As an opening Realtor myself, this video was very informative. It made me consider why some people may not want my services and how I can better assist and understand their needs.
Kamal, this is no shade, this is simply commenting on your comment in general response... the reason for the most part is the lock down. A lot of consumers these days are having a hard time with having a contract that prevents them from doing anything and leaving it up to the realtor. Out here we have some pretty lazy, don't give a crap no attention paying agents and they are all in it for themselves of course the commission. But to lock my property down then tell me to cancel out the contract, I have to pay you your commission? Little hostile if you ask me. Also a lot of consumers don't really understand the concept of negotiation... they don't realize 6% is a general, not a federal requirement. I've used agents in the past at 3% but at the same time, I did pretty much all the work. I don't foresee why an agent would need $6,300 and a buyer agent needs $6,300(OF THE ASKIGN PRICE NOT AGENTS FEE. So it's a little whopper right now. Not to mention this market is already tough with freddie and Sallie deciding to lay in bed and sign papers screwing the market all up. It's making people dial back. Kinda like reverse Covid pricing but for saving instead lol. It's all messed up right now
Super informative! Also, you’re right the house has enough personality as is, so I think doing minimal staging was a good move for a DIYer. How does the handover process work though? Is there a specific date you put into the contract that you would be vacating the property?
Yeah I agree! When in doubt, minimal is probably better. Handover process was simple enough, in the contract, we agreed the date they wanted to "close" on the property. The closing day is the official day to move out, because that's the date the property is transferred out of our names to the new owners names (and also the day we got paid! lol). Now that I think about it, is a good video idea haha. Like a step by step on what to expect when you sell a property.
Duly note, there are attorney fees. These can be hourly or flat rates. They will also be determined on how involved the attorney is and of course what their fees are.
Yeah I don't think she mentioned the fees and you need a tittle company to actually do the transfer of ownership which also costs as well (unless the attorney she mentioned was from the title company or he has one that he works with).
I have my RE licence that was like 16 years ago, but never work as an agen, because that time is not good for leaving my work and start as an agen, when the housing market is crash, and I want to try to sell my house thats paid off, and rented the last 7 years.thanks for your info on FSBO, and share your experience.
Yes good video on the basics but if you are not using a lawyer instead just a title company, this info should be included in the video as well. I am sure this would vary from state to state.
It is very unbelievable that the realtor or agent is now a must. Or a middleman. They have influenced home ownership and placed everything in their hands
I agree, it should be more common for people to buy and sell their homes without one if they want. Realtors can be great for those who have never bought or those who are buying from out of town and others, so I wouldn't do away with the whole profession. But it should be easier to own real estate without one.
I always wanted to do flipping and the only thing am fearful about is hiring the right contractors and getting work done by the deadlines. I am not handy at all and doesn’t have anyone else to help with DIY 😔
Legit fear. Contractors are so flaky it’s like they have this universal agreement amongst them to just I’ll be flaky. I have put off home renovations because of this reason…
Thanks very interesting , just wondering did you offer commission to the buyers agent ? Did you pay the full amount 3.5 % / 1.5 % ? Or were you able to negotiate it On the other hand, did you did the RMS measurements? I understand they are required in order to publish in MLS Excellent work to make that extra money congratulations
Hello, thanks for watching! I hired a lawyer that specializes in Real Estate transactions. Legal costs vary but in the transactions I've done so far I paid between $1200 - $2000 for the lawyer. Hope that helps.
Aby, I plan selling my house FSBO, do I need to pay buyer agen ? Or I can just look for buyer in my ad with out paying buyer agen? Just hire a RE lawyer to help the legal papers?
Hello Abby,, please are you able to give the name of the brokerage you used to list your property's on MLS. I am trying to sell my home DIY. I would really appreciate your response. . Thanks again
Hi, Congratulations on your spectacular content; I hope to upload dynamic videos in 2022. Any tips and recommendations would be greatly appreciated. Respectfully, Henry. NJ Realtor
Did you have to pay a mortgage penalty for selling early, most mortgages have a five-year term and if you sell before the 5 years are up, the bank charges you a penalty/fee. How do you navigate buying fixer-uppers, fixing and selling in 1 year and avoiding the penalty? is it possible to avoid the mortgage penalties?
We did pay a modest penalty for selling but we were near the end of our term. Didn't get a 5 year fixed for this very purpose, only got a 2 year and we held for just over 1 year. I believe our penalty fell around $2k. Wouldn't have had to pay it if we were porting to the next property, but we decided to break because interest rates dropped like crazy so the $2k was well worth it for the new rates. Hope that helped! Go for a shorter term/variable or a non-traditional lender that's more flexible.
Did you have to pay the buyer's agent?I have been told that if you don't offer 2.5% commission to the buyer's agent,they don't bring clients to show your house.
