Selling a home is not a transaction to approach casually, and making the right choices in how to market and sell your home can have significant financial costs and benefits. Some transactions go very smoothly, while others are difficult. The more informed you are, the fewer surprises you are likely to encounter when you sell your home.
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Although antitrust laws prohibit real-estate agents from collectively establishing a standard commission to sell a property, common trends or averages are part of any market. In the Santa Fe, NM market, it is not uncommon for sellers to pay 6% of the total sale value of their home to the listing agent. This is typically split (in whatever form the seller agrees to) with the buyer's agent, and either of these agents may be required to split some percentage of their proceeds with their respective brokerages. While some agents may be willing to reduce the commission, given a 6% commission, it will cost approximately $12,000 to have an agent sell a home with a value of $200,000.
Many sellers find comfort in having a listing agent guide them through the sale of their home, answer phone calls and other inquiries and negotiate the transaction. A licensed Realtor can list and market the house and may even suggest legal and closing services and title companies. A Realtor® is someone who you can trust handling all aspects of a sale.
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The MLS database is the main way agents find properties for their clients who want to purchase a home. Thanks to such web sites as Realtor.com and Homes.com that allow anyone to search MLS listings, unrepresented buyers also are using the MLS to find properties. Although you usually can browse the MLS free of charge, you can place a listing on it only through a real-estate agent who has agreed to list your property and to whom you agreed to pay a listing commission.
Real estate agents can provide only general tips or suggestions based on what is "typical" in a transaction. They cannot advise you on the legal implications of the documents and terms you are agreeing to. If you do not feel comfortable with and knowledgeable about the legal terms and application of real estate contracts, consult a real estate attorney in your area. Such attorneys will be able to draft or review the contracts, answer questions you may have, prepare some of the closing documents and perhaps attend closing with you. Your real estate service provider may be able to refer you to such an attorney. Legal counsel may be helpful as well.