We are planning to sell our property to a long-time tenant of many years and are looking for some assistance with the selling process. Because we’re pretty comfortable with this tenant, we would prefer to not use an agent to save on the commission. Do you have any recommendations on cheaper alternatives to agents...mostly just someone to help us through the legal paperwork and make sure everything is legit. We were looking into flat fee brokers, transaction coordinators, and real estate lawyers, but don’t know very much about them and which is best suited for our particular situation. Any advice would be very helpful! Thanks!
Real Estate Broker · Portland, OR · Member since 2019 · 4k+ posts · 2k+ votes
5y
"This is what an agent does. Find a good agent and factor the commission into the price."
Disagree - Lawyers are better and cheaper in this instance. She doesn't need to market the property and the transaction is selling to two parties that know each other.
Rental Property Investor · Pittsburgh, PA · Member since 2019 · 530 posts · 511 votes
5y
@Debbie Cost
Ugh, you have a buyer, you don’t need an agent or broker. Find a Settlement company or lawyer (depending if you have state that requires lawyers) that will provide a simple contract with your terms and then execute the transaction.
Real Estate Broker · Los Angeles, CA · Member since 2018 · 307 posts · 146 votes
5y
I still laugh at people who want to call a plumber to fix their car. Go to the people who do it all the time and have the tools and equipment to get a job done correctly.
Debbie, call an agent broker and offer them a flat fee to write up the documentation on the transaction. An Attorney will write up a PSA agreement, sure, but they may not cover all the disclosures you need to make to a buyer to alleviate you of any future lawsuits. EVEN though they currently occupy the property. An agent / broker can do that.
Ugh, you have a buyer, you don’t need an agent or broker. Find a Settlement company or lawyer (depending if you have state that requires lawyers) that will provide a simple contract with your terms and then execute the transaction.
Real Estate Broker · Portland, OR · Member since 2019 · 4k+ posts · 2k+ votes
5y
"This is what an agent does. Find a good agent and factor the commission into the price."
Disagree - Lawyers are better and cheaper in this instance. She doesn't need to market the property and the transaction is selling to two parties that know each other.
Talk to a lawyer who normally does these transactions. They can draw up all the paperwork.
You don't need a realtor if you have a seller. Where I am the realtors find the buyers and make sure conditions are removed; the lawyer does all the money transfers, files with the city, etc.
Realtor · Southeast Michigan · Member since 2017 · 232 posts · 180 votes
5y
In my neck of the woods we can operate as transaction coordinators, which are basically just glorified paper pushers and make sure all the i's get dotted and the t's crossed for a nominal fee. No fiduciary duty on either side.