Selling a rehab without an agent

[Sergio P Ramos]

I recently purchased an investment property from a wholesaler. Long story short, the read went over budget. Obviously cutting into profit. My question: has anyone sold properties themselves without an agent. Could you possibly hire a lawyer to make sure all paperwork is in order and sell it yourself. Pros and cons? Right or wrong way of doing this? Thank you in advance...

[AJ Wong]

Quote from @Sergio P Ramos:

I recently purchased an investment property from a wholesaler. Long story short, the read went over budget. Obviously cutting into profit. My question: has anyone sold properties themselves without an agent. Could you possibly hire a lawyer to make sure all paperwork is in order and sell it yourself. Pros and cons? Right or wrong way of doing this? Thank you in advance...

 Hi Sergio. You can always sell without an agent, but it could cost you more money and more importantly, money in the long run..think of it like this…maybe a strong buyers broker would’ve urged more caution with the initial purchase? 

I speak with FSBO regularly that could've sold their properties a long time ago with a professional..not exposing a property to the MLS effectively removes all potential buyers working with a buyers broker (80-90%?) from the buyer pool. A good listing broker will more than earn their compensation and theoretically net you more, sooner..either way good luck.

[Sergio P Ramos]

Foremost, thank you for the feedback. I completely understand the argument for exposure through the MLS. I'm a bit confused on how a good listing broker could net me more when I'm already at the top of the market. My current situation: I found a buyer ready and willing to put down deposit before the rehab is even finished. While discussing terms with buyer the topic of which agent will I be using come up. In this case I found my own buyer without even listing it. That got me thinking why not just sell without an agent. Here's where my dilemma lies. I'm so accustomed to paying these commission fees without questions as it's the norm. Looking back, there have been several instances where it might be questionable as to whether I really needed one or not. Now I'm not saying g you don't need an agent ever. I'm simply asking for this particular situation. Not using agents with neither party puts me closer to my original number. Not where I'd like to be obviously. Lesson learned. Back to my original question. I've never sold a property without brokers or agents. Any advise?

[Luis Vellon]

Hi Sergio,

You absolutely can do this. I have sold multiple houses w/o realtor and bought my current home in the same way. You can contact a lawyer who specializes in this. I've been charged 1% of the sales price before. I'm sure you can negotiate a flat fee. They typically have their own contract and can tailor it to your situation. 

My current favorite is to use the standard contract realtors use in my state of Arizona. It's plug and play. I have found them online but you might have to search as they're usually accessible only to realtors. You could also ask a realtor friend to give you a copy. Then I just contact my favorite title company and they take it from there. The title company itself has lawyers and people who make sure you are covered in the legal aspects. I have found this to be very smooth.

You would still pay their fees in this case, but its WAY cheaper.

[Sergio P Ramos]

@Luis Vellon I just closed on that property this past week. Like you mentioned.. really smooth!!. Almost to the point where it felt wrong.. netted more money with almost no extra effor. Thank you for your response... thank you for the lead..