Selling my house
- Thread starter Jarlaxle
- Start date
- Status
I would approach the realtor as a business deal, not friends. The more they know about you the worse for you. Although they legally work for you they often drop hints. (He just bought a new house in FL, so he must sell quickly.)
Consider everything the realtor tells you to be "just talk" in an effort to get the listing. It may or may not be true.
They work for you and you are the boss.
Open houses are for curious neighbors and to get the realtor more contacts. They do not sell a house. (A realtor open house may be a good idea).
Consider spending $300 on a real appraisal from an independent. The agent wants to sell quickly and move on to the next listing. They have to pay for everything (advertising) themselves so the quicker they sell the more they make.
The agent who lists it gets about 1.25% of the 6%. If they get you to drop the price by $50,000 they loose $625 in commission. Not a big deal if they get the sale and can work another listing.
Beat them down to 5%. Plenty will take that.
Consider everything the realtor tells you to be "just talk" in an effort to get the listing. It may or may not be true.
They work for you and you are the boss.
Open houses are for curious neighbors and to get the realtor more contacts. They do not sell a house. (A realtor open house may be a good idea).
Consider spending $300 on a real appraisal from an independent. The agent wants to sell quickly and move on to the next listing. They have to pay for everything (advertising) themselves so the quicker they sell the more they make.
The agent who lists it gets about 1.25% of the 6%. If they get you to drop the price by $50,000 they loose $625 in commission. Not a big deal if they get the sale and can work another listing.
Beat them down to 5%. Plenty will take that.
Hire an attractive one.
Originally Posted By: Donald
They work for you and you are the boss.
Not really. They work for the commission and that money comes from the buyer.
They work for you and you are the boss.
Not really. They work for the commission and that money comes from the buyer.
Originally Posted By: Donald
I would approach the realtor as a business deal, not friends. The more they know about you the worse for you. Although they legally work for you they often drop hints. (He just bought a new house in FL, so he must sell quickly.)
Consider everything the realtor tells you to be "just talk" in an effort to get the listing. It may or may not be true.
They work for you and you are the boss.
Open houses are for curious neighbors and to get the realtor more contacts. They do not sell a house. (A realtor open house may be a good idea).
Consider spending $300 on a real appraisal from an independent. The agent wants to sell quickly and move on to the next listing. They have to pay for everything (advertising) themselves so the quicker they sell the more they make.
The agent who lists it gets about 1.25% of the 6%. If they get you to drop the price by $50,000 they loose $625 in commission. Not a big deal if they get the sale and can work another listing.
Beat them down to 5%. Plenty will take that.
I'm a broker and I'm not sure why people think that appraisers give better numbers than brokers. The numbers from the brokers are free, you should probably talk to 3 or 4 to see what they think the value of the property would be. There are way more brokers than appraisers and the brokers know the local market better than the appraisers. One big problem now is appraisers who do work outside their area, they're completely clueless and most brokers throw out the ones that the banks send that aren't local to the area but put in the lowest bid for the appraisal. They still pretty much hit the numbers or blow up the deal by coming in too low, they never really stick their necks outs.
I would approach the realtor as a business deal, not friends. The more they know about you the worse for you. Although they legally work for you they often drop hints. (He just bought a new house in FL, so he must sell quickly.)
Consider everything the realtor tells you to be "just talk" in an effort to get the listing. It may or may not be true.
They work for you and you are the boss.
Open houses are for curious neighbors and to get the realtor more contacts. They do not sell a house. (A realtor open house may be a good idea).
Consider spending $300 on a real appraisal from an independent. The agent wants to sell quickly and move on to the next listing. They have to pay for everything (advertising) themselves so the quicker they sell the more they make.
The agent who lists it gets about 1.25% of the 6%. If they get you to drop the price by $50,000 they loose $625 in commission. Not a big deal if they get the sale and can work another listing.
Beat them down to 5%. Plenty will take that.
I'm a broker and I'm not sure why people think that appraisers give better numbers than brokers. The numbers from the brokers are free, you should probably talk to 3 or 4 to see what they think the value of the property would be. There are way more brokers than appraisers and the brokers know the local market better than the appraisers. One big problem now is appraisers who do work outside their area, they're completely clueless and most brokers throw out the ones that the banks send that aren't local to the area but put in the lowest bid for the appraisal. They still pretty much hit the numbers or blow up the deal by coming in too low, they never really stick their necks outs.
