Just to cut to the chase, like I said in my earlier post, I haven't lately seen anything close to 4% seller costs to sell a house lately.
On a typical $100K home, this is what I generally see..
$843 Owners Title Policy
$415 for Title Company Fees (Providence Title Bundles all the fees)
$200-$250 for Attorney DOC fees
Realtor Commissions (Negotiable)
Arrears Property Taxes / HOA Fees (Already Owed, not really Closing Related)
If it costs significantly more than that for a Seller, then he has agreed to pay additional concessions like on Line 12. Or they agreed to pay for a survey ($400) or they agreed to pay for a Home Warranty ($400-$500) So as you can see, it's all in the negotiation process, but nothing close to 4%+..
I think Rick has it about right.. It works out to be just slightly less than 2%, unless of course the Seller starts agreeing to pay for stuff that is really negotiable..
Joe Stone - Realtor
Exclusive Homes
682-777-0836... more
Good Evening SB
I live in Far North Fort Worth, it looks like your property may be in the 76137 zip code which is also in far North Fort Worth. Properties in this area generally sell very quickly. Any realtor that you contact should go through the property and provide you with an evaluation of the market for and of the condition of the home. This information will help you to find qualified people to make repairs if you desire and price the home to sell correctly. Depending on the price point of the home it may make sense to directly target investors and not repair the property. If you decide to target owner occupants, I personally feel that staging a vacant property is a great way to inexpensively warm the space up and this leads to higher offers. One other note photography is key! Make certain the realtor that you choose has the home photographed correctly, bad photography can make a $300,000 home look like a $50,000 home. If I can be of assistance to you or you have any additional questions, please feel free to contact me directly. Best of luck to you!
John Straub
Keller Williams Realty
817-729-4281
john@dfwfamilyrealty.com
www.dfwfamilyrealty.com... more
Time for an attorney.
Unfortunately we hear this way way to often.
Everyone gets taken in these kinds of deals.
Too late to stay away so your only course of action is to get an attorney.... more
MEETING YOUR NEEDS AND EXCEEDING YOUR DREAMS!
Step one contact an agent and setup an initial consultation. This will give me the ability to render my own thoughts and what you should repair. Alot of sellers go out of their way to fix things that simply buyers would have over looked. I also offer discounted rates for a client who both sells and purchases through me which will only help save you more in the end. My vast database will suit your needs when it comes to getting discounted estimates on repairs, that is if you decide to higher an outside hand to help you with the repairs needed. May I ask you to contact me when you get this email? I look forward to your call and hopefully I can clarify alot of grey areas for you, thank you.
Keller Williams Realty
Real Estate Consultant
Joseph Fernandez
Cell: 817-975-7258
Off: 817-635-1028... more
Depending on the contract standard items are. Also all of these are negotiable with the buyer or seller:
-Title Policy, generally $1K per $100K
-HOA Resale Cert / HOA Transfer Fees typical max combined for both $750
-Survey $250-$350 unless you have an existing and use a T-47 addendum
-Homebuyers Residential Warranty (1) yr Optional - Estimate $500
-Closing Costs paid toward buyer - if any
-Legal Fees estimate at 1% as a very high figure
-Loan Payoff - Deducted from proceeds
-Buyer's Agent Commissions - 3% typical
-Seller's Agent Commissions - $99 up to 1% depending on the plan you decide on at www.exclusivepropertiestexas.com
These are on the conservative side but should give you a starting point.
Call Anytime
Nathan Beckey, Realtor
817.691.3602
Exclusive Properites Texas
More Options. More Results.... more
Please, feel free to contact me today in regards to assisting you. www.tad.org is a great source however it can be very time consuming if you're a first time user. Are you possibly looking to relocate or just track down information pertaining to a certain area.
Keller Williams Realty
3xUS Army Vet./ Real Estate Consultant
Joseph Fernandez
cell: (817)975-7258
off: (817)635-1157
email: blissfulestates84@gmail.com
!!!!!!!!!LOOKING FOR AN UPDATED SEARCH ENGINE VIST WWW.BLISSFUL-ESTATES.COM !!!!!!!!!!!!... more
Please, feel free to contact me today in regards to assisting you. Are you currently looking to buy or sell in this area?
