Drew Hitt

Because they have deeds. They are considered real property too. - Wed Jul 8 2009, 18:38

The reason I ask is to get the opinion of professional Real Estate Agents and Realtors on the true costs to sell.

It costs more than the 6% marketing fee agents charge. Bill and Nancy both touch on it a little.

Maybe the best answer would come from a Buyers Agent in this market. What discount are typical Buyers Agents able to get for their clients in this changing market?

Buyers agents are seeing better the true cost to sell. They see the buyers discount (you never want to pay full price, 3 - 5%, depending on the area), closing cost assistance (upwards of 3 - 4%), seller side closing costs (1%), deferred maintenance, then agent commission (6%).

So let me ask, of all those True Buyers Agents out there, are you getting your clients typically an extra 8 - 10% seller concessions?

A good "rule of thumb" may be 10%, but wouldn't you agree to expect a 15% cost if you don't have an absolutely model quality home? - Tue Jun 30 2009, 10:52

You can still have up to 10 FHA loans, you just have to start putting down chunks of cash.

Be more creative, I buy and sell houses and never get a mortgage. There are other options, you just have to explore them!

Drew - Sun Jun 28 2009, 19:15

You wouldn't use an agent to buy a home when you know what you're doing. When you are completely aware of everything that can go right, and everything that can go wrong with a real estate transaction then you wouldn't need an agent.

Agents aren't by any means required, but they can be helpful.

My biggest reasons for not using an agent to buy....
1. I negotiate much better than they would.
2. I deal with homeowners and not real estate agents, so I like to speak in plain english so people understand better what I can do and offer.
3. I understand what the value of the house I'm looking at getting is worth in this market.
4. I understand you can cut out the middle man (Agent in this case) but I can't cut out the middle mans function.
5. 99% of agents aren't creative in the ways I do business, so I don't have time to explain to them how things work.
6. I've bought a lot of houses so it's not new for me, I understand what could/will happen.

I also don't use agents to sell my houses. Marketing is a big key a lot of agents don't understand properly. The MLS is only one tool, for some, it's the only tool.

Agents serve a purpose, just like accountants and lawyers and customer service agents. Sure we can do without them, but if someone else is paying for them, why not use them to help you buy when another agent is involved? Agents like dealing with other agents, it's what they are used to. Move away from the norm and people start getting confused.


Drew - Sat Jun 27 2009, 09:01

The property appears to be a short sale. Sold in 2004 for $407,000. Ended at $335,000. It wouldn't matter who holds the note. You would have to go through the homeowner to negotiate with the bank. Typically a bank won't allow you to purchase the note in any fashion without authorization from the homeowner to discuss the account. Touch base with Mr. Turnbull and knock on the door and discuss your possible solution with him. It may be something he's interested in. I don't show any other mailing address, but with the property having been on the market over 1 year, he might have moved on. Or him might just still be there. Give it a shot and see if you can't work something out if you really want that property.

Notes can be purchased from the bank at a discount, but a short sale is more of a common occurance for the part of the bank you'll end up dealing with. Customer service at the bank will have no clue about you being able to purchase the note.

Give it a shot and let us know how it works out.

Drew - Sat Jun 27 2009, 08:47