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My dad's girlfriend was the executrix and her brother the realtor. I suppose that may be why the hugh commission. She's even sucking her "sugar daddy" dry out of the grave... Thank you.
Yeh thats really high! Standard commission is 5%, sometimes 6% but that is few and far between from what I've seen these days. Seems like they took the estate for at least 1% of the value probably 2%. It's only a couple thousand but still.
My dad's girlfriend was the executrix and her brother the realtor. I suppose that may be why the hugh commission. She's even sucking her "sugar daddy" dry out of the grave... Thank you.
Talk about a shady deal. It's probably not worth it, but I wonder if some action could be taken against them. There must be some kind of rules in place to prevent the executor of an estate from funneling money for their own personal gain.
Yeh thats really high! Standard commission is 5%, sometimes 6% but that is few and far between from what I've seen these days. Seems like they took the estate for at least 1% of the value probably 2%. It's only a couple thousand but still.
I'd be interested to see what the selling agent's commission was. Was it a 50/50 split or did they give out 2.5% and the brother kept the rest.
Amen, sold my house myself after dealing with dopey realtors for months. Never again. Plus I saved $17K in commission.
Keep in mind that any buyer with half a brain will offer a FSBO an amount discounted by the typical commission in the area. A lot of people who sell on their own believe they saved the commission, but in reality many of them saved nothing because most buyers are not going to offer you the same price as other similar competing homes that paid a realtor commission. And why should they? I wouldn't. And I'm sure you wouldn't.
Keep in mind that any buyer with half a brain will offer a FSBO an amount discounted by the typical commission in the area. A lot of people who sell on their own believe they saved the commission, but in reality many of them saved nothing because most buyers are not going to offer you the same price as other similar competing homes that paid a realtor commission. And why should they? I wouldn't. And I'm sure you wouldn't.
I will be putting my house on the market (in rural Salem County) in the Spring, with a realtor.
Is the cost of the advertising that they do 'extra' - or is all of that included as part of the commission IF/when the house sells?
I read somewhere to figure 17-20% of the selling cost goes after the commission, fees, etc etc etc. MAN that seems high.
First I will say that all commissions are negotiable, and that you & your real estate agent can set up his compensation in a variety of ways. One way might include you paying for advertising, but that's not the way the majority of contracts work. In most cases, the seller agrees to pay a percentage of the sale price, if & when the property sells. In most cases, there is no additional cost for advertising, that's one of the costs the real estate agent carries, one of the risks he takes.
17-20%? Sounds WAYYY too high. You'll have the real estate broker commission, if you use an agent. I believe the average commission in NJ is right around 5.5%. That's (in most cases) all you pay to the real estate agent. You'll have some other fees, such as to your attorney. And you'll have the NJ Realty Transfer fee. The amount changes with the price of the house. On a $350,000 house, the fee works out to be somewhere near $2,000. (You can look up NJ Realty Transfer Fee and find an online calculator if you want. Or DM me, I have one set up.) Total cost to the seller in the common cases should be closer to 10% than it is to 17%.
Many realtors only took the 40 hour course to get their license. I say give them 10 bucks an hour. That seems fair. LMAO. So if they find a buyer after putting in say 20 hours of work their commission should be 200 bucks. If they find one on the first day maybe it should be one days pay at 80 bucks.
Many realtors only took the 40 hour course to get their license. I say give them 10 bucks an hour. That seems fair. LMAO. So if they find a buyer after putting in say 20 hours of work their commission should be 200 bucks. If they find one on the first day maybe it should be one days pay at 80 bucks.
Clearly you don't have any idea what you are talking about here, regarding the job or it's requirements. First clue was that you think the course is 40 hours. It's still not particularly demanding, at 75 hours, but if you're going to come here & spout off, why not have accurate info? Further, you are free to offer any real estate agent in the state of NJ any compensation you feel is fair to sell your house for you. You might even find one who is willing to do the job for you at $10/hour. Good luck to you with that.
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