Keller Williams Realty
3xUS Army Vet./ Real Estate Consultant
Joseph Fernandez
cell: (817)975-7258
off: (817)635-1157
email: blissfulestates84@gmail.com
!!!!!!!!!LOOKING FOR AN UPDATED SEARCH ENGINE VIST WWW.BLISSFUL-ESTATES.COM !!!!!!!!!!!!... more
Wow, a lot of great answers here. My approach though would be this, if you don't fix the home before selling it, the investor who gave you the low price may be right in his assesment. Some of the bungelows in that area date back to the 1930's, so these homes can require major renovation to sell. From the investors point of view he or she will incur those costs, plus the cost of buying and the cost of carry and then ultimately the cost of reselling the property and they want to make a profit. Even if you find a buyer who intends to purchase their costs will be significant and they will likely offer accordingly. I think your best course of action is to consider to renovating the home. These homes once restored are highly sought after and can yield a significant return on the cost of renovation. I suggest you call a licensed contractor first to get an idea of the actual cost of renovation before you rush to sell, it could really be worth it!... more
First step, when your contract ends setup multiple appointments with numerous agents find the one that best fits your needs. Second: Let your house stay off of the market long enough for the days on market to expire (no one likes seeing an old listing) this will help bring people back in. You need to reconfigure your thoughts on pricing. A investor is just that he will nickel in dime everything to try to get it for a steal. I would love for you to contact me so I can help you and your family out.
Keller Williams Realty
3xUS Army Veteran
Joseph Fernandez
cell: 817-975-7258
off: 817-675-1157
website: www.blissful-estates.com... more
How ironic that you are choosing to sell by owner, but yet are looking for agents to guide you on your marketing efforts; you received good advice below...post your property in various internet venues/local print media....... more
A market analysis and consultation with an experienced REALTOR for your area would be the first step so you don't spend money you may not recover. A fresh coat of paint, remove all the clutter, remove excessive family items, and update the kitchen/baths usually are the most return for your efforts. Without knowledge of your individual position all answers are strictly generic.
We would be glad to assist you more personally and our agents specialize in Fort Worth.
Thanks.
Elwanna McEuen
Capital Real Estate
TREC Broker # 0401604... more
To Denjon105:
You need legal advice that a Real Estate Agent or mortgage broker can't give you. (Wrong website!)
People who live in another state have no idea what the law in Texas says! Don't listen to anything about any quit claim deed. Besides, a deceased person can't do anything.
If you wish to sell the property, contact me and I will guide you through the process. It is complicated. I have 32 years of experience in this business and I know a GOOD real estate attorney who can assist you with the legal matters. Once those issues are cleared up, then you can proceed to get real estate advice and sell the house.
Be sure you probate the will. I have handled a very complicated case where the person thought they would just save the cost of an attorney, and now it is a real mess. You need to pay to do it the right way.
The nature of your question shows you need to get some good advice and be sure to do it the right way. This will save you a lot of money and heartache in the future.
Good luck!
Rick DeVoss
---The Michael Group
817-300-6121
rickdevoss@realtor.com
IGNITE ...we light up the world...
=========================... more
Sherri,
I'm sorry for your difficulties. In reality, FSBO's only get seen by a tiny portion of the buying public. Those who focus on them are hoping to save themselves the commissions, not help you save them.
What you have is a home that needs to be rehabbed and there are loans for that (FHA 203K), but you need to expose the home to the largest possible market to get the most possible buyer's and top dollar.
Talk to some local agent's who are successfully listing and selling homes around you. Have them list the home, put a key box on and publish the details in your local MLS. Agents with qualified buyers will handle the showings and it will be on display worldwide 24/7 until it sells.
You will need to price it to cover your expenses and your agent will be in the best position to advise what you may be able to get for it. Just don't be overly optimistic, price it to sell and move on.... more
It's possible that an inspection might reveal some defect that would be a required repair for a lender, but that's somewhat unlikely.
VA was the worst for sellers, requiring every little detail to attended to by the seller prior to closing, but they have trimmed their required repairs down compared to years ago.