Good time to sell, but I'd still wait a year the market is moving up in CT.
Originally Posted By: Jarlaxle
The taxes are too much...it's just not worth it anymore.
Where are you going to live where you don't pay taxes? Do you realize a chunk of rent you would pay goes to taxes, even if you are not directly paying them to the taxing entity?
The taxes are too much...it's just not worth it anymore.
Where are you going to live where you don't pay taxes? Do you realize a chunk of rent you would pay goes to taxes, even if you are not directly paying them to the taxing entity?
Originally Posted By: gfh77665
Originally Posted By: Jarlaxle
The taxes are too much...it's just not worth it anymore.
Where are you going to live where you don't pay taxes?
who said anything about that? I know where I live, if your property is in the city limits, your taxes are at least double what I pay out in the township...
Originally Posted By: Jarlaxle
The taxes are too much...it's just not worth it anymore.
Where are you going to live where you don't pay taxes?
who said anything about that? I know where I live, if your property is in the city limits, your taxes are at least double what I pay out in the township...
Originally Posted By: Jarlaxle
...it's just not worth it anymore.
dw, It sounds like he has given up on home ownership and would soon be renting. He did not say he is selling and then rebuying elsewhere.
...it's just not worth it anymore.
dw, It sounds like he has given up on home ownership and would soon be renting. He did not say he is selling and then rebuying elsewhere.
In theory the broker is supposed to work for you, the truth is they play both sides of the fence. The less they know about you the better. 6% commission is the sucker rate just about all off of them will take less. Make sure if they take less the house will still go on MLS, typically when they take less commission they want to make it their "exclusive" listing. YOU WANT MLS! Repair things that need repair and clean up, the electric should be up to code before hand. Also stipulate you are selling the house as is and if they are going to be bringing in people looking for a new roof, driveway, sidewalk, siding, heating, plumbing and "electrical upgrades" that they will be wasting a lot of their time. I had that happen with a few houses we sold over the years, then I told people up front what you see is what you get, and the house is priced accordingly. That saved me time and aggravation, still there were low ball offers but not as many. Selling a house can be stressful if you play it wrong. One last point make sure there is chemistry between you and your broker, if there isn't find someone else.
Good suggestions so far. Yes, 5% commision. IMO, skip the professional appraiser. The agent/broker will know the market and comp out the property better. Most diffinately have as many agents from your office see the property and ask them if they think the property is priced accordingly. One last final suggestion, if an offer is received, is the buyer "Pre-approved" from a bank. You want this, MUCH, much better than "pre-qualified." Also, see what kind of continguencies the buyer has. Do they have a house to sell and is it dependent on that house selling in order to buy your house. (It could tie up your house and cause the deal to fall through.) Good luck w/the sell.
Originally Posted By: demarpaint
In theory the broker is supposed to work for you, the truth is they play both sides of the fence. The less they know about you the better. 6% commission is the sucker rate just about all off of them will take less. Make sure if they take less the house will still go on MLS, typically when they take less commission they want to make it their "exclusive" listing. YOU WANT MLS! Repair things that need repair and clean up, the electric should be up to code before hand. Also stipulate you are selling the house as is and if they are going to be bringing in people looking for a new roof, driveway, sidewalk, siding, heating, plumbing and "electrical upgrades" that they will be wasting a lot of their time. I had that happen with a few houses we sold over the years, then I told people up front what you see is what you get, and the house is priced accordingly. That saved me time and aggravation, still there were low ball offers but not as many. Selling a house can be stressful if you play it wrong. One last point make sure there is chemistry between you and your broker, if there isn't find someone else.
Then I guess I'm a sucker. The agency I went with wouldn't take less and I chose them over less expensive agencies because they appeared to be the best run organization in the area. Either way my house was under contract in four weeks, so either I'm lucky or I made the right choice in brokers.
