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Shit is getting real


IAG
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28 minutes ago, ERBtheGREAT said:

Not trying to hijack the thread but has anyone sold a house without a realtor?  I've only bought without realtor, not sold.  Girlfriend is going to sell her house and move in, Townhouses in her complex sell in under 1 week.  I assume you just need a lawyer to do the deed work, would seller or buyer pay for lawyer?  thanks

I have never used a realtor .  I have a good friend that is a title guy and a lawyer . Helps when buying or selling a property .. Just find a title guy easiest way to do a transaction and fast  

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5 minutes ago, MonkeyF0cker said:

I would opt to list it high and not rely on bids.

 They originally  started doing that but in the last 6 months they have started at 25-30 % above assessment and hope to getting a bidding war,which is unfortunately occurring 

Problem with starting high is if it doesn’t sell quickly it’s not gonna look good to the buyers

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1 hour ago, Dingo said:

 They originally  started doing that but in the last 6 months they have started at 25-30 % above assessment and hope to getting a bidding war,which is unfortunately occurring 

Problem with starting high is if it doesn’t sell quickly it’s not gonna look good to the buyers

If inventory is scarce, i shouldn't matter that much.  The demand will be there.

I think people are nuts for buying right now though.

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29 minutes ago, MonkeyF0cker said:

If inventory is scarce, i shouldn't matter that much.  The demand will be there.

I think people are nuts for buying right now though.

Real estate markets aren’t often very inefficient. There are tons of “tricks “ people use to justify unwarranted prices that work pretty well. Was a realtor for a few years and it’s a laughably dumb profession 

 

Interesting part is the recent move by black rock, blackstone, Zillow, and a few other large funds that that are buying huge amounts of residential real estate for work over market  I can only assume as a hedge against inflation 

 

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Wow.  Lots of input…thanks!

 

So get this. Like I said I met with the realtor yesterday with the understanding that I was looking at what update should be made before listing next spring or so. Today he calls and has an investor. He comes in and tells me he thinks we should sell for 230k  and that that is what he thinks I would net after putting in money upgrading. 

He just threw that 230 out there and all of the sudden four people show up. They invade my house and start looking around. They really like it and are amazed at the amount of space. Start talking about all the renovations they could do and so forth. Their plan is to flip the house not rent it.

Turns out that one of the people is the son of the investor/contractor and is acting as his real estate agent.  Realtor tells me commission is 6%. I balked a little at that and tell him I wasn’t expecting that. He said he splits it with the buyer agent who is his son.

so the investor didn’t make an offer, I was given a number by my realtor who I actually have no contract with. He says he will talk to these guys tomorrow to see if they want to take it or not and then he would call me and I could decide how to proceed….In the meantime, my brother finds out that the investor son who is an agent works for the same real estate firm with my realtor guy.  Something doesn’t feel right to me there.

i’m going to tell him I want to open to other investors or list. Or I will just sell myself or find another realtor. My brother said there was an article in the New York Times that said Sioux Falls is the number one place for flipping in the country as of July. House is in good shape just need some updates but perfectly livable and would be five bedrooms if they do what they plan to do. I think I may tell this guy to take a hike….or at least make him Listed and actually earn his 6%. In  principle I don’t care how much money I was offered, paying 6% for basically next to no work on either agents part is ridiculous to me.

I live in an extremely desirable neighborhood. Older with mature trees and very close to everything. I don’t need to sell…

I have a feeling if I put 15 K into it I could net 250min…but I’m not an expert.  I don’t like mixing business with friendships but I have some high school friends who are realtors and I may just employ them instead. I liked this guy a lot but finding out that the investor son works with him feels weird. Maybe he mentioned that but I don’t think so.  

 

 

 

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12 minutes ago, IAG said:

Wow.  Lots of input…thanks!

 

So get this. Like I said I met with the realtor yesterday with the understanding that I was looking at what update should be made before listing next spring or so. Today he calls and has an investor. He comes in and tells me he thinks we should sell for 230k  and that that is what he thinks I would net after putting in money upgrading. 

He just threw that 230 out there and all of the sudden four people show up. They invade my house and start looking around. They really like it and are amazed at the amount of space. Start talking about all the renovations they could do and so forth. Their plan is to flip the house not rent it.

Turns out that one of the people is the son of the investor/contractor and is acting as his real estate agent.  Realtor tells me commission is 6%. I balked a little at that and tell him I wasn’t expecting that. He said he splits it with the buyer agent who is his son.

so the investor didn’t make an offer, I was given a number by my realtor who I actually have no contract with. He says he will talk to these guys tomorrow to see if they want to take it or not and then he would call me and I could decide how to proceed….In the meantime, my brother finds out that the investor son who is an agent works for the same real estate firm with my realtor guy.  Something doesn’t feel right to me there.

i’m going to tell him I want to open to other investors or list. Or I will just sell myself or find another realtor. My brother said there was an article in the New York Times that said Sioux Falls is the number one place for flipping in the country as of July. House is in good shape just need some updates but perfectly livable and would be five bedrooms if they do what they plan to do. I think I may tell this guy to take a hike….or at least make him Listed and actually earn his 6%. In  principle I don’t care how much money I was offered, paying 6% for basically next to no work on either agents part is ridiculous to me.

I live in an extremely desirable neighborhood. Older with mature trees and very close to everything. I don’t need to sell…

I have a feeling if I put 15 K into it I could net 250min…but I’m not an expert.  I don’t like mixing business with friendships but I have some high school friends who are realtors and I may just employ them instead. I liked this guy a lot but finding out that the investor son works with him feels weird. Maybe he mentioned that but I don’t think so.  

