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Need advice on selling a home

post #1 of 2
Thread Starter 
I had a home built less than a year ago in a Dallas suburb. It's a 260k+ home in a nice neighborhood. My wife recently lost her job in a layoff. Since we both work in the telecommunicaitons industry the chances of me losing my job as well are pretty good. We can make the payments on my salary but are really scraping the bottom and so have decided that we should probably sell. This is our first house so we are new to the selling process. I'd like to know what some of the things are to look for in a real estate broker. What kind of commission do they generally make? What are some of the pitfalls to look for? We realize that the chances of recouping all of our costs to this point are practically nil and we just want to get out of the house. I have an appointment with a broker in a few days and I'd like to be prepared before I sign something I'll regret. I know many of you are too young to have a home yet but the few of you that do own homes can surely appreciate the stress that this has given me. Thanks for any help fellas.
post #2 of 2
Well, I may be a little too young to own a home, but lucky for you, I happen to be the child of a realtor. So, here's what I've picked up from dear Mom...   Commission usually runs around 6%... of course, a third of that goes to the realtor's company, a third to the agent listing your house, and the final third to the realtor whose client is buying. That's generally the typical set-up for a sale. Leaving, obviously, 94% of your selling price for you. And, you use that to pay of mortgages, home warranties, whatever. But that, my friend, is your business.   About the price, you say it's in the upper $260,000... always set your original asking price higher than the price at which you value the property - all buyers are going to want to haggle you into bringing the price down, so by reaching higher, you may get what you originally desired. Who knows? Maybe, you'll get really lucky and find someone who loves the house and pays your asking price without hesitation. Oh. and be prepared to throw in the refrigerator/ washing machine/ etc... or to make repairs that the buyer requests. And before, you put the house on the market, make upgrades if possible (plant little gardens, perhaps some paint touch-ups, etc). This will, of course, increase the appraised price on your home.   Now, for the realtor -- you want someone who will take your pleas as if they were his/her own. Somebody who is willing to fight for what you want. And experience helps. Needless to say, a realtor that's "been around the block" will sooner have solutions to different problems than a realtor just encountering those same problems. And, it really goes to show you the oftentimes shallow world we live in, but appearance matters. You want a person who carries him/herself well and dresses professionally. Honestly, most realtors that you will find are going to do a wonderful job. You could ask around to find out who some of your friends or neighbors used. Try to get a feel for what company best represents you.   Most of all, good luck with the move and hope everything works out in the job department. Any other questions you have, I can most likely find answers to... or do my best enquiring about them at my mom's office.
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