Just because a potential buyer sees your sign and knocks on your door doesn’t mean you’re off the hook for all agent commissions. Sometimes buyers are contractually obligated to buy a house through their agent, whether they find the property themselves or not. So, if you’re allergic to paying, make sure you find out if a would-be buyer has an exclusive contract with an agent. And let’s get real. No agent will bring a client to your home if there’s nothing in it for them. Would you spend your time working for free? Ultimately, refusing to pay any commission at all will drastically limit your pool of buyers. So don’t cheap out. Even if you avoid a listing agent’s commission, you’ll most likely have to offer a buyer’s agent commission, typically 2.5% to 3% of the sales price. Make sure you put that in your listing, so agents know it’s worth their time to bring you a buyer.
9. AVOIDING LAWYERS
Sure, you may not like lawyers. But some states require you to hire a lawyer for a property transaction. Even if your state doesn’t demand it, you should hire a lawyer to avoid legal hassles down the road. Lawyers can:
• Review brokerage agreements. • Discuss tax consequences of a sale.
• Explore and explain issues not contained in a standard contract, such as what happens if a property contains hazardous waste. • Review title searches. • Explain closing costs and help determine if all are fair.
10. TAKING ADVICE FROM
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