Selling a house, real estate commission

[Sigarms]

Sometimes property will be listed at a very low price to generate interest and it does work but not my thing…

Way I see it, something is only worth what someone is willing to pay.

When I sell something, as long as I get what I paid for it, I'm nore than happy.

I think the gun market can be more interesting than the housing market...

 

[Snobdds]

Please share...

Are we talking about just the housing market, or any industry?

Well the discussion has been housing...so.

Inventory issues is a result of speculation. Speculation is fed by low rates and an anticipation of a never ending price appreciation.

Inventory will come back once there is no longer cheap money fed by low rates. People don't mind paying for RE, people do have a problem when they can't anticipate what a market will do. Relators promised a market that never drops. That reality is no longer there and people are scared to do anything because of uncertainty. Once certainty is restored, inventory will come back.

It's called a supply squeeze caused by speculation. It's text book.

 

[Snobdds]

Way I see it, something is only worth what someone is willing to pay.

When I sell something, as long as I get what I paid for it, I'm nore than happy.

I think the gun market can be more interesting than the housing market...

FOMO in reality is a thing.

Fear of Missing Out. It creates bag holders. There are a lot of bag holders with purchases in the last 1.5 years.

 

[Sigarms]

FOMO in reality is a thing.

Fear of Missing Out. It creates bag holders. There are a lot of bag holders with purchases in the last 1.5 years.

I believe you, particularly with guns and gun laws.

 

[YanmarFever]

I have sold 3 homes in my life time and every time the realtors have tried to smoke and mirror the sale.
Our last house the lady that wanted it walked around picking at things trying to lower the price, her husband finally told her to shut up very seriously.
Then she tried to offer 100k less than we asked for, so we told her to take a hike.
The next day she offered full price and bought it, trying to make us feel like she was doing us a favor.
Yup, she was a realtor !!

 

[Sigarms]

I have sold 3 homes in my life time and every time the realtors have tried to smoke and mirror the sale.
Our last house the lady that wanted it walked around picking at things trying to lower the price, her husband finally told her to shut up very seriously.
Then she tried to offer 100k less than we asked for, so we told her to take a hike.
The next day she offered full price and bought it, trying to make us feel like she was doing us a favor.
Yup, she was a realtor !!

I've only bought one home in my life.

The realtor was GREAT. He was also the sellers agent as well.

I have no doubt that this realator also worked hard guinding us on working with the farmers credit union because land was an option in the sale as well. We more more than happy for what we paid for the house and land.

My wife did buy a house in NC before I met her. She did get a nasty email from her old realestate agent (whom she bought the house from) that she was basically pissed she didn't use her. I did think that was uncalled for.

Like any profession, you have good and bad people in the industry.

 

[Snobdds]

I have purchased enough rental property that I have seen the ugly side of RE agents and their games.

The last straw was when a sellers agent said she was not accepting bids below asking. I just kept submitting by below asking bid.

She had it priced high to begin with. It sat for awhile a new listing agent was hired.

She is now out of the RE game. Hard lessons are eventually learned.

 

[ultrarunner]

Buyers remorse happens a lot…

In a sellers market too often people get carried away… you could say it was worth it to the buyer at the time.

Dad would say only offer so you would be happy the morning after…

Agents fishing for higher counter offers always say you are so close… don’t let it get away…

My response is varied…

Sometimes I will pay more if seller carries the note…

Other times when the pressure starts I might say of course not going to walk away for a couple of hundred but seller is expecting thousands..,

 

[ultrarunner]

Nothing to stop me from reaching out to the seller by knocking on the door.

All the agency stuff isn’t binding on me as a private buyer…

Face to face has never failed if only to introduce myself.

A few times sellers family has said price is too low… every time I graciously said so would now it if the family member would like to buy… always shuts them up quick and then the backpedaling starts.

I make good clean offers… generally not more than one contingency such as a survey or pest inspection…

That said I am thinking of downsizing the residential rental inventory as all of the new laws are not what I signed on for…

 

[ultrarunner]

The beauty of Real Estate is there is nothing preventing me doing a For Sale by Owner...

Plus... I enjoy the process...

 

[Snobdds]

The beauty of Real Estate is there is nothing preventing me doing a For Sale by Owner...

Plus... I enjoy the process...

The rental business was in my blood. My dad would drop me off at a rental house in the summer since I was ten. I though I was just making some money...money was just the start of what I was getting. He would give me some tools and tell me what to do.

He knew I would screw it up and it would need to be redone. But that wasn't the lesson. The lesson was to try and do something even if you didn't know what you were doing or how to do it. It was my job to figure it out. Boy o boy...has that lesson served me well over the years. Yes, some things needed to be redone and fixed right. But I also was able to fail and figure out how to fix my mistake and make a win out of it. My old man...he knew you learn by doing and failure.

I don't need anymore houses, but over the years I've figure out how to be really good at managing them.

 

[Tomtint]

My advice is this..And I have bought and sold millions of dollars of real estate in my life. When you list the property to sell.. List at at 6%. Doing this will get the attention of every broker in your market and give them motivation to show your property as they stand to make a greater commission. It costs you nothing at this point. In the event an offer comes in, you have already found a willing buyer and the negotiations begin.. And they begin with the commission you are paying the brokers.
They then decide how much they want to share in the game.