 

 

 

6% commissions are old news.

Redfin is 1.5%.

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59 minutes ago, IAG said:

Wow.  Lots of input…thanks!

 

So get this. Like I said I met with the realtor yesterday with the understanding that I was looking at what update should be made before listing next spring or so. Today he calls and has an investor. He comes in and tells me he thinks we should sell for 230k  and that that is what he thinks I would net after putting in money upgrading. 

He just threw that 230 out there and all of the sudden four people show up. They invade my house and start looking around. They really like it and are amazed at the amount of space. Start talking about all the renovations they could do and so forth. Their plan is to flip the house not rent it.

Turns out that one of the people is the son of the investor/contractor and is acting as his real estate agent.  Realtor tells me commission is 6%. I balked a little at that and tell him I wasn’t expecting that. He said he splits it with the buyer agent who is his son.

so the investor didn’t make an offer, I was given a number by my realtor who I actually have no contract with. He says he will talk to these guys tomorrow to see if they want to take it or not and then he would call me and I could decide how to proceed….In the meantime, my brother finds out that the investor son who is an agent works for the same real estate firm with my realtor guy.  Something doesn’t feel right to me there.

i’m going to tell him I want to open to other investors or list. Or I will just sell myself or find another realtor. My brother said there was an article in the New York Times that said Sioux Falls is the number one place for flipping in the country as of July. House is in good shape just need some updates but perfectly livable and would be five bedrooms if they do what they plan to do. I think I may tell this guy to take a hike….or at least make him Listed and actually earn his 6%. In  principle I don’t care how much money I was offered, paying 6% for basically next to no work on either agents part is ridiculous to me.

I live in an extremely desirable neighborhood. Older with mature trees and very close to everything. I don’t need to sell…

I have a feeling if I put 15 K into it I could net 250min…but I’m not an expert.  I don’t like mixing business with friendships but I have some high school friends who are realtors and I may just employ them instead. I liked this guy a lot but finding out that the investor son works with him feels weird. Maybe he mentioned that but I don’t think so.  

 

 

 

Is $230-250K about what you thought it was worth in todays market? I sounds low, sounds like these guys are behaving unethically if you ask me.  You didn't sign a contract nor did you invite anyone in to "look  around" , then to top it off he lied about an investor - the realotr is in it with the guy - he should have disclosed that far earlier.

IMO when you decide to sell - on YOUR time table, get as far away from these guys as you can.  And why on earth would you pay a 6% commission when he's not your realtor?

Finally they will call tomorrow to to tell you if they" will take it"? are they fuckin nuts, it's not for sale yet.
 

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If they call tomorrow they will likely act like it's already sold, that's part of the "pressure", when you tell them you've decided not to proceed and that you may talk to other realtors watch them get mad. That will be your cue that somethings off, if they're legit they will respect your wishes and tell you to call them if you change your mind - if they react in a way designed to make YOU feel guilty, Run and never call them again.

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10 minutes ago, mikeman said:

Is $230-250K about what you thought it was worth in todays market? I sounds low, sounds like these guys are behaving unethically if you ask me.  You didn't sign a contract nor did you invite anyone in to "look  around" , then to top it off he lied about an investor - the realotr is in it with the guy - he should have disclosed that far earlier.

IMO when you decide to sell - on YOUR time table, get as far away from these guys as you can.  And why on earth would you pay a 6% commission when he's not your realtor?

Finally they will call tomorrow to to tell you if they" will take it"? are they fuckin nuts, it's not for sale yet.
 

I said if I could get 250k clear I would be gone..  I think that’s fair…The guy did say that he didn’t mean to pressure me and we can certainly list if that’s what I wanted to do.  But why not show to multiple investors? That’s what does it make sense to me. He kind of just decided that price and invited in his colleague.  Probably after talking to the investor and his son. I don’t know. The guy works for a very long standing reputable big real estate firm in town and shares the name of the family that owns it…maybe a grandson…I really liked him yesterday. Today just kind of threw me.  He brought me a whole slew of comps from sales in my area from last month or two…will have to study more. 

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1 hour ago, Deemer said:

Don’t use a realtor. List it on Zillow. Will sell and save 6%.

 

21 minutes ago, mikeman said:

Is $230-250K about what you thought it was worth in todays market? I sounds low, sounds like these guys are behaving unethically if you ask me.  You didn't sign a contract nor did you invite anyone in to "look  around" , then to top it off he lied about an investor - the realotr is in it with the guy - he should have disclosed that far earlier.

IMO when you decide to sell - on YOUR time table, get as far away from these guys as you can.  And why on earth would you pay a 6% commission when he's not your realtor?

Finally they will call tomorrow to to tell you if they" will take it"? are they fuckin nuts, it's not for sale yet.
 

The discussion about the investor and the other realtor is kind of fuzzy. He did tell me he was representing his father. I think what he neglected to tell me was that the other realtor worked at his same firm,  but then again that’s a giant real estate company in Sioux Falls so not completely crazy.   And they had both their wives with them looking around and they were all giving input about how they could do this and that.   Whole thing odd.  Not really sure what they were doing there.   One of the women is also in real estate…I think she just got her license.  The guy is reputable, but I think I gave them too much information as far as motivation yesterday.  I,e,, too much house for me to keep up with, want to move to BH etc…

I feel absolutely no obligation and he understands that I might not be quite ready to sell,  but yeah, I haven’t even signed a contract with the guy…

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