Ravenous Wolf Posted March 8, 2005 Report Share Posted March 8, 2005 I am selling my house and this real estate broker said that when it is all over with, the total cost to sell my house will be $8700. That includes all the fees, costs, and everything else.Is that about right???Am I getting hosed or is that the going rate?The broker also said that more often than not, new houses usually take a loss when they are sold because of so little equity. My house is now two years old so I barely have squat as equity. Link to comment Share on other sites More sharing options...
pford Posted March 8, 2005 Report Share Posted March 8, 2005 Real estate agents usually charge 3% (or more) of the selling price of the house. That is a HUGE amount if you have no equity in your house. So, it depends on what you are selling your house for.I just sold mine myself and the total cost was about $700.If you signed a real estate contract with the realtors, the percent should have been on the contract. Link to comment Share on other sites More sharing options...
Ravenous Wolf Posted March 8, 2005 Author Report Share Posted March 8, 2005 We are selling the house for 145,000. The percentage will be 6 percent, which is 8700.I have no idea how the mechanics of all of this works but this is what I understand from it. Since it is a real estate brokerage, they don’t actually sell the house. They find other real estate agents to sell the house in which who ever sells the house gets their three percent and the this real estate broker gets the other three percent.Since this broker is owned by the builder of the new house we are building, we will get a discount (or rather a refund) of half of the percentage from the broker. So it is not exactly going to be 8700 since we will get that refund.Am I better off going to a real estate agent or should I stick with this broker?Supposedly, this broker has a lot more connections than any real estate agent so that my house can sell faster.Anyway, I just wanted to know if I am getting hosed. And if there are any more hidden costs or fees other than the percentage that they say on the contract. Link to comment Share on other sites More sharing options...
pford Posted March 9, 2005 Report Share Posted March 9, 2005 We are selling the house for 145,000. The percentage will be 6 percent, which is 8700.I have no idea how the mechanics of all of this works but this is what I understand from it. Since it is a real estate brokerage, they don’t actually sell the house. They find other real estate agents to sell the house in which who ever sells the house gets their three percent and the this real estate broker gets the other three percent.Since this broker is owned by the builder of the new house we are building, we will get a discount (or rather a refund) of half of the percentage from the broker. So it is not exactly going to be 8700 since we will get that refund.Am I better off going to a real estate agent or should I stick with this broker?Supposedly, this broker has a lot more connections than any real estate agent so that my house can sell faster.Anyway, I just wanted to know if I am getting hosed. And if there are any more hidden costs or fees other than the percentage that they say on the contract.I honestly think it is way too much money to spend for a broker. If I were you, if you can't sell it yourself, let a real estate agent sell it. Most people driving down the road see the house and then call the real estate agent on the sign or call the one they are working with.All a real estate agent does is put a sign outside of your house and list the house so that it has an MLS#, and then sits back and waits for a phone call to show the house.Really, if you think about it, what does the broker really do???You could at least cut out another 3% by not using a broker.That's just my take on it. Link to comment Share on other sites More sharing options...
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