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Melmel821
Love being a mom!
Member since 5/08 2776 total posts
Name:
Melanie
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selling a house without listing?
Our mortgage is through my husbands bank and he's nervous about them knowing he plans to leave when they find out hes listing. Anyway to sell without formally listing? What about those companies that buy homes all cash?
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Posted 4/19/14 11:13 AM  |
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Re: selling a house without listing?
First, I am confused by the premise of your question. How would the bank that holds your mortgage (and employs your husband) know that your home is on the market? I mean, I guess technically someone there could find out if they were searching the MLS or other real estate sites and knew your address offhand and connected the dots. But it's not like you need to notify your mortgage lender when you put your home on the market. So I think I am missing something in your question!
Anyway - The companies that advertise that they pay all cash for homes are either (i) looking to pay significantly less than market value -- the advantage to the seller is a quick sale/all cash, and the buyer is a spec buyer who will want to flip the house for profit, or (ii) a real estate company looking to meet with you and then convince you to list when you don't want to accept the below market price.
If you are thinking of selling privately - - "for sale by owner" or FSBO" rather than using a real estate agent -- I think there are significant downsides. First, there are marketing issues (a real estate agent can market the home more widely on the websites that buyers -- and their agents -- search). Most serious buyers use an agent, so you are likely going to pay some real estate fee anyway. Statistics show that FSBOs get about 16% less (national average) than sellers who sell through an agent, probably because most private sales are not arms' length transactions (but sales to family members, friends, etc.). If you can't or don't want to broadly advertise that the home is for sale, and just go through word of mouth, it makes sense that you are going to wind up selling to someone you already know in some way (which makes it harder to negotiate for top dollar).
If you are going to do things like put a sign in your yard, then there are also safety and security issues to consider when you sell without an agent. Anyone can come say that they want to come view the home (someone can knock on your door without notice), and their intentions can be good or not so good. Are you going to feel comfortable letting strangers in? What if you are home alone? Do you and DH both work? Who will be there to show the home?
I think most people (not all, because yes, some people sell on their own without an issue) who try to sell without listing through an agent eventually realize that whatever benefits they thought they would get are far outweighed by the potential downsides.
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| Posted 4/19/14 2:32 PM |
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Re: selling a house without listing?
How would they know he's just not looking to sell and buy another house in the area? People do that all the time. I think this is a non-issue.
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| Posted 4/19/14 2:52 PM |
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Melmel821
Love being a mom!
Member since 5/08 2776 total posts
Name:
Melanie
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Re: selling a house without listing?
Thanks ladies. I've mentioned many of these things to DH. They won't automatically be told the house is listed, we won't get the most amount of money possible without the most amount of potential buyers etc... We put a significant amount of money into it... new roof, new kitchen and new main bathroom! I think he's starting to understand.
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| Posted 4/21/14 3:54 PM |
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Re: selling a house without listing?
Good luck. I know sometimes they are paranoid about the strangest things.
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| Posted 4/22/14 5:49 AM |
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Jenhos
Maeve
Member since 6/05 3273 total posts
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Re: selling a house without listing?
Your bank will not know you are selling till you pay off the mortgage.
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| Posted 4/22/14 2:28 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: selling a house without listing?
Posted by Melmel821
Our mortgage is through my husbands bank and he's nervous about them knowing he plans to leave when they find out hes listing. Anyway to sell without formally listing? What about those companies that buy homes all cash?
Why would you even care if the bank knows you listed?
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| Posted 4/22/14 3:10 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: selling a house without listing?
banks care about 1 thing
getting paid
so if you are going to sell the house, pay off the loan and maybe even buy another one- that's all they care about!
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| Posted 4/22/14 4:26 PM |
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Re: selling a house without listing?
Posted by ave1024
Posted by Melmel821
Our mortgage is through my husbands bank and he's nervous about them knowing he plans to leave when they find out hes listing. Anyway to sell without formally listing? What about those companies that buy homes all cash?
Why would you even care if the bank knows you listed?
I assumed, from the OP's post, that the bank that holds their mortgage is also her DH's employer. MY DH works for the bank that holds our mortgage, so maybe my mind naturally went there, but that's how I read it.
And I think she and her DH mistakenly believed that they had to notify their lender when they list the home on the market. So I read the concern to be that the DH's employer would find out he is selling the house and assume that he is moving out of the area and, therefore, planning on leaving his job (which I think, from the post, is the plan).
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| Posted 4/22/14 4:45 PM |
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