@@BlackEquity Hi. Great VIDEO!! Question, should you ad up that 2.5% commission fee to the total expense cost you provided in the video? Or was the 2.5% included in the total cost you mentioned in the video.
@@hugolinhv the 2.5% is included in the closing/selling costs that are withheld as profits are paid out. So I don’t come out of pocket directly, but it’s taken from my closing cost before the profit is deposited to me.
Thank you so much for this video. I have a question. I am selling my house by owner. I have already got an offer and has signed the contract. Should I still hire a lawyer? Thank you so much in advance.
You sell your house by yourself and save only $10, 000. This is very little amount you save. What about the realtor comission you save? It can't be just $10,000
@@BlackEquity I tried FSBO a few years ago and I was shocked at how many realtors still use " I have a buyer". I took the bait once and apparently the buyer decided to go another direction 5 minutes before the meeting. Of course they tried to get me to list..lol
As an opening Realtor myself, this video was very informative. It made me consider why some people may not want my services and how I can better assist and understand their needs.
Kamal, this is no shade, this is simply commenting on your comment in general response... the reason for the most part is the lock down. A lot of consumers these days are having a hard time with having a contract that prevents them from doing anything and leaving it up to the realtor. Out here we have some pretty lazy, don't give a crap no attention paying agents and they are all in it for themselves of course the commission. But to lock my property down then tell me to cancel out the contract, I have to pay you your commission? Little hostile if you ask me. Also a lot of consumers don't really understand the concept of negotiation... they don't realize 6% is a general, not a federal requirement. I've used agents in the past at 3% but at the same time, I did pretty much all the work. I don't foresee why an agent would need $6,300 and a buyer agent needs $6,300(OF THE ASKIGN PRICE NOT AGENTS FEE. So it's a little whopper right now. Not to mention this market is already tough with freddie and Sallie deciding to lay in bed and sign papers screwing the market all up. It's making people dial back. Kinda like reverse Covid pricing but for saving instead lol. It's all messed up right now
Texas realtor here.
This is some very solid information. Don’t be the FSBO that cheaps out on pics, marketing, and staging
Thank you for sharing your experience and helping ease some reluctance about selling yourself
Super informative! Also, you’re right the house has enough personality as is, so I think doing minimal staging was a good move for a DIYer. How does the handover process work though? Is there a specific date you put into the contract that you would be vacating the property?
Yeah I agree! When in doubt, minimal is probably better.
Handover process was simple enough, in the contract, we agreed the date they wanted to "close" on the property. The closing day is the official day to move out, because that's the date the property is transferred out of our names to the new owners names (and also the day we got paid! lol).
Now that I think about it, is a good video idea haha. Like a step by step on what to expect when you sell a property.
LOVE THIS!!! I am in the process of selling now! Thanks for this video !!💖
Duly note, there are attorney fees. These can be hourly or flat rates. They will also be determined on how involved the attorney is and of course what their fees are.
Yeah I don't think she mentioned the fees and you need a tittle company to actually do the transfer of ownership which also costs as well (unless the attorney she mentioned was from the title company or he has one that he works with).
Great video! Thank you. Did the agents contact you for a showing? Were you there for the showings? Thank you
I have my RE licence that was like 16 years ago, but never work as an agen, because that time is not good for leaving my work and start as an agen, when the housing market is crash, and I want to try to sell my house thats paid off, and rented the last 7 years.thanks for your info on FSBO, and share your experience.
Yes good video on the basics but if you are not using a lawyer instead just a title company, this info should be included in the video as well. I am sure this would vary from state to state.
Awesome video, thank you...
We also are trusting God and moving along with the process...
It is very unbelievable that the realtor or agent is now a must. Or a middleman. They have influenced home ownership and placed everything in their hands
I agree, it should be more common for people to buy and sell their homes without one if they want.
Realtors can be great for those who have never bought or those who are buying from out of town and others, so I wouldn't do away with the whole profession. But it should be easier to own real estate without one.
@@BlackEquity not only that. They are only regulated by what they so called ethics which has a very thin line to doin what will give them gain.
I believe a new way is coming, FSBO, and channels like Black Equity are helping to promote this progressive way of thinking. I’m all for it, FSBO.
I always wanted to do flipping and the only thing am fearful about is hiring the right contractors and getting work done by the deadlines. I am not handy at all and doesn’t have anyone else to help with DIY 😔
Legit fear. Contractors are so flaky it’s like they have this universal agreement amongst them to just I’ll be flaky. I have put off home renovations because of this reason…
Love this vid!! This is awesome n!! Much appreciated it
Great information! Thanks for sharing ❣️
Thanks very interesting , just wondering did you offer commission to the buyers agent ? Did you pay the full amount 3.5 % / 1.5 % ? Or were you able to negotiate it
On the other hand, did you did the RMS measurements? I understand they are required in order to publish in MLS
Excellent work to make that extra money congratulations
Yes I did. I paid the buyers agent 2%.
And yes you need have measurements of the space in order to publish it on the MLS :). Thanks!
@@BlackEquity How was it beneficial to no use a real estate agent to sell your home just to end up paying commission to the buyer's agent?
Thank you so much got this video! Can I ask, what kind of lawyer do you hire? Also, if you don’t mind me asking, what did they charge?
Hello, thanks for watching! I hired a lawyer that specializes in Real Estate transactions. Legal costs vary but in the transactions I've done so far I paid between $1200 - $2000 for the lawyer. Hope that helps.
@@BlackEquity thank you!!
Thank you for educate us who want to sell FSBO, so we know what to do, by the way do you deal wirh the buyer agent when you sold the house?
FSBO power!
Great information; excellent presentation! Well done Abby
Thanks mama 😚😚😚
Very helpful! Going through this process right now..
Thank you, I hope it helps in your journey!
Great Information. Selling in 2 years
How much did you spend on the lawyer?
How much did you pay for the lawyer?
Aby, I plan selling my house FSBO, do I need to pay buyer agen ? Or I can just look for buyer in my ad with out paying buyer agen? Just hire a RE lawyer to help the legal papers?
Hello Abby,, please are you able to give the name of the brokerage you used to list your property's on MLS. I am trying to sell my home DIY. I would really appreciate your response. . Thanks again
Hi, Congratulations on your spectacular content; I hope to upload dynamic videos in 2022. Any tips and recommendations would be greatly appreciated. Respectfully, Henry. NJ Realtor
Thanks for all your advise and tips!
Thanks for watching!
Did you have to pay a mortgage penalty for selling early, most mortgages have a five-year term and if you sell before the 5 years are up, the bank charges you a penalty/fee. How do you navigate buying fixer-uppers, fixing and selling in 1 year and avoiding the penalty? is it possible to avoid the mortgage penalties?
get a variable rate instead of fixed.
We did pay a modest penalty for selling but we were near the end of our term. Didn't get a 5 year fixed for this very purpose, only got a 2 year and we held for just over 1 year. I believe our penalty fell around $2k. Wouldn't have had to pay it if we were porting to the next property, but we decided to break because interest rates dropped like crazy so the $2k was well worth it for the new rates. Hope that helped! Go for a shorter term/variable or a non-traditional lender that's more flexible.
@@BlackEquity Wow that's good to know. Thanks for sharing!!
Excellent question and insight!
Great video 💯, one question? At what point in the process did you aquire your lawyer?
Thanks for sharing. What’s the listing only service you used?
Fantastic channel. Thank you,
Did you have to pay the buyer's agent?I have been told that if you don't offer 2.5% commission to the buyer's agent,they don't bring clients to show your house.
Yes! I was happy to offer the buyers agents 2% to get the property sold. :)
@@BlackEquity Hi. Great VIDEO!! Question, should you ad up that 2.5% commission fee to the total expense cost you provided in the video? Or was the 2.5% included in the total cost you mentioned in the video.
@@hugolinhv the 2.5% is included in the closing/selling costs that are withheld as profits are paid out. So I don’t come out of pocket directly, but it’s taken from my closing cost before the profit is deposited to me.
Super Duper Informative.. Please suggest me online broker for MLS listing, and which one you used ?
Thanks for sharing . very helpful ~
Thanks for watching!
Thank you
Did u have to contact the city?
First, thank you for the great content! Wondering, how much did you pay your lawyer?
About $1500 + tax. (Pretty standard here).
Super video.
Awesome
Can you help me to sale my house , I don’t want to hire the realtor
Sorry I don’t sell for people, that’s what realtors do. Unfortunately you’d either need to do it yourself or hire a realtor :)
@@BlackEquity 😂🤣😂
Thank you so much for this video. I have a question. I am selling my house by owner. I have already got an offer and has signed the contract. Should I still hire a lawyer? Thank you so much in advance.
Yes I would always hire a lawyer for the closing process!
Yes always.
You sell your house by yourself and save only $10, 000. This is very little amount you save. What about the realtor comission you save? It can't be just $10,000
Yay!
Are you in California? If so I'm having problems seeking a real estate attorney, could you pm who you used?
Hey, no I'm in Canada :)
@@BlackEquity how can i do that if my property is out of state?
Real estate agent fees are highhhhh
How many agents called to try and list?
Too many! lol!
@@BlackEquity I tried FSBO a few years ago and I was shocked at how many realtors still use " I have a buyer". I took the bait once and apparently the buyer decided to go another direction 5 minutes before the meeting. Of course they tried to get me to list..lol
@@davidedwards7594 The fact they lied was grounds not to trust them !