Personal Finance & Money Asked on November 28, 2020
In a recent question Why is it uncommon to sell houses without an agent in the US? I received the following reply:
There are several complex details and activity sequences that you need
to know about, and most people buy real estate rather rarely, so they
might not know them, or not remember them. In addition, compared to
other typical transactions, every error can bear significant losses;
buying a rotted or moldy house can easily set you back five or ten
annual salaries.
Where can I find the list of "complex details" and "activity sequences" for a given US state? In my last real estate transactions the agents have netted more than $40k and I’d be more than happy to do all the work myself when I sell the house, even if it costs me an entire month of effort.
I think that the answer you quoted is a bit off base.
Beyond surface appearance, a realtor isn't going to know if a home is rotted or moldy. That's the reason that a buyer gets a home inspection. If there are problems, the seller can either offer a selling concession or make any repairs that impede closing the deal.
Draw up a contract with the counter party and use a real estate lawyer to review it so that you are protected.
Use a title company to handle the closing. They will know and either manage or instruct you on how to handle the "complex details and activity sequences that you need to know about."
I've bought and sold several homes myself at a cost of less than 1%. The only effort I had to make was working out the contract with the counter party. The lawyer and the title company handled the rest.
Disclaimer: Laws vary from state to state so I don't guarantee that this option is available to you.
Answered by Bob Baerker on November 28, 2020
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