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re: First time selling a house q

Posted on 7/25/18 at 10:54 am to
Posted by fareplay
Member since Nov 2012
6234 posts
Posted on 7/25/18 at 10:54 am to
Not an official appraisal, but going off of tax value and Zillow.

It’s a town of like 12k people and therefore just worried that the economy will not bounce. Almost all other house on my street is selling or considering selling
Posted by DirtyMikeandtheBoys
Member since May 2011
19467 posts
Posted on 7/25/18 at 10:55 am to
I'm telling you dude, don't lose the sale after 1 year on the MLS with only 1 offer over 10%.

ETA:
quote:

Almost all other house on my street is selling or considering selling


you need to close this deal asap
This post was edited on 7/25/18 at 10:56 am
Posted by celltech1981
Member since Jul 2014
8139 posts
Posted on 7/25/18 at 10:55 am to
i could sell it for you. i'd even take 4/5th commish
Posted by Tiger Prawn
Member since Dec 2016
24918 posts
Posted on 7/25/18 at 10:57 am to
quote:

going off of tax value and Zillow.

Neither is necessarily accurate.
Posted by Wtodd
Tampa, FL
Member since Oct 2013
68451 posts
Posted on 7/25/18 at 11:00 am to
quote:

Not an official appraisal, but going off of tax value and Zillow.

Got it; both are useless BTW

I'm finalizing the sell of my other house this Friday and we overpriced ours initially. I wanted to do an appraisal but the wifey didn't. The 1st offer we got was $20K under what we asked. We lowered the price $5K and got an offer right away but it was $5K below our revised asking price but IRL was closer the real worth of the house.
Posted by elposter
Member since Dec 2010
26497 posts
Posted on 7/25/18 at 11:04 am to
quote:

Is the 6% fee normal?


It's normal but that doesn't mean you can't negotiate it lower. There are plenty that do it for 5%. If the selling price is on the high side they will definitely do it for 5. There are even some realtors who have difference structures such as fixed cost up front (so they ALWAYS get paid) and then just a small 1% percentage on the back end. Ends up being much cheaper for you when it sells but if it doesn't sell then you have lost out on that up front fee so you have to take that into consideration.

quote:

Also are all offers worth countering?


I would pretty much always counter. There are many buyers who are just going to see how cheap they can get it who may actually be willing to pay what you are asking. Test how much they want it. Tell them you aren't lowering the price but you will give them $1000 bucks towards their closing or something like that. You never know if you have someone on the hook that really wants to buy the house and will buy it no matter what but is just testing to see how cheap they can get it. There is no harm in countering even if the counter is basically a version of "sorry dude the price is the price."

quote:

It’s the first we’ve had in a year trying to sell.



Damn. Sounds like there is a good chance you are priced too high. If you want the thing sold you need to reevaluate what you are doing. Your agent may be desperate to dump this thing - definitely see if they are willing to come down on the fee to help you both get rid of it.
Posted by ItNeverRains
Offugeaux
Member since Oct 2007
28166 posts
Posted on 7/25/18 at 11:06 am to
quote:

Almost all other house on my street is selling or considering selling


take the deal. If someone else on that streets house comps out like yours, and they take an offer, an appraiser will use that sale against you anyways.

You've been on the market a year. Unless you are selling a huge estate or land speculation type transaction, it shouldn't take a year to sell a house for fair market value
Posted by TutHillTiger
Mississippi Alabama
Member since Sep 2010
49696 posts
Posted on 7/25/18 at 11:09 am to
You will get a decent but not great offer almost immediately but will think I must have a house people really want and not take it, and then it will sit for a year with nothing and you will end up taking the same or less than offer you had first week. At least that’s what happens to me every damn time
Posted by OhioLSUfan
Columbus, OH
Member since Oct 2007
1850 posts
Posted on 7/25/18 at 11:14 am to
I wouldn't negotiate with the agent but with the buyer. Counter offer and say your paying 3% of the realtor fees why they pay 9%
Posted by EA6B
TX
Member since Dec 2012
14754 posts
Posted on 7/25/18 at 11:26 am to
quote:

and get your listing black balled by all the realtors who show buyers houses


Its not 1980, 99% of buyers today are going to look at FSBO sites as soon as they get through looking at Zillow, and have a list of houses to see before ever consulting a realtor.
This post was edited on 7/25/18 at 11:29 am
Posted by DirtyMikeandtheBoys
Member since May 2011
19467 posts
Posted on 7/25/18 at 11:34 am to
Yeah well I've flipped houses, bought and rented houses, and built and sold new houses since I was 20 as a side gig. Probably been through 20-25 transactions in the last 10 years.

We experimented with the no realtor by owner route. Guess what happened? You may have a different or even more experience, just giving what I deem valuable info to someone who admittedly hasn't been through this as much as I have.

It sucks, but it's just the way it is.
Posted by Restomod
Member since Mar 2012
13493 posts
Posted on 7/25/18 at 11:44 am to
Make the deal and move on
Posted by VABuckeye
NOVA
Member since Dec 2007
38283 posts
Posted on 7/25/18 at 12:23 pm to
The realtor fee is negotiable BEFORE you list the house. If the house has been on the market for a year it would seem that the time for negotiating with the realtor has passed.

You are free to make a counter to any offer. With a year on the market it would seem that you might want to do everything you can to get this deal done. It's not a time to be greedy or try to get a couple grand extra.
Posted by torrey225
Member since Mar 2015
1437 posts
Posted on 7/25/18 at 1:32 pm to
quote:

and get your listing black balled by all the realtors who show buyers houses



I would dump any realtor who wouldn't show me the specific house I'm interested in.
Posted by fareplay
Member since Nov 2012
6234 posts
Posted on 7/26/18 at 3:29 pm to
Countered and signed for 5% more
Posted by DirtyMikeandtheBoys
Member since May 2011
19467 posts
Posted on 7/26/18 at 3:31 pm to
Nice work, congrats man. Feels good getting that signature huh
Posted by MrLSU
Yellowstone, Val d'isere
Member since Jan 2004
28914 posts
Posted on 7/26/18 at 3:50 pm to
PurpleBricks Baw that's the future of selling your home.
Posted by Oddibe
Close to some, further from others
Member since Sep 2015
6729 posts
Posted on 7/26/18 at 4:11 pm to
I heard a commercial the other day for $5000 flat fee paid at closing. You might want to do some internet searching. Sorry, don't remember the name of the company.
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