Please do not confuse what a real estate agent tells you is the value of your property, with how much money you will actually put in your pocket if, and when the property sells. First of all, it is quite common for a home or property to sell for 10% - 15% less than what the real estate agent lists it for. Second, when using real estate agents, it not uncommon that you as the seller, will probably be required to do a number of repairs to satisfy the buyer. These repairs could cost thousands of dollars. Third, do not forget your holding costs. Your loan payments and the cost of your money tied up in the property, which could be making you money, elsewhere. A real estate agent will not make your mortgage payments for you while you wait for a buyer. We will buy your house now!
Finally there are commissions to the agent, which can be as high as 7 percent, and your closing costs, which can be as much as 4 percent. Bottom Line: A real estate agent could tell you your house or property is worth X amount of dollars. By the time your agent sells it, figure in your holding costs, repair costs, commissions, selling costs etc. etc., you might put X amount of money, less tens of thousands in your pocket!
Do You Pay Market or Retail Value?
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