In theory the broker is supposed to work for you, the truth is they play both sides of the fence. The less they know about you the better. 6% commission is the sucker rate just about all off of them will take less. Make sure if they take less the house will still go on MLS, typically when they take less commission they want to make it their "exclusive" listing. YOU WANT MLS! Repair things that need repair and clean up, the electric should be up to code before hand. Also stipulate you are selling the house as is and if they are going to be bringing in people looking for a new roof, driveway, sidewalk, siding, heating, plumbing and "electrical upgrades" that they will be wasting a lot of their time. I had that happen with a few houses we sold over the years, then I told people up front what you see is what you get, and the house is priced accordingly. That saved me time and aggravation, still there were low ball offers but not as many. Selling a house can be stressful if you play it wrong. One last point make sure there is chemistry between you and your broker, if there isn't find someone else.
Then I guess I'm a sucker. The agency I went with wouldn't take less and I chose them over less expensive agencies because they appeared to be the best run organization in the area. Either way my house was under contract in four weeks, so either I'm lucky or I made the right choice in brokers.
There's a few towns around here that were low income 20 years ago. Then, with a lot of high dollar housing development, the taxes went up so much that people had to leave because they were paying so much in taxes.
I'd ask around/interview various agents to get estimates on the sale price. IMO one independent appraisal is not going to get you an accurate picture of what your house is worth because you are going to be open to the appraisers interpretation of the recent sales/comparables in the area.
Not sure what the spread in home prices are by you, but I can say in 16 months, two appraisals, we saw an 18% decrease in value if you believe the appraisal when we went to refinance. With the exception of our home's actual sales price, the appraised value would have been the lowest price of a home in our neighborhood (non short sales or foreclosures). To make matters worse, I found factual inaccuracies in the comparable listings used in the second appraisal... you can pay someone for their independent opinion, but it doesn't mean it's going to be right.
Not sure what the spread in home prices are by you, but I can say in 16 months, two appraisals, we saw an 18% decrease in value if you believe the appraisal when we went to refinance. With the exception of our home's actual sales price, the appraised value would have been the lowest price of a home in our neighborhood (non short sales or foreclosures). To make matters worse, I found factual inaccuracies in the comparable listings used in the second appraisal... you can pay someone for their independent opinion, but it doesn't mean it's going to be right.
Originally Posted By: gfh77665
Originally Posted By: Jarlaxle
...it's just not worth it anymore.
dw, It sounds like he has given up on home ownership and would soon be renting. He did not say he is selling and then rebuying elsewhere.
Spot on. My taxes have nearly QUADRUPLED in seven years, and are still going up. (The RETROACTIVE bill I just got for 2011 was the last straw.) It's at the point I could get a decent apartment for JUST WHAT I PAY IN TAXES!
Originally Posted By: Jarlaxle
...it's just not worth it anymore.
dw, It sounds like he has given up on home ownership and would soon be renting. He did not say he is selling and then rebuying elsewhere.
Spot on. My taxes have nearly QUADRUPLED in seven years, and are still going up. (The RETROACTIVE bill I just got for 2011 was the last straw.) It's at the point I could get a decent apartment for JUST WHAT I PAY IN TAXES!
Originally Posted By: Mykl
Originally Posted By: demarpaint
In theory the broker is supposed to work for you, the truth is they play both sides of the fence. The less they know about you the better. 6% commission is the sucker rate just about all off of them will take less. Make sure if they take less the house will still go on MLS, typically when they take less commission they want to make it their "exclusive" listing. YOU WANT MLS! Repair things that need repair and clean up, the electric should be up to code before hand. Also stipulate you are selling the house as is and if they are going to be bringing in people looking for a new roof, driveway, sidewalk, siding, heating, plumbing and "electrical upgrades" that they will be wasting a lot of their time. I had that happen with a few houses we sold over the years, then I told people up front what you see is what you get, and the house is priced accordingly. That saved me time and aggravation, still there were low ball offers but not as many. Selling a house can be stressful if you play it wrong. One last point make sure there is chemistry between you and your broker, if there isn't find someone else.
Then I guess I'm a sucker. The agency I went with wouldn't take less and I chose them over less expensive agencies because they appeared to be the best run organization in the area. Either way my house was under contract in four weeks, so either I'm lucky or I made the right choice in brokers.