FHA is actually pretty loose, unless the repair indicated is structural or renders the home otherwise uninhabitable.
Lenders offer FHA type 203(k) loans, both in full-blown packages for up to $35,000 in repairs, and streamlined 203(k) loans for smaller repair estimates above $5,000 but below $15,000. Generally, small repairs under $5,000 can be handled by the buyer using 203(b), but consult your lender.
Conventional loans are also available such as HomePath Renovation, which sets aside an escrow account for repairs, just like 203(k). Ask your lender. As a seller, you may not have a loan officer at the moment, but your Realtor can probably refer you to several. Those that can handle renovation loans can explain the various programs and what your buyer needs to do.
Many sellers opt to contracting for repairs to be paid at closing. If the contractor is willing to do the repairs and wait until the funding at closing, this solution will work without having any lender involvement. However, the contractor will want a definitive approval before beginning work so as to assure the closing will occur. If it doesn't close, you'll be on the hook.... more
Darren,
If there is a will and it is uncontested, the initial probate process can happen pretty fast.
Call me and we can get you hooked up with an attorney.
Even if you are the executor of the will, you need the court to appoint you as the executor, before
you can sign the listing agreement.
We can get you up and running normally the same day or day after, once that happens.
In the meantime I would like to see the house, so we can be ready when you are.... more
If you don't have the money or time to complete the repairs / updates, you might also want to consider selling to an investor on a cash basis. In addition to being a broker I'm also an investor and would be willing to discuss a fast purchase if you are serious about selling. You can reach me at info@fastcash4austinhomes.com.
Guy E. Gimenez ABR, CRS, GRI
Broker / Owner / Investor
The PowerHouse Group
512-731-5613... more
You should set appointments with several Realtors in your area. Have them give you a market analysis on what your home is worth. Do not make the mistake of going with the agent who gives you the highest value. Listen to the agents on how they are basing their value.
You will also want to meet with a lender and go over your options for buying a new home where you would like to relocate. See where your credit is exactly and then put together a game plan so you can make sure you are moving in the right direction. Look over different options with different down payments using the funds form the sale of your current home. Get as much information as possible so you can make an informed decision!
Don Groff
REALTOR | Mortgage Broker
Keller Williams Realty | 360 Lending Group
512.669.5599
listings@dongroff.com... more
I'm also an investor who specializes in creative financing (ie lease-options, seller financing, etc). I know that Darin is legitimate and knows what he's talking about. Keep in mind that many attorneys have no clue of what creative financing is; the ones that do tend to be real-estate and/or title attorneys. (A few attorneys who specialize in corporate or contract law also might have some specialized knowledge in this area.) Before having an attorney to review any contracts with seller financing, have him/her discuss his/her experience with them first, and get some references.
Gaylene Rogers Lonergan is a real-estate attorney, who's based in DFW and is heavily involved with the investment community, and who knows her stuff too. She also teaches classes from time to time on creative financing and notes (the other side of creative financing).
The law was created, because several greedy sellers basically sold properties with terms that they knew most of their buyers eventually wouldn't be able to fulfill. That enabled them to resale the same house to multiple buyers. The intent of the law was prevent those greedy sellers from continuing to prey upon those buyers; however, as Darin mentioned earlier, the legislators went from one extreme to another.... more
I rarely see anyone do this, but not a bad idea....maybe even a good idea.
You might be able to use the appraisal from when you bought the house to see size.
If you are going to hire appraiser to measure house, you might also get the full appraisal for not much more.
Probably depends on price of home and size to think if it is worthwhile. If you are getting 100-$200/sqft in your area, finding just 2-3-4 sqft might make a difference in your price. If you think you can get better than average price for your home, having an appraisal to show buyers and their bank appraiser could also get you a better end result on their appraisal and purchase price.
Certainly something to consider....I would discuss with your realtor.... more
You dropped price 3 times.
How much did you drop the price?
If you went from $587,000 to $582,000 that is not even noticed. It is to small a percentage to care about. It looks more like the seller is trying to get attention than to actually drop price. If you dropped from $575k to $525k that could be noticed and generate some interest. You have to drop your price enough to get people to notice and think maybe now I should consider this house.... more