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Selling our home.

Post in 'DIY and General non-hearth advice' started by Pallet Pete, Jan 5, 2013.

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  1. basod

    basod Minister of Fire

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    The above is all good advice. The appraisal even if it costs $600 may be used for refinance purposes if you decide selling isn't in the cards. Ask your current mortgage holder who they use
    An independent appraisal is going to determine ~what a bank will loan. Which is typically the deal breaker unless you have a cash buyer.

    Do your own home inspection - most stuff that is already in your mind bank of to-do's put everything down on a punch list.
    Have the wife's freinds or other aqaintance come and do a walkthrough tell them to be brutally honest - as if they wanted to buy the property. Fix things other people notice even if it's cool with you.
    raybonz and Pallet Pete like this.

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  2. WhitePine

    WhitePine Feeling the Heat

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    Sorry, a thief is a thief is much too simplistic. There are sophisticated thieves and there are meth heads that couldn't formulate a plan under any circumstances. And there are plenty of them between those two extremes.

    Yes, for closing. That doesn't get the lawyer's assistance in negotiating the contract.

    Thank you for making my point. You had to go around your own lawyer and deal. What if the other party insisted on using the lawyers?

    It shouldn't be, but it often is.I have purchased two homes in which the seller was emotionally invested and was asking too much money. In both cases there were Realtors on both sides of the negotiations. In both cases a Realtor had the seller in tears explaining the realities of the situation.

    Sometimes it takes that.
  3. stee6043

    stee6043 Minister of Fire

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    So which agency do you work for? I assume you're a licensed realtor. The fact that you're capitalizing "Realtor" says a lot.

    I can't disagree with anything you're saying but I can share my own experiences. My first home sale was FSBO, the listing was on the MLS, I did sell through the buyers agency and it DID save me a lot of money. As soon as I had an offer on my home I began calling listing agents for homes my wife and I wanted to buy. I ultimately did the same thing on the back end, worked with one realtor, saved half the commission. The current level of real estate sales commissions are criminal, in my opinion.

    I know several licensed realtors in this state and from what I can tell becoming one is exceedingly easy. In Michigan you need 40 hours of training (all of which can be had online for a small fee), take and pass one test, no experience required and receive 2 hours of "legal updates" each year. Getting a permit to install a hot tub is almost as much work.
  4. eclecticcottage

    eclecticcottage Minister of Fire

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    You sound like you work for NAR. People buy and sell FSBO all the time, without needing a realtor.

    Bottom line is, you will need to decide which you prefer. I still say that agent was a loser. Not all agents are bad, you just have to sift through them.

    I also don't know if I'd bother with an independant assessment. I'd have a few agents out and get their opinion, but also ask to see the numbers they are basing it on. Have them show you the comparables.

    Same for the home inspection. If you were selling a 100K house, maybe. I don't know your market well enough. If it's possible investors will be possible buyers it's going to be a waste of money. We didn't get one on the Cottage, we knew what we were getting (more or less). I'd leave it up to the buyers at you potential price point. It might be better to spend the money on fresh paint, etc-all those little unfinished details.
  5. raybonz

    raybonz Minister of Fire

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    40 hrs.??? Man that is nothing! Hell my electrician's license takes over 4 years!!! What a joke..
    btuser likes this.
  6. WhitePine

    WhitePine Feeling the Heat

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    Why, because I am suggesting that someone who has never sold a house and has a horrendous commute should fully consider the benefits and pitfalls of FSBO versus using a Realtor? Who is going to show the property if the owners are never home? Can they field phone calls at work? All important considerations for a FSBO.

    You also forget that I stated up front that I have both bought and sold property the FSBO route. I am very familiar with the process.

    I'll mention something else that no one seems to want to bring up. FSBO buyers know that FSBO sellers are looking to save the commission. The FSBO buyer expects a cut of that savings. FSBO sellers don't necessarily save any money. They do have a lot more headaches to deal with.
    A FSBO seller is ahead of the game if he can advertise a fresh professional appraisal. It could be the thing to entice a potential buyer who is reluctant to consider FSBOs.
  7. eclecticcottage

    eclecticcottage Minister of Fire

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    No, because I was an agent and you sound like a representative of NAR...and because you know what NAR is. Oh, and because you're capitolizing "Realtor".

    I've been an agent. I've bought FSBO and via MLS listing through an agent. I've looked at houses. I've seen behind the scenes in real estate. Your presentation is very one sided, towards realtors.

    I'm not saying they should sell FSBO. Or with an agent. It's really a decision that's up to them. I don't like seeing someone present such a severely one sided argument with scare tactics about thieves rather than helpful points. If you're an investor, why not add pointers on helping to sell the house, rather than why he should only use a realtor.

    I agree. But at their potential price point, it might be money better spent on presentation.



    Pete, have you ever watched any of the HGTV shows like buying and selling? A lot of it is superficial to the area (that one in particular, they usually go very modern), but the underlying pointers are there. If you choose to go with an agent, interview a few. Ask them to explain their pricing, show you comps, and see if they can point out things you might be able to do that wouldn't cost a lot but might get you more money. A good agent should know your area, the buyers and what they want. Right now, neutral earth tones seem big for wall colors like sagey green, grey/blue. Of course granite and stainless steel, but those are big $$. A simple fresh coat of paint and new handles/knobs in the kitchen might be as effective at your price point. I would say if possible, have the stove running with flames showing when potential buyers are coming over. This time of the year it's homey and comfortable seeming. I know it's an old trick but it seems to work, try baking an apple pie, or using scented candles, or even some spices or lemons boiling on the stove (you can probably boil them, then let them cool). Avoid eating strong smelling foods like fish, chinese food, etc. I agree with whomever suggesting having friends over to evaluate it for you. You'll want his and hers opinions. I mess around with Pinterest a lot, you can get a good idea of current trends there. I use it to help me design my cards ;) it's good research. I'm not saying you need to drop 10K on redecorating, but a few hundred in paint and little "touches" might net you a few extra thousand in asking price-or at least a quicker sale. I don't know how many houses that compare to yours are on the market, but it might pay to check them out and see what you can do to make yours stand out from those. Make buyers fall in love with your house, make them see their family there..baking cookies in the kitchen and putting up a tree by the stove. If people can see themselves there, they are more likely to make an offer.

    Here, like this one: http://www.zillow.com/homedetails/315-E-Pearl-St-Ovid-MI-48866/74688840_zpid/

    It's been on the market 115 days or there abouts. Look at that kitchen. it screams DATED. Paint the cabinets and lay an inexpensive laminate floor and it's a whole new place.

    A good agent can access the MLS photos of sold properties and you can see what they looked like. They can also tell you how long they were on the market. Look for ones that sold quickly, and see what they looked like.
  8. jharkin

    jharkin Minister of Fire

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    No you cannot. The IRS does not allow you to take any capital loss on the sale of a primary residence. More generally, as far as the IRS is concerned capital losses and gains on any asset are the difference between what you paid and sold for. Period.
    SmokeyTheBear likes this.
  9. fossil

    fossil Accidental Moderator Staff Member

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    STOP! Everyone take deep breaths for a while. We can take this up later. :rolleyes:
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