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re: Do I have Options?
Posted on 12/13/18 at 12:38 pm to LSUFanHouston
Posted on 12/13/18 at 12:38 pm to LSUFanHouston
quote:
Freakonomics has a episode about this.
On a 119K purchase, the 6% commission is $7,140. If they split it with another agent, it's $3,570.
On a 130K purchase, the 6% commission is $7,800. Split is $3,900.
So, by listing it at the lower price, they only make, assuming a split, $330 less, before taxes and expenses. Yet they get to sell it quick, get paid quick, less work for them, and can market all about how "fast my listings go to contract".
The entire system is a sham.
Tell me about all these realtors on the radio advertising 1% or even less than 1% listing fees?
How are they making money? Or is it just bait and switch?
For 1% I'll put you on MLS which feeds Zillow and Trulia etc...
But if you want us to close the deal, you owe us another 5%?
0
Posted on 12/13/18 at 5:39 pm to IHuntdux
quote:
So my question is this, is there any possible way out of the contract to accept the higher price?
Only if there is a contingency or condition in your sales contract that allows it. Cold feet or getting a higher offer after the fact probably isn’t a contingency that’s been written into your contract.
quote:
If so, would you? If not, why not?
No.
Number one: I’m a man of my word.
Number two: I only let matters go to civil court when I have to, and I have reason to believe that I’m in the right and should win. Going to court, knowing that I’m going to lose, isn’t smart... and it gets expensive handing the buyer a check, his lawyer a check, my lawyer a check and the Realtor(s) a check,
I don’t know anything about contract law in Louisiana. But in my state you can sue for specific performance. And if you lose, the court can force the sale. If that happens, the only check above that you won’t be writing is the one to the buyer, since he’s going to be buying the property (whether you like it or not).
Posted on 12/13/18 at 5:50 pm to PearlJam
quote:
You'll need a lawyer to review your contract to see if there are outs available to you. A contract is intended to be a legally enforceable document, but no one can tell you specifically about your situation here. Potentially, you could get sued for damages and/or specific performance should you try to back out of the deal.
Sorry. I didn’t see your reply. You’d already said what needed to be said.
Posted on 12/13/18 at 6:07 pm to LSUFanHouston
quote:
So, by listing it at the lower price, they only make, assuming a split, $330 less, before taxes and expenses. Yet they get to sell it quick, get paid quick, less work for them, and can market all about how "fast my listings go to contract".
Realtors have long tried to make us believe they will get a seller the highest price, when in reality their goal is to move a property quickly, with the information and services available to a seller today they are having a much harder time convincing people they are worth the commission.
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