Sold home or wait? (5%, agent, mortgage, mortgage)

[piyf]

Well I recently moved from El Paso and had/have a home there that I only bought 1.7 years ago through an FHA loan. I paid 142k and owe 137.9k right now. So I went up there to clean as much as I could and to mow the backyard.

My Realtor calls me and tells me another Realtor put a bid on it and it hasn't been listed yet and no one knows about it (which had me thinking, how does she know then?). She put a bid for 140k with me paying some closing costs. I don't understand "some" closing costs. You would think they would ask for a %.

We agreed to put it on the market for 152k. Now for the fun part. I know the market is crappy but El Paso will be having thousands of Army people moving in since the expansion. I however would like to just dump ASAP and move on.


My Realtor is going to counter at 145k with again "some" closing costs. And is going to call me tomorrow with a figure of my closing costs and theirs.

Would you try to dump it or wait it out?

And lets just say I paid all their closing costs (worst case scenario). Paying mine and there's what is typical for a 145k home paying both closing costs?

<10k?
>10k?

[Zyngawf]

Originally Posted by danieloneil01

Well I recently moved from El Paso and had/have a home there that I only bought 1.7 years ago through an FHA loan. I paid 142k and owe 137.9k right now. So I went up there to clean as much as I could and to mow the backyard.

My Realtor calls me and tells me another Realtor put a bid on it and it hasn't been listed yet and no one knows about it (which had me thinking, how does she know then?). She put a bid for 140k with me paying some closing costs. I don't understand "some" closing costs. You would think they would ask for a %.

We agreed to put it on the market for 152k. Now for the fun part. I know the market is crappy but El Paso will be having thousands of Army people moving in since the expansion. I however would like to just dump ASAP and move on.


My Realtor is going to counter at 145k with again "some" closing costs. And is going to call me tomorrow with a figure of my closing costs and theirs.

Would you try to dump it or wait it out?

And lets just say I paid all their closing costs (worst case scenario). Paying mine and there's what is typical for a 145k home paying both closing . costs?

<10k?
>10k?

She knows about it because Realtors talk to one another. If you get the price you want there shouldn't be anything wrong with this. Some might feel better putting it on the market to see if they do any better. Just all depends. What is the market value of your house?

Make sure it is clearly stated in the contract how much of their costs you will be expected to pay before you sign anything.

[piyf]

I got a quote for closing costs.

If I sell at 145k then I would need to come up with 5800 at closing. I'm paying 2200 in their closing costs and also adding 2800 in property taxes. I am paying way to cheap and asked that be in the quote too.

If I sell at 140k then I would need 10.8k at closing.


I also noticed that the Realtor fee is 5% so she's the buyers agent as well? Which doesn't make since. Can a Realtor not be their own agent?


As for the market value. I have no clue. The house is only 1640sqft and for the neighborhood it's about 8-10 more per sqft then other homes (with mine priced at 152k). I don't care about losing 10k. I just want to sell it and move on. I don't want to be stuck paying a mortgage for months hoping someone will buy it.