thinking about selling my house, need some advice.

[hoss 5,000+ posts]

The only thing I see you are missing is closing costs/tax proration, which could be as little as $500 or could be a couple grand depending on how things work in your area and associated costs. Though this is something a realtor (or someone otherwise familiar with the typical seller-paid fees) would be able to advise you on. And it's also something negotiable in the contract //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

i had actually thought about this, and even though i didnt show it in that calculation, i think i can offset that cost by going FSBO.

and another tip a co-worker suggested to me, if going that route. when negotiating the closing cost (which is typically the purchasers responsibility, but they most always negotiate it to be paid by the seller) he used to always tell potential buyers "come back without your agent, and ill pay the closing fees in full"

i have calculated $8k for a realtor, if i can omit the realtor fees altogether i wont mind paying for the closing one bit //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

 

[hoss 5,000+ posts]

ask for a lot of moniez //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

//content.invisioncic.com/y282845/emoticons/crap.gif.7f4dd41e3e9b23fbd170a1ee6f65cecc.gif

you think i should retract the MLS listing saying that ill trade it straight up for a 12 pack and some taco bell?

(i did say that it needed to be bottled beer, if that makes a difference) //content.invisioncic.com/y282845/emoticons/tongue.gif.6130eb82179565f6db8d26d6001dcd24.gif

 

[azbass 5,000+ posts]

offer your car along with the house. then be like "sike!"

 

[bimma85 5,000+ posts]

i had actually thought about this, and even though i didnt show it in that calculation, i think i can offset that cost by going FSBO.
and another tip a co-worker suggested to me, if going that route. when negotiating the closing cost (which is typically the purchasers responsibility, but they most always negotiate it to be paid by the seller) he used to always tell potential buyers "come back without your agent, and ill pay the closing fees in full"

i have calculated $8k for a realtor, if i can omit the realtor fees altogether i wont mind paying for the closing one bit //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

More than likely no realtor is going to show your listing. If they do, it will be because you have mentioned a commission to any selling agent. They will likely have their buyer sign something saying if they purchase the house, the commission must be paid.

And does you mortgage have any early redemption fees?

 

[hoss 5,000+ posts]

More than likely no realtor is going to show your listing. If they do, it will be because you have mentioned a commission to any selling agent. They will likely have their buyer sign something saying if they purchase the house, the commission must be paid.
And does you mortgage have any early redemption fees?

well, if i go FSBO and list it on MLS, then realtors probably will come //content.invisioncic.com/y282845/emoticons/wink.gif.608e3ea05f1a9f98611af0861652f8fb.gif . thats one advantage i would have over other FSBO's, access to multiple listing source.

i dont remember ever signing an agreement like that when i bought my house though, not to say it doesnt exist, i just dont think i had one. but either way, if they are unwilling/unable to leave their agent, then i just wont offer to pay all of the closing costs. its all a negotiation after all //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

and no, my current mortgage doesnt have any early payment penalties, if that is what you are asking.

 

[bimma85 5,000+ posts]

well, if i go FSBO and list it on MLS, then realtors probably will come //content.invisioncic.com/y282845/emoticons/wink.gif.608e3ea05f1a9f98611af0861652f8fb.gif . thats one advantage i would have over other FSBO's, access to multiple listing source.
i dont remember ever signing an agreement like that when i bought my house though, not to say it doesnt exist, i just dont think i had one. but either way, if they are unwilling/unable to leave their agent, then i just wont offer to pay all of the closing costs. its all a negotiation after all //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

and no, my current mortgage doesnt have any early payment penalties, if that is what you are asking.

I doubt they will come if you are not offering any money for them //content.invisioncic.com/y282845/emoticons/wink.gif.608e3ea05f1a9f98611af0861652f8fb.gif. Why would they show a client a house(where they are not going to get paid) instead of 100 others that will all put money in their pocket //content.invisioncic.com/y282845/emoticons/wink.gif.608e3ea05f1a9f98611af0861652f8fb.gif.

Not every agent in every situation will make a buyer sign an agreement, but many of them don't show FSBOs at all.

 

[squeak9798 5,000+ posts]

he used to always tell potential buyers "come back without your agent, and ill pay the closing fees in full"

And the guppies probably fell for it without realizing it was their chance to renegotiate the price aswell //content.invisioncic.com/y282845/emoticons/laugh.gif.48439b2acf2cfca21620f01e7f77d1e4.gif

I would be careful with this though. I'm sure you could get yourself in trouble if you strike a deal straight with someone after they had a realtor show it to them. And you cut off your own hand if you don't allow realtors in to show the property to their clients.

 

[squeak9798 5,000+ posts]

Also a lot of realtors, if they are the only realtor involved, will try to grab more commission. So instead of 6% total commission split 50/50 where they only get 3%....if they are the only realtor involved they'll try to wiggle it up to 4%-5% because they consider themselves to be doing the majority of the work involved.