I was trying to make a point to the OP that he didn't have to pay 6%, sorry if that offended you. You could have gotten a lower commission, you decided to go with the 6% agency. It worked for you, that's all that matters. The truth is you'll never know if going with one of the other agencies would have given you the same results with a little more $$ in your pocket. Either way its a done deal and you sold your house. Good on you!
Originally Posted By: demarpaint
In theory the broker is supposed to work for you, the truth is they play both sides of the fence. The less they know about you the better. 6% commission is the sucker rate just about all off of them will take less. Make sure if they take less the house will still go on MLS, typically when they take less commission they want to make it their "exclusive" listing. YOU WANT MLS! Repair things that need repair and clean up, the electric should be up to code before hand. Also stipulate you are selling the house as is and if they are going to be bringing in people looking for a new roof, driveway, sidewalk, siding, heating, plumbing and "electrical upgrades" that they will be wasting a lot of their time. I had that happen with a few houses we sold over the years, then I told people up front what you see is what you get, and the house is priced accordingly. That saved me time and aggravation, still there were low ball offers but not as many. Selling a house can be stressful if you play it wrong. One last point make sure there is chemistry between you and your broker, if there isn't find someone else.
Then I guess I'm a sucker. The agency I went with wouldn't take less and I chose them over less expensive agencies because they appeared to be the best run organization in the area. Either way my house was under contract in four weeks, so either I'm lucky or I made the right choice in brokers.
I was trying to make a point to the OP that he didn't have to pay 6%, sorry if that offended you. You could have gotten a lower commission, you decided to go with the 6% agency. It worked for you, that's all that matters. The truth is you'll never know if going with one of the other agencies would have given you the same results with a little more $$ in your pocket. Either way its a done deal and you sold your house. Good on you!
A lot of "real estate agents" are just failed car sales men. They'll say anything to close the deal. A lot of them are really uninformed to plain ignorant of real estate laws, and will often skirt them to close the deal. They will not look out for your best interest unless it benefits them. Consider bypassing the greasy salesperson and listing the property yourself.
If your worried about the legal issues, there are many websites that will help you with paper work, and some will even put your house in the MLS listing.
If your worried about the legal issues, there are many websites that will help you with paper work, and some will even put your house in the MLS listing.
Originally Posted By: demarpaint
In theory the broker is supposed to work for you, the truth is they play both sides of the fence. The less they know about you the better. 6% commission is the sucker rate just about all off of them will take less. Make sure if they take less the house will still go on MLS, typically when they take less commission they want to make it their "exclusive" listing. YOU WANT MLS! Repair things that need repair and clean up, the electric should be up to code before hand. Also stipulate you are selling the house as is and if they are going to be bringing in people looking for a new roof, driveway, sidewalk, siding, heating, plumbing and "electrical upgrades" that they will be wasting a lot of their time. I had that happen with a few houses we sold over the years, then I told people up front what you see is what you get, and the house is priced accordingly. That saved me time and aggravation, still there were low ball offers but not as many. Selling a house can be stressful if you play it wrong. One last point make sure there is chemistry between you and your broker, if there isn't find someone else.
Someone paid $1.15 mils for a 4 bedrooms 2.5 baths 2600 sq-ft house near my BIL house, and spent another $250k to remodel the house, new driveway, new windows ...
When that house was on market last year, I went there to have a look while at my BIL home, the house was okay to live in if the price is in $500-600k range. But at more than $1 mil the condition isn't match the price, so remodeling is needed.
Several houses in that area were flatten to the foundation and a brand new custom house were built for more than $500-600k.
In theory the broker is supposed to work for you, the truth is they play both sides of the fence. The less they know about you the better. 6% commission is the sucker rate just about all off of them will take less. Make sure if they take less the house will still go on MLS, typically when they take less commission they want to make it their "exclusive" listing. YOU WANT MLS! Repair things that need repair and clean up, the electric should be up to code before hand. Also stipulate you are selling the house as is and if they are going to be bringing in people looking for a new roof, driveway, sidewalk, siding, heating, plumbing and "electrical upgrades" that they will be wasting a lot of their time. I had that happen with a few houses we sold over the years, then I told people up front what you see is what you get, and the house is priced accordingly. That saved me time and aggravation, still there were low ball offers but not as many. Selling a house can be stressful if you play it wrong. One last point make sure there is chemistry between you and your broker, if there isn't find someone else.
