Michael Long

Just the fact that you are online asking real estate pros to to negotiate this tells me that you need to be working or at least consulting with an agent....probably more than most people out there. I can't add anyting aside from what has been said. The only thing I'll reiterate is that the comission is established between seller and agent prior to going on the market. Also, showing properties and educating you on areas is a small aspect of what we do......just as it is for you, looking at properties is the fun part of our job. It is what happens after you have found the place that I always say that I "earn my keep." Finding a place is the half way point....there is still a lot of work to be done.

As far as being made unecessary by these websites......Bring it On! Trulia does an excellent job allowing us to converse and pass along free advice but taking away from what I can do to help sell/buy....not a chance. If I really thought Trulia or Zillow was a threat to my profession I wouldn't be on here helping make the website better. And Zillow's "Zestimates???" Just more proof that us Realtors are necessary for the time being.

Good Luck with the offer. At the end of the day we all want you to get the place and hope everything works out for you. - Tue May 27 2008, 09:42

Yes. In February they passed the $3/$1,000 increase to the buyer. A month later they reversed it to the seller. So now the buyer pays a grand total of $7.50/$1,000. The seller has the $3/$1,000 to the city and an additional $1.50/$1,000 to the county and state. Grand total for the seller including the new city tax is $4.50/$1,000. - Mon May 12 2008, 13:01

Yes Rhett. It's our responsibility. It just passed two weeks ago and every agent I've been speaking with is fully aware and informing their clients. I'm guessing you ran into sombody who isn't. I can't imagine a buyer's agent NOT informing their buyer. What happens at closing "Oh, by the way, you owe an extra $4,500?" That would go over well. I attached a post in my blog about it and I also have another blog post with a list of what transfer taxes are the responsibility of the seller and buyer according to location in Chicagoland. The post also has links to help you find your alderman so you can vote "NO!" to such increases in the future. Get the word out. April 1st taxes go up 40% to $10.50 per $1,000 spent and are the buyers responsibility. If you're closing just after April 1 look to see if you can move your close date. - Fri Feb 22 2008, 15:35

Thank you again for all of the responses. I think they are great. I will add this one tidbit: the buyer agent did mention that the buyer (who is not from the area) used Zillow and their Zestimates as a motivating factor in their offer. What are your thoughts when you hear someone say that they used Zillow as a guide to price? - Sat Apr 26 2008, 08:00

Thanks for the responses. I'd love to hear more. I agree that a counter offer is in order. I think something at list price or maybe even a thousand off ask to show them that we are appreciative of the offer but realistically it is nowhere close to where we need to be. It is a buyers market but the amount of comps that support this price is amazing. Honestly, it isn't even one of my listings. It was a discussion I was having with a friend/fellow Realtor and we had different opinions on what was the best approach. Thanks again and enjoy your weekends! - Sat Apr 26 2008, 06:09

Part of this comes down to legality of that 2nd bedroom. In order to call it a bedroom and not a den it has to have a window, a door and a closet. Actually, let me say it this way: it has to have natural light enter into the bedroom in order to distinguish from a den. That is how those lofts in the West Loop and River North get away with their second bedrooms not having a window. They have those 3/4 walls that let the natural light into the room and thus it is a bedroom.

Getting past that....how will your "2nd bedroom" be effected if it does not have a window? Depends on the buyer. If it is somebody looking to use the 2nd bedroom as an office they may not mind. If it is someone looking to have a roomate it will depend on the roomate. There will be some people who will be turned off and some who won't.
I guess my question is this: Can you add a window? If its a highrise I'm guessing no so there is not much you can do about it. Just realize that some people may not like it but as long as your are priced right you shouldn't worry about what you can't fix.
Hope that helped....good luck!! - Sun Apr 20 2008, 19:39

Hi Zachary, Best way to know what is going on is to get specific. Specific to the neighborhood, specific to th ype of building, specific to the type of unit. Compare apples to apples. As far as how far back traditionally when things are a little more normal you can go back 6 months +. In todays market it appears that with things changing so quickly it is best to only go back up to 3 months. I had a great conversation with an appriaser and he agreed on the 3 months.
Keep in mind that sometimes there are no comps if you only go back 3 months. What to do in that situation? Go with your gut. Do you feel your agent knows what they are talking about. When they talk about the market you are dealing in do they seem confident or end their statemetns with a question mark??? For me it comes down to experience and knowing what an apple is and how to compare it to other apples. Good Luck!! - Sun Apr 20 2008, 19:23