Shady bastards.

 

[hoss 5,000+ posts]

I doubt they will come if you are not offering any money for them //content.invisioncic.com/y282845/emoticons/wink.gif.608e3ea05f1a9f98611af0861652f8fb.gif. Why would they show a client a house(where they are not going to get paid) instead of 100 others that will all put money in their pocket //content.invisioncic.com/y282845/emoticons/wink.gif.608e3ea05f1a9f98611af0861652f8fb.gif.
Not every agent in every situation will make a buyer sign an agreement, but many of them don't show FSBOs at all.

ill have to ask him more details about it (as well as look a little closer at the MLS pages, i didnt know they showed the buyers agernts percentages)

And the guppies probably fell for it without realizing it was their chance to renegotiate the price aswell //content.invisioncic.com/y282845/emoticons/laugh.gif.48439b2acf2cfca21620f01e7f77d1e4.gif

I would be careful with this though. I'm sure you could get yourself in trouble if you strike a deal straight with someone after they had a realtor show it to them. And you cut off your own hand if you don't allow realtors in to show the property to their clients.

i think that he usually did it after they started negotiating, and got near the price he was willing to take. then used it as the nail in the coffin. so the agents came in, and sold their clients on the house, then in the negotiation he moved the deal outside of the agents.

 

[bimma85 5,000+ posts]

Also a lot of realtors, if they are the only realtor involved, will try to grab more commission. So instead of 6% total commission split 50/50 where they only get 3%....if they are the only realtor involved they'll try to wiggle it up to 4%-5% because they consider themselves to be doing the majority of the work involved.
Shady bastards.

I'm confused here. Are you talking about dual agency, where the agent is representing both the buyer and seller?

If so, of course they want more money. The commission is usually split 50/50. 50 to listing agent 50 to selling agent. If they are both, why wouldn't they want all of it? They did earn it... //content.invisioncic.com/y282845/emoticons/confused.gif.e820e0216602db4765798ac39d28caa9.gif

However, many will be nice and ensure the deal gets done and often drop the total commission by 1%, give or take. (if it is needed to save a deal)

 

[bimma85 5,000+ posts]

ill have to ask him more details about it (as well as look a little closer at the MLS pages, i didnt know they showed the buyers agernts percentages)

When an agent sees a FSBO, they will probably go to the next, unless they have specified that they will give commission to an agent who brings in a buyer. Doesn't matter where it is as long as its there

 

[hoss 5,000+ posts]

i wouldnt say they have earned it... it seems like that would be way less work for them. i could see maybe going from 3 to 3.5%, but not giving them both shares of it. at least, that is the way i would negotiate with the agent if i were the seller.

 

[bimma85 5,000+ posts]

i wouldnt say they have earned it... it seems like that would be way less work for them. i could see maybe going from 3 to 3.5%, but not giving them both shares of it. at least, that is the way i would negotiate with the agent if i were the seller.

They are doing the same work another agent would have to do. Why are they not entitled to the same money? //content.invisioncic.com/y282845/emoticons/confused.gif.e820e0216602db4765798ac39d28caa9.gif//content.invisioncic.com/y282845/emoticons/wink.gif.608e3ea05f1a9f98611af0861652f8fb.gif

Selling a house and finding a buyer a house is "work". It is wasn't everyone would be a fsbo and everyone would have their house sold.

If you do go fsbo. I would interview 3 or 4 agents and least and ask what they would list your home for. If you go FSBO and overprice your property. It will be nothing but a waste of money and time.

 

[hoss 5,000+ posts]

it might just be worth it in the grand scheme to get a selling agent.

but there is no reason why i shouldnt try it FSBO for a month or so. i mean, if i offer 2.5% buyers agent fee, and go FSBO and it moves, then ive just saved myself about $4k, and i could use that in negotiations for closing. if i have to get an agent and give up the whole amount i have in the "budget", ill be less likely to pitch in for closing. i just gotta find my bottom line before i go into the game so i can have an idea of how much to leave on the line //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

 

[bimma85 5,000+ posts]

it might just be worth it in the grand scheme to get a selling agent.
but there is no reason why i shouldnt try it FSBO for a month or so. i mean, if i offer 2.5% buyers agent fee, and go FSBO and it moves, then ive just saved myself about $4k, and i could use that in negotiations for closing. if i have to get an agent and give up the whole amount i have in the "budget", ill be less likely to pitch in for closing. i just gotta find my bottom line before i go into the game so i can have an idea of how much to leave on the line //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

Just take this time and learn. If you are gonna be selling your home, you need to buy at less than 90% to just break even. If you break even on this one, at least you can start looking into other properties @ 70% of retail or less. Also if you're wanting to make money I'd look into something other than condos. Especially if the inventory of them is going up(whole different discussion there though //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif )