02-27-2008, 08:12 AM | #4 |
Donating YT 3000 Club Member Join Date: Dec 2006 Location: Louisiana
Posts: 3,933
| I do Real Estate closings and I definetly say don't get less than what you paid for your house!!!
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02-27-2008, 08:13 AM | #5 |
Donating YT 3000 Club Member Join Date: Dec 2006 Location: Louisiana
Posts: 3,933
| Yes its 6% total after the closing 3% goes to the Listing agent and 3% goes to the selling agent.
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02-27-2008, 08:15 AM | #6 |
Donating YT 1000 Club Member Join Date: Jul 2005 Location: Chicago Suburbs
Posts: 3,306
| So then is 5% for the selling agent good or bad?? I saw a billboard advertising 4% but that was in a different market.
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02-27-2008, 08:27 AM | #7 |
Donating YT 3000 Club Member Join Date: Dec 2006 Location: Louisiana
Posts: 3,933
| Well I never sold a house before so I don't know the norm on how much they charge to put a house on the market.
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02-27-2008, 08:33 AM | #8 |
Donating YT 12K Club Member Join Date: Jan 2006 Location: Council Bluffs Iowa
Posts: 12,552
| In this area the standard is 7%, ome will negotiate, some will not The housing market is bad right now, Not much you can do about that. It's a buyersmarket. So eventhough you might have to take a loss on the one you are selling, you will also be buying at a lower cost. So basically it's a wash. Good luck, |
02-27-2008, 08:37 AM | #9 |
Donating YT 3000 Club Member Join Date: Dec 2006 Location: Louisiana
Posts: 3,933
| What about for sale by owner????
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02-27-2008, 08:39 AM | #10 |
Donating YT 3000 Club Member Join Date: Feb 2005 Location: USA
Posts: 7,178
| You need to find out if the 5% is for the listing AND selling agent or if it ALL goes to just your listing agent...If the 5% covers both sides, then it is actually low for this area...6% is standard.
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02-27-2008, 09:21 AM | #11 |
Donating YT 1000 Club Member Join Date: Feb 2006 Location: New Hampshire
Posts: 10,534
| I think that 6% is the norm, and the buyer pays 3% and the seller pays 3%.... but Im not sure if thats exactly how it works. Good Luck selling it though!
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02-27-2008, 09:33 AM | #12 |
YT Addict Join Date: Jun 2007 Location: Washington
Posts: 399
| I've also heard 3% each for both selling & purchasing agent. I believe you can stipulate that you won't pay more then 6% period. If the selling agent brings in the buyer he/she will get the whole 6%. I do also believe it is negotiable, you can go lower but it may or may not affect the number of agents that show your house. Good luck!
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02-27-2008, 09:38 AM | #13 |
My hairy-legged girls Donating Member Join Date: Jan 2007 Location: lompoc, ca.
Posts: 12,228
| We have always sold ourselves. It's very easy to sell by owner and of course saves a ton of money. |
02-27-2008, 09:40 AM | #14 |
Donating YT Addict Join Date: Feb 2007 Location: Georgia
Posts: 6,234
| Unfortunately, it is a buyer's market, and since you bought when prices were higher, it might be hard to get what you want for your house. Have you already purchased a new one contingent on the sale of the current house? If so, time is of the essence, and you want to leave as soon as possible, so this may be the best agent to deal with.
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02-27-2008, 09:40 AM | #15 |
Donating YT 10K Club Member | At one time here....7% was considered the norm. Now what that means...is you as the seller pay this percentage based on what the house sells for. The listing agent receives 3.5% commission and the selling agent would receive 3.5% Their respective agencies would get half of each agent's. If the listing agent is the agent who sells your home...the entire commission is split between the agent and the agency. Yes, it is negotiable...however be aware when your agent agrees to a lesser commission amount...it also means anyone else selling has to accept a lesser commission also. Some agents will chose to show other homes instead of yours because of that.
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