Is a Real Estate agent necessary

[cowboy43]

My neighbor has offered to sell me 8 acres adjoining me. He lives in Mass. I live in Tex. to come up with a price he wants to get an independent appraiser to appraise , I told him I would do the same and we come up with an agreed price.
Most likely the appraisers will want to act as the selling agent and get .06 per cent to sell the property.
I do not see a need for a real estate agent and pay them .06 when we have come to an agreement on price and have an attorney to do the legal work.
With that said would an agent be necessary.

 

[HDRider]

Pay an appraiser. $200 tops. You do not nee a RA.

 

[TennesseeTuxedo]

In Tennessee an agent would not be necessary. I can't speak for Texas.

 

[TennesseeTuxedo]

Pay an appraiser. $200 tops. You do not nee a RA.

Again, in Tenn an appraisal would cost more than $200.00.

 

[Jalopy]

We have purchased three different parcels from three different entities without a RA. We agreed on price and requirements(New fence and surveys) then had title search done and filed by an attorney. I am sure it was all cheaper than a 6% RA fees. The last transaction was six years ago I don't think it has changed here since then.

 

[CottageFarm]

Definitely don't need a realtor for the transaction, (even if you use one for the appraisal) and you may be able to save on the cost of an appraisal as well if you can both come to an agreement on price based on public record information. Check your county website for comparable (comps) sales in the area and also take a look at this website. Zillow.com Type in your zip code or town or county and include potential and sold properties. There is a wealth of information available here. I use it almost exclusively for determining market values in any given area.

I do recommend a title policy, use a company in the county where the property is located.

 

[TexasBred]

In Tennessee an agent would not be necessary. I can't speak for Texas.

Same here...no agent necessary but get an appraisal.

 

[dun]

I duess I'm the odd man out. I always have a reputable broker file the paper work. The usual cost is rarely more then 50 bucks sometimes a eak dinner, but it's a comfort to know that all the proper Is have been dotted and Ts have been crossed. Neigbor sold his dairy using an aatorny, ended up pretty well screwed because the putz didn;t insure all of the proper stuff was done, didn;t even do Title Insurance.
I look at it as getting a professioanl to do the job that they are professional at. I don;t go to mechanic to get a tooth filled.

 

[James T]

Definitely don't need a realtor for the transaction, (even if you use one for the appraisal) and you may be able to save on the cost of an appraisal as well if you can both come to an agreement on price based on public record information. Check your county website for comparable (comps) sales in the area and also take a look at this website. Zillow.com Type in your zip code or town or county and include potential and sold properties. There is a wealth of information available here. I use it almost exclusively for determining market values in any given area.

I do recommend a title policy, use a company in the county where the property is located.

Very good information and is dead on. Have bought and sold acreage on my own in Texas without a realtor. If there was anything I could add it would be to visit a title company (as CF mentioned) ahead of time to get the forms needed for the sale. These are on the internet but the title company will help you out if they know they are going to get your title policy business. Title policy and any surveying costs can be negotiated between the seller and buyer.

 

[3waycross]

I have sold or bought 4 times without a RA All you need is an honest appraisal, a title company and, an attorney to draw up the contract.

NO offense to Dun. If I would have waited to find an honest RA I would still be waiting.

 

[dun]

I have sold or bought 4 times without a RA All you need is an honest appraisal, a title company and, an attorney to draw up the contract.

NO offense to Dun. If I would have waited to find an honest RA I would still be waiting.

Your loss. I'm sure you did find an honest attorney!

 

[3waycross]

I have sold or bought 4 times without a RA All you need is an honest appraisal, a title company and, an attorney to draw up the contract.

NO offense to Dun. If I would have waited to find an honest RA I would still be waiting.

Your loss. I'm sure you did find an honest attorney!

I never even looked for one....apparently they live just down the street from the Unicorn store. The difference is, very rarely do they pretend to be anything other than the hores for hire that they are.

 

[greybeard]

My neighbor has offered to sell me 8 acres adjoining me. He lives in Mass. I live in Tex. to come up with a price he wants to get an independent appraiser to appraise , I told him I would do the same and we come up with an agreed price.
Most likely the appraisers will want to act as the selling agent and get .06 per cent to sell the property.
I do not see a need for a real estate agent and pay them .06 when we have come to an agreement on price and have an attorney to do the legal work.
With that said would an agent be necessary.

If you can get a real estate agent for .06% of the sale, do it!!!
Six one hundreths of a percent is a heck of a bargain!
If (for instance) the agreed upon price was $50,000, the real estate agent's cut would be a paltry $30.

 

[branguscowgirl]

I have bought and sold in CA and OR without a real estate agent.
What I did was purchase a real estate sales contract on line from legalforms.com. They are State specific, covering laws for your State. Filled out the agreed upon information and took it to the Title company. Worked out just fine, even with a complicated sale. The Title company guides you.

An independent appraiser is the way to go. They are not affiliated with a Real estate office and do not receive commission. There is no reason to hire two of them. They don't work for either buyer or seller. They just charge a fee to do a job. Bare land may run you $200.. But anything else is going to be maybe $400. up.

 

[jedstivers]

I duess I'm the odd man out. I always have a reputable broker file the paper work. The usual cost is rarely more then 50 bucks sometimes a eak dinner, but it's a comfort to know that all the proper Is have been dotted and Ts have been crossed. Neigbor sold his dairy using an aatorny, ended up pretty well screwed because the putz didn;t insure all of the proper stuff was done, didn;t even do Title Insurance.
I look at it as getting a professioanl to do the job that they are professional at. I don;t go to mechanic to get a tooth filled.

Get a real estate lawer that does it all the time and does it right. I've never used a RA but I won't buy a piece without my lawyer handling it. He's a stickler for perfection and makes sure everything is done right.
One reason I've never gone through a RA is because by the time it's listed with them its to high for me to buy.
Even if I did buy some that was listed my lawer would handle it.

 

[Drzr]

I'm sure he means 6%

 

[greybeard]

Ahhh--6% would be the usual fee or commission of a real estate agent--I thought he had found a real bargain. That changes things.

 

[cowboy43]

Those decimal points always get me, yes I did mean 6 per cent which would be $3000 per every $50000 .
I always figured: .60 per cent of the whole of 50,000 equals 30,000
.06 per cent of the whole of 50,000 equals 3,000
.006 per cent of the whole of 50,000 equals. 300
.0006 per cent of the whole. of 50,000 equals. 30
I did learn to do it like this in the 1950's , I do understand it is a new way to do math and there is no wrong answer. I wonder what my old math teachers would think of the way school is taught now. :dunce:

 

[dun]

Ahhh--6% would be the usual fee or commission of a real estate agent--I thought he had found a real bargain. That changes things.

Typically 6% is for both listing it and selling it, commisions are usually split 50:50 between the lister and the seller. For just paper shuffeling it shouldn't be more then a 50-100 bucks plus the title company work.

 

[ddd75]

why do you even need a lawyer? a simple contract and a title agency is all you need. just have a title search done.