Someone paid $1.15 mils for a 4 bedrooms 2.5 baths 2600 sq-ft house near my BIL house, and spent another $250k to remodel the house, new driveway, new windows ...
When that house was on market last year, I went there to have a look while at my BIL home, the house was okay to live in if the price is in $500-600k range. But at more than $1 mil the condition isn't match the price, so remodeling is needed.
Several houses in that area were flatten to the foundation and a brand new custom house were built for more than $500-600k.
Originally Posted By: HTSS_TR
Originally Posted By: demarpaint
In theory the broker is supposed to work for you, the truth is they play both sides of the fence. The less they know about you the better. 6% commission is the sucker rate just about all off of them will take less. Make sure if they take less the house will still go on MLS, typically when they take less commission they want to make it their "exclusive" listing. YOU WANT MLS! Repair things that need repair and clean up, the electric should be up to code before hand. Also stipulate you are selling the house as is and if they are going to be bringing in people looking for a new roof, driveway, sidewalk, siding, heating, plumbing and "electrical upgrades" that they will be wasting a lot of their time. I had that happen with a few houses we sold over the years, then I told people up front what you see is what you get, and the house is priced accordingly. That saved me time and aggravation, still there were low ball offers but not as many. Selling a house can be stressful if you play it wrong. One last point make sure there is chemistry between you and your broker, if there isn't find someone else.
Someone paid $1.15 mils for a 4 bedrooms 2.5 baths 2600 sq-ft house near my BIL house, and spent another $250k to remodel the house, new driveway, new windows ...
When that house was on market last year, I went there to have a look while at my BIL home, the house was okay to live in if the price is in $500-600k range. But at more than $1 mil the condition isn't match the price, so remodeling is needed.
Several houses in that area were flatten to the foundation and a brand new custom house were built for more than $500-600k.
That happens here too, often in fact, as I used to say in the car business there's an a-$$ for every seat, the same applies to real estate. I was giving some pointers to the OP about selling his house. I listed what some of what I typically encountered selling 4 properties in my lifetime, two of which were w/o brokers. As far as price goes, you can always drop it, it's a lot harder to raise it though.
Originally Posted By: demarpaint
In theory the broker is supposed to work for you, the truth is they play both sides of the fence. The less they know about you the better. 6% commission is the sucker rate just about all off of them will take less. Make sure if they take less the house will still go on MLS, typically when they take less commission they want to make it their "exclusive" listing. YOU WANT MLS! Repair things that need repair and clean up, the electric should be up to code before hand. Also stipulate you are selling the house as is and if they are going to be bringing in people looking for a new roof, driveway, sidewalk, siding, heating, plumbing and "electrical upgrades" that they will be wasting a lot of their time. I had that happen with a few houses we sold over the years, then I told people up front what you see is what you get, and the house is priced accordingly. That saved me time and aggravation, still there were low ball offers but not as many. Selling a house can be stressful if you play it wrong. One last point make sure there is chemistry between you and your broker, if there isn't find someone else.
Someone paid $1.15 mils for a 4 bedrooms 2.5 baths 2600 sq-ft house near my BIL house, and spent another $250k to remodel the house, new driveway, new windows ...
When that house was on market last year, I went there to have a look while at my BIL home, the house was okay to live in if the price is in $500-600k range. But at more than $1 mil the condition isn't match the price, so remodeling is needed.
Several houses in that area were flatten to the foundation and a brand new custom house were built for more than $500-600k.
That happens here too, often in fact, as I used to say in the car business there's an a-$$ for every seat, the same applies to real estate. I was giving some pointers to the OP about selling his house. I listed what some of what I typically encountered selling 4 properties in my lifetime, two of which were w/o brokers. As far as price goes, you can always drop it, it's a lot harder to raise it though.
Get a discount broker off the internet who will list the house on the MLS for a flat fee. I sold my vacation home with one that charged me $600. Saved me $9000 in commission at the close since I only had to pay 3% to the agent who brought the buyer. My place sold for the same $$ as the others in the development.
- Status
