This is probably too early to be thinking about such things, but I'm curious about whether you need a realtor to have your home listed on the MLS.
I'd really like to go without a realtor if possible, although with the market the way it is, that may not be possible to do, even next spring. I just hate the idea of paying $12,000+ in commissions. We sold our last house, and bought our current one, using just our attorney to draft the paperwork.
If being listed on MLS requires a realtor, does it require that a realtor handle the calls, or can they go to the home owners?
ML, good questions all. Let me take a crack at them.
Disclaimer - I am licenced in Texas. Although real estate rules and regs are similar in most states, check locally to verify.
The Multiple Listing Service is usually a function of the local Association of Realtors. It's a place for them to consolidate their efforts and give members a centralized database of available properties. Being a function of the association it's geared towards agent convenience. All that to let you know why access to the system for listing purposes is limited to members who must be licenced agents or brokers.
Also, understand that any agent who's using the MLS is expecting a coop fee (usually a percentage) for bringing a buyer. A company that offers single-fee insertion into the MLS will probably have you sign a listing agreement with a non-exclusive "right to sell". That means that if you sell it the only cost is the up-front insertion fee. If an MLS member sells it, even one of the listing offices agents, there is a percent commission paid to the buyer's agent.
As for who handles calls and how, that's up to whatever deal you work out with the listing agent. No representation, full representation, and everything in between, it's whatever you and the agent agree on.
As for selling you house and not paying a commission, well... there's a lot of very solid data so say that you'd be better off listing it. The larger buyer pool, consolidated marketing efforts, and greater overall exposure normally result in a listed property selling for more, and in less time. Enough so that the additional price and savings in time will wash out the commission when it comes to net due.
In most markets the FSBO segment is roughly 15% of the buyer pool. The remaining 85% want to pick up the phone use an agent - and agent who will hit the MLS first. In other words, your prospective buyer pool goes up by a factor of 6.
There's a whole host of other stuff, including issues with lenders greatly preferring a title or abstract company handling the closing. An attorney can handle the paperwork but most lenders require a title policy or abstract of title. Many attorneys can provide those service, but will do so by the hour. The cost is normally at, or higher than, the price of a title policy from a title company or abstract office.
There's a bunch of other stuff. Too much, really, to handle in a forum post. I'd be happy to walk you through it if you want to give me a ring. Click my internet link on the left of the page. My cell number is listed in the "Contact Me" info.
Brad
