I would suggest that you read your contract again. If there's an agreement to sell and it is signed by both then it's binding. I would suggest that you hire an attorney at this point and have the attorney explain what your legal rights are and how to take care of this situation.... more
Having built and sold homes for almost 20 years; this was my experience. I would always give a listing to an agent, upon request. Without exception, the realtors would claim that I was asking too much money for the home and that the price should be reduced. The homes were actually fairly priced. I had an advantage because I was selling my product with honest enthusiasm and not confusing prospects by showing them 10 different homes. During the 20 year period, the only homes sold by realtors were the first 2 or 3 built. I began to do the selling myself because there was always a discrepancy in perceived value. When I sold my last personal residence, a realtor had the listing, provided great advertising and open house presentations but could not sell at the fair asking price. I offered someone involved with the development a fee to simply have the next qualified party, who entered the neighborhood for the purpose of looking at homes for sale, ring my door bell and ask to see the house. Sold at asking price; they loved the home which was an awesome home for the full and fair listed price and I paid the lady who did this for me the agreed upon amount.... more
As a former realtor the truth is realtors are well trained to TELL sellers what their commission is and be firm about it. Realtors will do whatever it takes to AVOID ANY negotiations. There is the silent treatment, the mythical effect of what a 1% commission reduction does, the variable marketing strategies for different commission rates, etc. It's all part of our training. The bottom line rule is NEVER EVER tell a seller that the commission is negotiable. That's the kiss of death. If a seller doesn't know it, the better it is for the realtor. So it's hush - hush.
As for you, the seller, you need to negotiate hard. Be prepared for pushback and for realtors to manipulate everything you say. Remember, they deal with sellers everyday - you don't. What helps is if you offer something in return for a reduced commission. Do the following: ask for an itemized invoice for any marketing and pay for it separately (write a check to the realtor); pay the professional photographer; verify your property details with the county (go there in person and ask for the property card and make a copy); don't pay for any add on services; do an Open House, etc. Whatever you can provide deserves a 1% commission reduction. Make sure you get this in writing. It MUST BE IN WRITING ON YOUR LISTING CONTRACT. Anything verbally said does not count.
Other issues you need to be aware of: Interview at least 3 - 5 real estate agents. Analyze or review the comparables very carefully. Make sure the comps are within your neighborhood, recently sold or pending, similar condition, square footage, lot size, etc. Make any adjustments if the homes are different than yours. Look at the interior pictures. You should also visit as many Open Houses in your neighborhood as possible. Compare the For Sale homes to yours. Adjust to come to a realistic price for your home. NEVER overprice your home. Any realtor that "promises you" or "tells you" that they can sell your home for a higher price - kick them out of your house. What will happen is that agent will beg and plead with you to lower your asking price in 2 - 3 weeks because there are no buyers interested. This is a complete waste of your time.... more
I have done this sold my house after 18 years took two years to sell
my husband is older than me and gets sick and could not do much everything was fulling apart and if we did not sell we would have to fix everything
the worst thing we brought a home I do not like and have trouble adjusting I hate myself and do not now where to start and the other thing I have a gorgeous looking son he is 14 years old he has no confidence likes to hear and stay at home and has no friend I am worried about all of this I have no life with my husband anymore he just like to do just cook and do things around the house I am not that keen on doing all he likes to do we have done nothing but this all the time and always had to redo things due to not doing things the wright way in the first place
he just says nobody had total him what do do
I do not not what to do and am very scared in life I may Evan do something to myself I get very sick of life... more
If your home was listed for sale with a brokerage, you will owe a commission to the broker. Listing contracts in NY state: If the real estate agent brings about a buyer who is able and qualified to purchase the home, a commission will be paid." The listing contract is not conditional upon the actual sale of your home - only if the agent brings a willing, able and qualified buyer to sign a contract.
If you sold your home by owner (no agents involved) then you need to discuss this with your attorney. Nobody online can provide legal advice.
As for other penalties, this depends on what your contract states in writing. Nobody online has a copy of your contract.... more
Allow a former realtor to answer your question because active realtors will insist that you don't know anything and you will be making a huge mistake if you refuse to list your home with a broker.
So...about those online estimates (realtors hate them too). Real estate websites like Zillow, Trulia, etc. pay 3rd party vendors to copy property information from county tax assessor offices throughout the U.S. A few states / counties have laws that don't disclose. Public information provided by county tax assessors typically includes: address, property taxes paid, previous sold dates, lot size, square footage, type of home (single family, multi family, condo), age of home, number of bedrooms, bathrooms, etc.
Public information does NOT include: owner names, condition of your home, any upgrades / renovations or lack of, neighborhood information, school district information, layout of your home, etc. Realtors and buyers use this information to determine value which is why online estimates are off - anywhere from 5% - 50%. If selling by owner, you can include a sentence in your description like "Proof of appraisal shows value at $xxx" OR recent similar homes sold for $xxx.
To get started, go to Zillow.com, register and claim your home. Zillow and Trulia are the same company, so if you post your home for sale on Zillow, it will sync to Trulia within 24 - 36 hours. You should receive a confirmation email.
BEWARE: Realtors pay monthly advertising fees to real estate websites like Zillow, Trulia, etc. This allows them to get buyer leads. There is a default checkmark next to the agent's picture and all a buyer has to do is fill out the Contact form and it goes directly to the agent - not you. Agents pay to advertise on ALL For Sale By Owner listings, so you are not exempt. You need to know that when buyers talk to agents about your home, that agent will only check the local MLS system. Since your home is not listed in the MLS system, the agent will tell YOUR buyer that your home is NOT for sale. Realtors check For Sale By Owner listings on websites to call you and insist that you need to list with a broker - that you don't know what you're doing. Realtors don't check FSBO listings when buyers call.
One option you do have: You need to research Flat Fee Broker (use Google). This is a hybrid where you can pay a small fee to have your home in the MLS system and you will pay a buyers broker a commission. You still save about 3% not listing with a full service broker. The huge benefit to you is realtors will show your home to buyers that call.... more
Hello Michael, if the 5% is in regards to selling the property it would be split between the two agents. I am not sure you would have to use the agent whom leased the property without looking at the contract.
The tenant would have to be pre-approved to be able to know if the tenant qualifies to purchase. There are a variety of loan programs depending on fico scores and down payment.
The tenant may consider 3.5% down FHA with minimum 580 fico score and 3% down conventional from a minimum 620 fico score. There is also down payment and closing cost assistance programs if the tenant does not have down payment and closing costs. The tenant would need a minimum 640 fico score to consider that program.
Have the tenant check out the web reference link below.... more