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RobertJDFL
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Can I sell my real estate without real eastate agent?

Resolved Question:

Can I sell my real estate without real eastate agent?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  RobertJDFL replied 1 year ago.
Thank you for using Just Answer.

Yes you can. There is no requirement that you use a real estate agent to sell your property, if you simply want to put a "For sale by owner" sign outside the property and list it for sale by owner, you have every right to do so.
Customer: replied 1 year ago.
and if prospective buyers has real estate agent, I do not have to pay to buyers agent is that correct?

and one more in case I hire agent but I find buyer myself then in this case my real estate agent does not get commission as buyer was found by home owner, right ?
Customer: replied 1 year ago.
and one more question what is the exemption of capital gane in NJ, how long I should live in my property?
Expert:  RobertJDFL replied 1 year ago.
Thank you for your reply.

In a for sale by owner situation, yes, generally the buyer pays the broker/realtor, although of course anything can be negotiated. In a buyer's market, a buyer may ask a seller to split closing costs or cover them entirely in the sale price.

As far as hiring an agent and then finding a buyer yourself be aware that brokers normally require that sellers sign an "exclusive right to sell" listing agreement. That means that the seller will pay a full commission to the broker if the home goes under contract during the listing period, usually 90-180 days. Regardless of who or what caused the house to sell, the broker earns full commission because they usually will have already paid for the property to be in the Multiple Listing Service, advertising costs and spent time working on the property's sale.
Expert:  RobertJDFL replied 1 year ago.
Whoops, your last question cross posted at the same time as my answer.

From the NJ Department of Treasury (the key wording is bolded):

The New Jersey treatment of gains from the sale of your principal residence is identical to the treatment of such gains for Federal income tax purposes. You may qualify to exclude up to $250,000 for single filers or up to $500,000 for joint filers of the capital gain realized from the sale of your principal residence regardless of age, as long as you owned and lived in the residence for 2 of the 5 years prior to the sale.

For additional information, refer to the section on Net Gains or Income From Disposition of Property in the New Jersey income tax return instruction booklet, Form NJ-1040.
Customer: replied 1 year ago.

thanks for answer and what in case I do not wand to bind myself with single broker's exclusive right to sell and keep it open to whichever broker gets buyer fist?

Expert:  RobertJDFL replied 1 year ago.
Signing up with a broker doesn't mean another agent/broker couldn't show or sell the home - what typically happens in those cases is that the money that is paid to your broker is split, and a percentage given to the selling broker/agent.

What it does mean, however, is when you list with a broker, even if you find a buyer yourself (say, through a friend), you still have to pay a broker their commission because they will have listed the home in the MLS and put time and effort into selling/marketing your home.

The only way around that, if you think you can sell the home yourself - list it for sale by owner, because I am not aware of any broker that isn't going to make you sign a contract.
RobertJDFL, Lawyer
Category: Real Estate Law
Satisfied Customers: 10266
Experience: Experienced in multiple areas of the law.
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Customer: replied 1 year ago.

Thanks you for your help, I rated your service.


Have a good day Robert

Expert:  RobertJDFL replied 1 year ago.
Yep, just got notified. Thank you kindly! Have a good day as well.

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RobertJDFL
RobertJDFL
Real Estate Lawyer
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Experienced in multiple areas of the law.