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Message
First time selling a house q
Posted on 7/25/18 at 10:35 am
Posted on 7/25/18 at 10:35 am
Not my house, but my parents. Is the 6% fee normal? Is it negotiable at all? Also are all offers worth countering? Asking because the area we live in isn’t doing economically well so not sure if we can sell quickly if we don’t take the offer. It’s the first we’ve had in a year trying to sell.
11
Posted on 7/25/18 at 10:36 am to fareplay
How much did the offer come under market value or what you put the sale up for?
Posted on 7/25/18 at 10:36 am to fareplay
Yes it's normal
Negotiable - sometimes with small independent realtors
Not all
Negotiable - sometimes with small independent realtors
Not all
Posted on 7/25/18 at 10:36 am to Han_solo1988
10% below asking
Posted on 7/25/18 at 10:38 am to fareplay
Try to make up a little of the difference with the realtor fee. It doesn't hurt to try. This is all without knowing which realtor you used - small or big time realtor.
Posted on 7/25/18 at 10:39 am to Han_solo1988
Remax. Yeah we will try to counter, but the fees are a pain in the arse. We will walk around out after all fees 5/6 of total we thought
Posted on 7/25/18 at 10:40 am to fareplay
quote:
not sure if we can sell quickly if we don’t take the offer. It’s the first we’ve had in a year trying to sell.
quote:
10% below asking
Sell quickly, you say it has been on the market a year. Is there a reason you have to sell? Is it costing you money to hold on to house?
Posted on 7/25/18 at 10:42 am to fareplay
quote:
Remax. Yeah we will try to counter, but the fees are a pain in the arse. We will walk around out after all fees 5/6 of total we thought
Thats normal. 3% for your agent, 3% for the buyers agent.
If you really dont like it, you can put it on the market for sale by owner and keep the 6%.
Posted on 7/25/18 at 10:42 am to fareplay
The realtor may work with you in negotiation because he/she knows the house is not getting any traction in terms of offers. He/she may think themselves "lets get this house sold by any means necessary"
Posted on 7/25/18 at 10:42 am to WPBTiger
My parents have a lot of debt and they are retired. They want to move out of small town to find a better job
Posted on 7/25/18 at 10:43 am to NYNolaguy1
quote:
If you really dont like it, you can put it on the market for sale by owner and keep the 6%.
and get your listing black balled by all the realtors who show buyers houses
Posted on 7/25/18 at 10:46 am to fareplay
they've had it listed for a year, and brought you 1 offer?
1. take the offer
2. tell the realtor you're willing to accept the offer, but they need to give up 1 point to get the house sold. 1% off the realtor is very common when accepting an offer below market on a long listing
1. take the offer
2. tell the realtor you're willing to accept the offer, but they need to give up 1 point to get the house sold. 1% off the realtor is very common when accepting an offer below market on a long listing
Posted on 7/25/18 at 10:46 am to fareplay
If they are of retired age, won't finding a job be a pretty tall feat? Unless perhaps they are accountants, or whatnot, but I've heard it is super hard to find a job at that age.
Posted on 7/25/18 at 10:47 am to fareplay
The realtor fee is negotiable but this is usually negotiated at the time of listing. However, since your parents house has been on the market so long, the realtor may work with you on fee, especially if the listing realtor is also bringing in the buyer.
A lot of times the first offer you get is the best offer, just something to keep in mind. You may not want to counter too high and scare them off.
A lot of times the first offer you get is the best offer, just something to keep in mind. You may not want to counter too high and scare them off.
Posted on 7/25/18 at 10:48 am to fareplay
quote:
Not my house, but my parents. Is the 6% fee normal? Is it negotiable at all? Also are all offers worth countering? Asking because the area we live in isn’t doing economically well so not sure if we can sell quickly if we don’t take the offer. It’s the first we’ve had in a year trying to sell.
6% is standard in most markets, but commissions are negotiable. If you've already listed then fees are in the contract. If listing is expiring soon and there is no carry over clause you may be able to FSBO or relist and renegotiate fees. After a year on MLS, you need to try to work the offer you have unless there is some uptick coming but sounds like that is unexpected.
Posted on 7/25/18 at 10:49 am to DirtyMikeandtheBoys
quote:
and get your listing black balled by all the realtors who show buyers houses
Only if you offer nothing. I sold my last house by owner, I offered 2% to realtors that brought any buyers. Sold to someone brought in by realtor.
Posted on 7/25/18 at 10:50 am to WPBTiger
For it to have been on the year that long and only had ONE offer, I would seriously consider bringing in additional realtors. Have three or four run comps and see what they think about the listing. Have another appraisal done. Ask realtors if there are any "value add" modifications you can do for under 10k (if feasible to your family financially) that will get it closer to asking, or above.
My family is in the same boat selling a house in Grant Parish. We havent listed yet, but trying to sell a nice home in a very rural area is going to be a challenge.
ETA: Throw this question in the Money board, there are tons of people with a load of real estate experience over there.
My family is in the same boat selling a house in Grant Parish. We havent listed yet, but trying to sell a nice home in a very rural area is going to be a challenge.
ETA: Throw this question in the Money board, there are tons of people with a load of real estate experience over there.
This post was edited on 7/25/18 at 10:52 am
Posted on 7/25/18 at 10:51 am to fareplay
quote:
Also are all offers worth countering?
No, but how far below asking price is the offer?
quote:This should factor into how flexible you should be on negotiations. What's it costing you to keep maintaining the property and paying insurance and property taxes on it while its taking so long to sell.
It’s the first we’ve had in a year trying to sell.
Posted on 7/25/18 at 10:51 am to fareplay
quote:
10% below asking
Did you have an appraisal done? How confident are you in your asking price?
Posted on 7/25/18 at 10:53 am to fareplay
First thing to understand:
The Realtor is trying to get your house sold with as little time and energy input as possible. This isn't to say they aren't doing anything, but rather you should take any advice they give you with a grain of salt. That advice is always colored by their having basically ZERO skin in the game.
6% is normal, but of course it's negotiable. If you aren't convinced you are getting 6% of the sale's value out of what they are doing for you, then by all means tell them to lower it or look for another realtor.
As far as countering, you personally have to weigh that against how badly you want to get the sale done vs how much there is to gain with the counter. I would bet that every first offer has some wiggle room to come up, just like every listing price has some wiggle room to go down, but it really depends.
Being that you've had the house for sale for a year and this is your first offer, I would say this situation dictates you need to take the offer unless it's absurdly low. Just my opinion.
The Realtor is trying to get your house sold with as little time and energy input as possible. This isn't to say they aren't doing anything, but rather you should take any advice they give you with a grain of salt. That advice is always colored by their having basically ZERO skin in the game.
6% is normal, but of course it's negotiable. If you aren't convinced you are getting 6% of the sale's value out of what they are doing for you, then by all means tell them to lower it or look for another realtor.
As far as countering, you personally have to weigh that against how badly you want to get the sale done vs how much there is to gain with the counter. I would bet that every first offer has some wiggle room to come up, just like every listing price has some wiggle room to go down, but it really depends.
Being that you've had the house for sale for a year and this is your first offer, I would say this situation dictates you need to take the offer unless it's absurdly low. Just my opinion.
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