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Home Selling in 08034 : Real Estate Advice

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  • Local Info2
  • Home Buying11
  • Home Selling4
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Activity 4
TheLuckyOne, Home Owner in Shaker Heights, OH
Mon Jul 25, 2016
TheLuckyOne answered:
The difference is obviously $$$, you avoid paying commissions. It becomes especially valuable in selling a property under $50K when you're paying a minimum commission regardless of how much the property sells for. The agent is less motivated to sell for more and will likely be aggressively pushing the price down, as the commissions are still the same. Minimum commissions are usually $5,000. Plus lots of red tape.

I have purchased my condo FSBO; it was advertised on a local Craigslist and I responded. I was familiar with the area, liked the complex, the low assessment, the garage parking etc. So we made a deal, I recycled an old contract from the condo sold years ago, located the title company, and bingo, it's transferred.

Really no big deal, anyone can do this. And just to think, the realtors charge a $5K minimum commissions for THAT? A robbery on a highway if you ask me.

My 2 cents.
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0 votes 36 answers Share Flag
The Rifkin T…, Real Estate Pro in Cherry Hill, NJ
Tue Nov 26, 2013
The Rifkin Team answered:
I know this is an old thread but if you still need any real estate help please call our office
(Keller Williams Cherry Hill) 856-321-1212 and ask for The Rifkin Team.

Thanks
1 vote 18 answers Share Flag
Jonathan E.…, Real Estate Pro in voorhees, NJ
Mon Sep 30, 2013
Jonathan E. Brill, Ph.D. answered:
Not being an attorney, I cannot offer legal advice. And since you seem to be represented by a Realtor, as a Realtor I cannot interfere by offering specific advice regarding your transaction. All I can and will do is answer your question in general terms.

Parties to any contract (e.g., a real estate contract for sale) can agree to revise that contract in any way they want provided that the modification does not require any party to do something fraudulent or unlawful. I have seen many proposed changes to real estate contracts, but I am sure I will not have seen them all even when the day that I stop selling real estate has come.

If your contract is fully executed and binding in its present form, you don't have to agree to change it and the parties will remain legally required to perform according to the provisions of the contract as it is written. In this case, you should consult with your attorney and your Realtor about the benefits and drawbacks of agreeing or refusing to modify the contract with a proposed Amendment.

If the contract is not yet signed by the buyer, then the buyer might refuse to enter into the contract without the proposed Addendum (or "rider"). If the contract is signed by both parties yet remains subject to attorney review (i.e., not yet fully binding upon the parties), then the contract is subject to cancellation by the buyer's attorney if you do not agree to change it with an Addendum or an Amendment. In these two cases, you must weigh the decreased value (to you) of the contract integrated with the proposed changes versus the possibility that the buyer will walk if you do not agree to the proposed changes.

Jonathan E. Brill, Ph.D.
REALTOR
Keller Williams Realty, Cherry Hill
DoctorJ@KW.com
Cell: 617.872.5580

Put my Ph.D. in Marketing and Wharton School
business education to work for you!
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0 votes 3 answers Share Flag
Barbara Fitz…,  in Turnersville, NJ
Wed Mar 28, 2012
Barbara Fitzgibbon answered:
Barbara Fitzgibbon-Broker-Associate, Turnersville, N.j, First, remember that an appraisal is 1 man oppinion.You can appeal the appraisal, ask your Realtor to gather all comps with in the last 4 mo. that would be somewhat comparable to your home. I think if you get some good info for them, most appraisors are willing to look at it and hopefully increase your value, if it's there. The last resort is, you would have to bring the difference to the table which unfortunately has been done many times recently. A short sale is a fairly long process and damages your credit for some time. If I can offer any help, let me know. Good Luck! ... more
0 votes 7 answers Share Flag
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