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House selling 101... finding a buyer without a broker. Thoughts?

Posted by Dr.Vermin (aka dr.vermin) May 3 '12, 14:34

We met with our realtor yesterday, and we crunched some numbers on the closing costs of selling our current home. Always startling.

We're likely going to use him to help us buy our new home as well, so he's quite willing to only take 2% commission on our selling. But will likely still have to pay the buyer's broker another 3%.

Unless of course we find a buyer without a broker, then there's no commission to pay that side and we save thousands of dollars.

So, is it common for sellers to try and find buyers without brokers? Are there tips for doing this? I sold my condo to a buyer without a broker (thank you, Craigslist and a helpful mortgage facilitator), but as this is a much bigger sale, maybe there are a lot fewer people brave enough to tackle a transaction like this without 'representation'.

Thoughts?

Responses:

Thanks all! -- nm - Dr.Vermin May 3, 15:08
are there any discount brokers in your area? I recall one called the 1% Realtor, they didn't do that much but in those days they didn't have to -- nm - zeitgeist May 3, 14:58 2
- I have history/loyalty with my realtor and don't want to cut *him* out of a commission... - Dr.Vermin May 3, 15:12 1
  - confused, you have hist/loyal realtor but bought the house without one? the problem is most realtors have to split their split with the office - zeitgeist May 3, 15:20
Frankly, I wouldn't try it - prayformojo May 3, 14:37
Those are pretty good terms from your broker. Usually it's 5% (actually now it's moving up to 6% or 7%) on the sale and the broker splits it with a - pmb May 3, 14:37 1
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House selling 101... finding a buyer without a broker. Thoughts?

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