I have another thread about my current dilemma: to sell my house or to rent it. I’d prefer to sell it, but what I’m looking at is that I don’t have equity, the house hasn’t appreciated much, and I am looking at ending up still owing $6000+ on the mortgage after the realtor takes their commission out of the sale price, were I to sell through a realtor. Given that I am a student and have no savings or assets, that means that I’d have to come up with that money out of thin air, while paying rent/mortgage on wherever I end up living in Ohio.
So in the interest of exploring options, what does it take to sell a house by owner? The problem is the house is in Georgia and I’m moving to Ohio, and so I won’t be around to show the house. I suppose I could try to get a friend to do it, and kick them a little cash at the sale of the house? I dunno… I have really no idea how the “for sale by owner” thing works. Anyone with experience have any advice? What are “closing costs” like when doing the by-owner thing?
I’ve bought a house but never sold one (I should know this from being in the mortgage business for 4 years, but I work in wholesale . . . ) The way I understand it is that you give (traditionally) 6% to your agent and he/she splits that with the buyer’s agent. I’ve seen much lower commissions advertised so don’t go with the first guy who wants 6% unless it’s universal in your market.
If you can find a high bidder and an agent with a low fee you might be able to break even. If it makes you feel any better I’m in a somewhat similar situation. We bought at the top of our market and want out now.
Try searching for flat-fee agents or MLS services online. FSBO is possible but it might be tough depending on your market, your expectations, and how much you want to learn about real estate transactions.