Hacker News new | ask | show | jobs
by graham1776 4344 days ago
What if a Seller paid a broker (super small fee)just to get on the MLS, but not handle the ins and outs of the transaction? Is this possible?
2 comments

This is readily available by a variety of services. Google "flat fee mls" to see the options.

I sold my house using one of these services in 2011. I saw seller agents adding zero value outside of MLS, so I just paid what it cost to get on there. Buyer agents are actually a little more useful to their clients, but ironically, the seller has to pay them as well. When you do flat fee MLS, you specify on the MLS contract what % of the sale will go to the seller agent. I actually don't know if you can write in "0" or "0.5" in that box on the contract, but I know for sure you don't have to write in the industry standard 3% (standard is 6%, with 3% on the buyer broker/agent and 3% on the seller broker/agent).

In my experience, we did not need to do anything that required an agent. The paperwork is mostly prepared by the buyer's loan company and then a title agency handles the rest. Paperwork like the purchase agreement is basically boilerplate and I had a lawyer review ours just to be sure.

The lawyer cost me $50. That plus the flat-fee totaled less than $600, saving me thousands on what I would have payed if I had to send an extra 2.5-3% to another agent.

The buyer's agent would probably rat you out, if the seller's agent listed on MLS wasn't actually the selling agent.