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re: Thoughts on real estate agents and their commissions
Posted on 3/27/15 at 10:50 pm to Dennis ODell
Posted on 3/27/15 at 10:50 pm to Dennis ODell
If you're around NOLA and need some help, email me at my username plus that gmail ending. I will get back to you from my real account.
1
Posted on 3/27/15 at 10:52 pm to CrimsonTideMD
quote:
Sidestep the agent altogether:
Rent to the guy for 6 months and then formalize the sale.
Win-win
You probably don't want to give someone advice that can and would turn into a lawsuit.
Posted on 3/27/15 at 10:57 pm to stout
Cakewalk??? Nah
The agent could put up a fight, but he'd likely lose-besides the entire hassle of the suit. If the sale is outside the designated duration and specified terms of the contract, OP and buyer are no longer obliged to it.
The agent could put up a fight, but he'd likely lose-besides the entire hassle of the suit. If the sale is outside the designated duration and specified terms of the contract, OP and buyer are no longer obliged to it.
This post was edited on 3/27/15 at 10:58 pm
Posted on 3/27/15 at 11:02 pm to CrimsonTideMD
Here in LA, the courts usually rule against the exclusive buyer's agreement. Many brokers teach that if the buyer has no contract to purchase signed by the seller, then the buyer is free to leave/switch as he wants.
Posted on 3/27/15 at 11:02 pm to CajunSuperJeff
Haven't read the whole thread, but if you want OOC broker prices, look at the NYC rental market. Most brokers want b/w 5% & 10% of annual rent. That's in addition to first two months security and first month rent.
If you have a $2250/month place that's like 10k to move in. That's for a rental, and you get $4500 back... Hopefully.
If you have a $2250/month place that's like 10k to move in. That's for a rental, and you get $4500 back... Hopefully.
Posted on 3/27/15 at 11:07 pm to CrimsonTideMD
quote:
but he'd likely lose-besides
It's really going to depend on the state which I mentioned earlier.
quote:
besides the entire hassle of the suit.
I mean I would sue over $12K if I felt strongly about it.
quote:
If the sale is outside the designated duration and specified terms of the contract, OP and buyer are no longer obliged to it.
The thing is that it would be easy to prove that the buyer and seller acted together to circumvent the contract no matter if it happened after the contract ended or not.
Posted on 3/27/15 at 11:22 pm to stout
quote:
The thing is that it would be easy to prove that the buyer and seller acted together to circumvent the contract no matter if it happened after the contract ended or not.
I realize/agree that there's a potential for a suit.
But it could also be argued that they honored the contract by waiting it out.
Posted on 3/27/15 at 11:26 pm to CrimsonTideMD
quote:
But it could also be argued that they honored the contract by waiting it out.
That's not waiting it out. That's working together to deliberately circumvent the contract.
Posted on 3/27/15 at 11:43 pm to stout
quote:
an unionized industry
I couldn't not read this as un-ionized for a while, even though I knew what you were saying.
Posted on 3/27/15 at 11:44 pm to nolatiger711
quote:
nolatiger711
I'll be emailing you.
Posted on 3/27/15 at 11:46 pm to stout
quote:
it could also be argued that they honored the contract by waiting it out.
quote:
That's not waiting it out. That's working together to deliberately circumvent the contract.
Posted on 3/28/15 at 7:50 am to CajunSuperJeff
Commissions are outrageous.
But why does no one undercut them? They'd make a fortune.
The service is homogeneous from what I have seen. And if a relator is that good and worthy of a premium commission then they can keep theirs high.
But why does no one undercut them? They'd make a fortune.
The service is homogeneous from what I have seen. And if a relator is that good and worthy of a premium commission then they can keep theirs high.
Posted on 3/28/15 at 7:58 am to CajunSuperJeff
Negotiate the price with the 3% in mind. It comes down to your bottom line.
Posted on 3/28/15 at 8:05 am to oreeg
quote:
Negotiate the price with the 3% in mind. It comes down to your bottom line.
that is the correct answer....a guy on the radio said once, "you don't make money when you sell your house...you make it when you buy it"...but of course he was discouraging listeners into selling by owner...
to the OP...is this a subtle way to get more attention to your house?
https://www.militarybyowner.com/homes/CO/Colorado_Springs/Tuscany_Way/MBO142974.aspx
This post was edited on 3/28/15 at 8:10 am
Posted on 3/28/15 at 10:31 am to CajunSuperJeff
Tell the buyer's agent that you will give him a point -- if he counters, tell him he can have a point, final offer.
He will take the deal.
He will take the deal.
Posted on 3/28/15 at 11:31 am to Tbobby
Wrong.
FSBOs commonly pay 3% or less if the buyer has an agent. Although the buyer will often find the home and make initial contact with the seller.
FSBOs commonly pay 3% or less if the buyer has an agent. Although the buyer will often find the home and make initial contact with the seller.
Posted on 3/29/15 at 11:28 pm to MyNameIsNobody
quote:
to the OP...is this a subtle way to get more attention to your house?
Nope, not my house. Mine's nicer.
Thanks for all of the different perspectives and insight.
This post was edited on 3/30/15 at 12:00 am
Posted on 3/30/15 at 12:20 am to CajunSuperJeff
quote:
I have had a number of people interested to rent it. I would rather rent it for a few years then give this guy 3% for not doing anything for me
That is the deciding factor for you between selling or renting? Posted on 3/30/15 at 12:28 am to stout
quote:
Jesus. Nothing is standard
Exactly. When I bought my first home I just found it on my own, no agent. Well I told the sellers agent at the closing I would hire her as my agent as well and buy the place if she gave me a check for 2% of the price of the home since she would get all 6%. She did and it worked out for everyone since I was already willing to pay full price and it got me a check for over $12k.
Posted on 3/30/15 at 5:53 am to CajunSuperJeff
quote:
Yup, that is our thoughts. There is no way I will pay a dude over $12K for not doing anything for me.
Then don't, that will show him!
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