Home Selling in Marianna>Question Details

Susan, Other/Just Looking in Tallahassee, FL

I have a home for sale in Sneads, FL and it is listed with my Realtor for $56,000. My friend is a mortgage broker and wants me to ask my Realtor to

Asked by Susan, Tallahassee, FL Fri Jan 8, 2010

increase the asking price to $62,000, with $10,000 seller's assist. My friend is insistent that his flyer along with my Realtors info will help to increase buyer's interest. Is this a good idea? Is it professional and ethical? Is he trying to pull the wool over my eyes?

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It is a good idea for your friend, the mortgage broker, to decide if he wants to sell real estate or provide loans. If he intends to do loans, he ought to leave your relationship with your agent alone. Raising the price is a terrible idea in most markets right now because price is King.

Your mortgage broker friend is hurting for money and he needs your help even if you don't need his. In other words, "A friend in need is a friend indeed."

I'd tell him to hit the highway.
Web Reference: http://www.phgbrokers.com
2 votes Thank Flag Link Fri Jan 8, 2010
Yes it is ethical . However the house has to appraise at or above the sale price. If it is overpriced then it could hurt the chances to get a buyer. It could also help the Mortgage Broker to get a paycheck. If this does not over price your home then it might be a good idea. Also the lender has to be fully aware of the 10,000.00 assistance. Never hide anything and always be honest when dealing with another party.
0 votes Thank Flag Link Wed Mar 17, 2010
Is your friend new to the business? There is nothing wrong or unethical about a joint flyer, but how is he thinking that someone can get a $10,000 seller's assist on a $62,000 property? The most that a buyer can get is 6%, so you do the math.
0 votes Thank Flag Link Sat Jan 9, 2010
$10K seller contribution on a home for $56K

Seller contribution is based on lender approval $10K for a home sales price would be an exception to the rule than standard practice. Most lenders will accept up to $5K at best based on value of home

Flyers it does not matter who is on flyer however mortgage data does provide additional info.

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
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0 votes Thank Flag Link Sat Jan 9, 2010
You are in effect lowering the offer price to $52,000. Do you think that would attract a buyer for the property? If so do it.
I agree that the friend is looking for a scheme to make some money. Concedntrate on your needs and work with your Realtor.
0 votes Thank Flag Link Sat Jan 9, 2010
Jed Lane, Real Estate Pro in San Francisco, CA
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