 

[ultrarunner]

When my friend listed at 6% and the offers came in lower I told if she was going to take a haircut it’s only fair that brokers join in…

When it was all said and done she paid 4%

 

[ultrarunner]

A local investment firm is known to pay full commission on any deal as the deal makes sense or not but offering full in the sell and not taking any on the buy there is no shortage of bird dog opportunities…

They got some outstanding buys… some over a hundred million purchases…

 

[plowhog]

I'm a dummy. I never realized that it's not an actual issue of inventory, but salesmanship and minipulation by poeple selling the product.

I need to try that strategy in the my market!

Everyone has an opinion. Mine is there is a lot of factually incorrect, naive, bad advice in this thread. This is a topic where I have a substantial amount of expertise and decades of experience.

In other threads I would respond on the points. But in this one I believe it is a total waste of time. It does not seem a load of dynamite could jar loose the deep seated views of some.

 

[Sigarms]

Everyone has an opinion. Mine is there is a lot of factually incorrect, naive, bad advice in this thread. This is a topic where I have a substantial amount of expertise and decades of experience.

In other threads I would respond on the points. But in this one I believe it is a total waste of time. It does not seem a load of dynamite could jar loose the deep seated views of some.

Hey, everyone thinks a 3 ton 14 SEER2 residential heat pump system should be installed for $5,000. I know the feeling

What I do know is I have found both my realtor and estate attorney very valuable when I had to use them, and have had nothing but good experiences using them. Lawyers get a bad rap to LOL

 

[sandman2234]

There are games for sure…

House down the street came up as bank owned and I made a very good offer meeting all the Wells Fargo requirements.

Many made offers so Wells Fargo comes back and says it’s opening up a second round of bidding to those that bid for highest and final offer…

My agent said what are you going to do… I said I made my offer and pulled out.

Sometimes property will be listed at a very low price to generate interest and it does work but not my thing…

Buyers play games too tying up a property on a fishing trip to see if they really want it.

I made an offer on my first house, and the seller countered...Realtor asked me what I wanted to do...and I asked him when would I get my deposit back. That surprised them and they countered with my original offer, but I decided I wanted it at 1percent less, since the seller was holding the mortgage.
The house I am in was part of an estate. I talked with the executor and he told me what it would take to purchase it. The Shriner's Cripple Children Hospital was the benefactor. Since I made the offer in the first few days of it being listed, they figured they could hold out for more. I called my Father in law, who was in the Shriners and Wife's uncle who worked for an airline as a ticket agent. Mother in Law was injured walking out of a Shrine building and Father in law needed us to live closer, since he had cancer and she is handicapped. Uncle called them and told them if they ever wanted another free ticket from the airline he worked for, they needed to make sure the house was sold to us. (It is across the street from my handicapped mother in law). Since the offer I made had expired, they presented a very nice offer, which turned out great for us. Ten years later, both those men have passed, and we are still walking across the street to care for Mother in Law.
Pays to be hard headed, I guess!
David from jax

 

[ultrarunner]

Not Real Estate but a sailboat donated to Scouting.

Made an offer and did not hear anything… later learned they never accept first offer.

Called my friend who was a big supporter of scouting and he said he would look into it…

Later that day Scouts called and said to bring Bank Check and pick up my boat…

Sometimes a little nudge is enough.

I had one loan tied up forever… broker said underwriting office in San Francisco so I dusted off my suit and paid a visit…

When I got home the Broker had left a message loan approved.

Another time starting out I applied on a duplex loan with American Savings and just not getting approved… I was 24

Met with loan officer who was most helpful but did not have final say… it was just before closing and we walked out together to the parking lot and her car had a flat tire…

To make a long story short I changed it for her just as the head of Underwriting was leaving and he said what happened… she said I was the loan applicant on his desk we talked about… he said let’s get this man into his house…

Another time was an older couple selling home of 50 years and my competing offer had a contractor out bidding to do a remodel and the sellers were taken back that all would be ripped out.

I met them on my own and said how much I loved the property just the way it is and even if I was not the one I would be very much interested in sellers table saw/tools…

That was enough to sway the sale and the sellers were so happy I asked about the tools they made them a gift along with a hutch and dining table…

 

[Sigarms]

I met them on my own and said how much I loved the property just the way it is and even if I was not the one I would be very much interested in sellers table saw/tools…

That was enough to sway the sale and the sellers were so happy I asked about the tools they made them a gift along with a hutch and dining table…

No different than when we bought our house in 2005 and the real estate agent had the owner walk the property with us (real estate agent was the broker for both seller and buyer).

Only I thing I didn't like it the previous owner didn't leave his Kubota under the shed like I asked.

We've only been in our home for 18 years now, first house I ever had. Perhaps a pipe dream, but I'd like the place and property to a young family who loves the area / land and could do more with it than we have.

As long as we recoup our investment (no doubt we will), I'd rather lose 50-100k on the sale to ensure the place goes to someone who actually appreciates it.

Whenever I sell a gun to a family member at a "GREAT" price, my only rule is that if they ever decide to sell the gun, I get first dibs on buying the gun and I pay them what they paid me for the gun. I understand this is a pipe dream when it comes to real estate, but how my mind works.

 

[Mtsoxfan]

What might be the commission of a modular home vs a stick built? lol