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Thread: Real Estate Question
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08-25-2019, 01:44 PM #26
Haven't sold a house in 11 years. Are people still paying 6%? If so, how has the internet not made that obsolete?
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08-25-2019, 02:45 PM #27
No, instead the Internet has enabled Opendoor and Zillow to give you offers direct!! At lowball prices AND charging you 7+%!!!
https://www.opendoor.com/w/pricing
Do it the Internet way and get fleeced by techbros instead of greedy local brokers.
But yeah it’s heading that way vis a vis lower commissions.
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08-25-2019, 02:57 PM #28Registered User
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low commission RE has been around for a long time
Lee Lau - xxx-er is the laziest Asian canuck I know
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08-25-2019, 04:14 PM #29Registered User
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08-25-2019, 04:24 PM #30Funky But Chic
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Yeah I'm gonna try to make some sort of middle ground work, I'm glad that seems to be the consensus as I didn't want to pay the whole thing for sure. I need to read the listing agreement again but before I worry about that I need an offer in hand. So we'll see what happens.
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08-25-2019, 04:56 PM #31
When we relisted our house the first and best offer came at the first showing. Couple of days go by and my agent tells me that the guy was having a problem with financing but he was going to call some banks. I called the guy who made the offer and turns out his old girlfriend took off with a truck he co signed for her and she stopped making the payments. To get back at him? Anyway, he couldn't get a mortgage for a dog house. Agent who really sucked never qualified him I guess.
We took a cash no inspection from the guy who had lowballed me the previous year. I heard that his wife told him he'd be sorry if he let this one go.A few people feel the rain. Most people just get wet.
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08-25-2019, 07:24 PM #32
I would contact a local real estate attorney. While the realtor may be open to negotiations, the company she works for may not, and they may come after you for the whole nut when you were just trying to be kind.
Long story short, when there is money involved (probably significant in your case), its best to have legal representation.
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08-25-2019, 07:45 PM #33Funky But Chic
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Well one step at time.
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08-25-2019, 08:05 PM #34
I just asked my wife how many days her firm's protection period is, and she said 180 days. She also mentioned that is generally the standard. I'd be surprised if yours is longer. But if you want to compensate your former agent for work done, I'm sure they would appreciate it.
The one sticking point would be what their boss would think vis a vis recapturing the listing.
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08-25-2019, 08:32 PM #35
You contact the listing agent and that just puts them on notice that the sale is happening and gives them the opportunity to stick their beak in. They could try to fight it and hold up the sale to go after the whole fee. While a long shot its the last thing you want to worry about. Also, as soon as they lift one finger your realtor is going to try to say that the original agreement is back in place.
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08-25-2019, 08:36 PM #36Funky But Chic
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There's always a flip side.
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08-25-2019, 09:00 PM #37
You owe him/her nothing. Whatever you decide to give the realtor is a gift.
“How does it feel to be the greatest guitarist in the world? I don’t know, go ask Rory Gallagher”. — Jimi Hendrix
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08-25-2019, 09:58 PM #38
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08-25-2019, 10:44 PM #39
I don't see how the realty firm could sue you for the full fee if the buyer contacted you after the holdover period was over. They might be able to if they could show that you and the buyer conspired to delay the sale until after the holdover period but they would have to have evidence of that. The most likely reason for a delay would be as I said--the buyer delayed to get a 6% discount on the sale price.
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08-26-2019, 01:45 AM #40
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08-26-2019, 03:45 AM #41
this is how i list my shit.
https://www.adkbyowner.com/listing.c...F5B6D9716951A3Last edited by byates1; 08-26-2019 at 03:56 AM. Reason: dead nuts, skiing in jeans
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08-26-2019, 04:19 AM #42
ppl abscess over cars. think about that. it's a box. ymmv.
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08-26-2019, 05:58 AM #43
Im interested to hear if the offer is reasonable.
"I don't pretend to have all the answers, and I think there's something to be said for that" -One For The Road
Brain dead and made of money.
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08-26-2019, 06:43 AM #44Funky But Chic
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08-26-2019, 06:47 AM #45
At this point, 8 to 10 months after the listing expired, the realtor would be tickled pink if you gave 1%. Think about it that’s probably $10-$20,000 that they have no right to receive.
It is wise to offer something because there are still things to do post signing of contract up until the closing. For instance negotiation after home inspection, radon remediation, The endless time when the perspective buyers may want to enter the Home prior to closing, etc.“How does it feel to be the greatest guitarist in the world? I don’t know, go ask Rory Gallagher”. — Jimi Hendrix
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08-26-2019, 07:24 AM #46
Let us know how the offer comes in.
Not unheard of that a buyer in this situation would be looking to score a deal, maybe even have their own broker. If they bring an offer saying
-10% on asking price
-3-6% broker fee - pay my broker
Might be a crappy offer
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08-26-2019, 08:58 AM #47
^^think this is pretty on the money.
To the anti agent commenters- if the buyer presents offer with an agent, what do you do then? Just ride bare while they have a pro?
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08-26-2019, 10:28 AM #48
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08-26-2019, 10:33 AM #49
Wait, so you can get paid commission on something you didn’t sell?
Huh.
What a fucking racket.
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08-26-2019, 10:38 AM #50
You would think, but if there's one thing I've learned about realtors over the years, it's that they get SUPER butthurtz if you decided not to use them, no matter how ineffective they may have been in finding a buyer. To many of them, even "friends" of yours, it's either 6% or nothing. Not all are that way. The ones who hustle will gladly take that 1% over 0%, especially if all they have to do is help with the paperwork and closing on a big sale, but in my experience in a high dollar market, if it's under a million dollar sale or you even HINT at perhaps giving you even a tiny bit of a break on the full commission, they're not even interested in bothering. Haha.
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