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Can I successfully sell my home by owner without the MLS?
Sellers Answers
Searching for a home on the internet is not only time efficient, but enjoyable--and literally everyone is doing it! Because the Internet has changed the way people shop for homes, the MLS (Multiple Listing Service utilized by realtors) is no longer the only source to find a home for sale. You CAN sell your home yourself successfully advertising through Ohio's Fro Sale By Owner and pay 0% commission!
Although some companies offer an MLS listing for people selling by owner, you will pay a fee ranging from $399 to $599 to be listed on the MLS -- AND you will be required to pay a 3% commission if a realtor brings you a buyer! At Ohio's For Sale By Owner, we know that a listing on the MLS is not necessary for a successful sale by owner. We want to save you money! Buyers find homes for sale by owner attractive as they know they are getting more home for their money as the price for the home will not be increased to include a commission. When your selling by owner, you have the power to price competitively and make your home more attractive on the market. Increasing the sale price of your home to include a commission, whether a 3% MLS listing or a traditional 7% realtor commission, can affect how your home is received on the market, and will put less money in your pocket if sold.
Realtors are welcome to browse our site and will contact you if they have an interested buyer. When you are selling by owner and not listed on the MLS, you are NOT locked in to paying a 3% commission and have the power to negotiate. Many realtors are buyers agents working for a buyer who has already agreed to pay them a commission. If a realtor brings you a buyer and requests a commission because a buyers agent agreement is not in place, when you are selling by owner you can negotiate a lower commission, offer to split commission with the buyer, pay the realtor a finders fee, or request the commision be added to the final price you want for your home to be paid by the buyer who engaged their services. The bottom line is if a realtor has worked hard with a buyer to find them a home and they have chosen your by-owner home, it is only fair the realtor be paid, but selling by owner gives you choices.
If you need assistance when negotiating a purchase agreement we recommend enlisting the services of an attorney. The fee you pay an attorney will be very small compared to the money you can ultimately save in negotiating the right price and terms of sale for your home.
The successful formula for selling by owner is
Price + Advertising = Sold!
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