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Old 08-10-2012, 09:43 PM
 
397 posts, read 491,542 times
Reputation: 210

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Quote:
Originally Posted by manderly6 View Post
Now take the average buyer. You think they care about the cash in their pocket or if it is a poor long term decision? And now think about the average concession. Let's say it was 10K. At 6% that is a whopping $600. After splitting with a buyer's agent down to $300. After splitting with their broker is it less. Do you really think realtors are driving concessions or buyers?

I realize you really do hate realtors, but blaming them for everything you can think of only makes your arguments seem silly.
I don't hate realtors, I just don't respect the way many operate.

Your "silly" statement shows disregard for your sellers. According to your scenario, the seller pays $600 more, which most people would view as a respectable amount of $.

If your accountant, who you pay, failed to inform you could save $600 by altering your tax strategy, would you be upset? I agree that many buyers prefer concessions over price reductions. However, that doesn't mean that the SA should go along with this. My point was that the SA should be looking out for the sellers best interest and minimizing the # of concessions from the seller.
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Old 08-10-2012, 09:53 PM
 
Location: NJ
17,579 posts, read 38,313,006 times
Reputation: 16098
Quote:
Originally Posted by RE Skeptic View Post
I don't hate realtors, I just don't respect the way many operate.

Your "silly" statement shows disregard for your sellers. According to your scenario, the seller pays $600 more, which most people would view as a respectable amount of $.

If your accountant, who you pay, failed to inform you could save $600 by altering your tax strategy, would you be upset? I agree that many buyers prefer concessions over price reductions. However, that doesn't mean that the SA should go along with this. My point was that the SA should be looking out for the sellers best interest and minimizing the # of concessions from the seller.
First, I'm not an agent. So I don't have any sellers. I don't think an agent has any chance of "minimizing" concessions. That is 100% up to the seller. They agree or disagree.

Personally I would never think it would be worth risking a deal with a buyer over such small amounts.
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Old 08-10-2012, 10:02 PM
 
397 posts, read 491,542 times
Reputation: 210
Quote:
Originally Posted by manderly6 View Post
First, I'm not an agent. So I don't have any sellers. I don't think an agent has any chance of "minimizing" concessions. That is 100% up to the seller. They agree or disagree.

Personally I would never think it would be worth risking a deal with a buyer over such small amounts.

Let me clarify. Agree that the SA can not directly influence concessions. But I think the SA should at least let their seller know the expense of concessions and alternatives instead of turning a blind eye or just having the concessions appear on the HUD.

For example, our agent (SA) told us that we would have to write a check for repairs to the the sellers contractor. Then at the last minute this was shifted to helping the sellers with closing costs. This cost us a grand in commission. Was the grand a deal breaker for me? No. But had I known prior to the day of closing, I would have structured things differently. I I am sure this isn't the first time this has happened.
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Old 08-10-2012, 10:17 PM
 
Location: California
4,445 posts, read 5,172,548 times
Reputation: 9180
Quote:
Originally Posted by RE Skeptic View Post
I don't hate realtors, I just don't respect the way many operate.

Your "silly" statement shows disregard for your sellers. According to your scenario, the seller pays $600 more, which most people would view as a respectable amount of $.

If your accountant, who you pay, failed to inform you could save $600 by altering your tax strategy, would you be upset? I agree that many buyers prefer concessions over price reductions. However, that doesn't mean that the SA should go along with this. My point was that the SA should be looking out for the sellers best interest and minimizing the # of concessions from the seller.

LOL, I don't hate realtors either but there is a huge difference between a commissioned sales person's opinion and a qualified appraiser's research report.

Independent Real Estate Appraisal
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Old 08-10-2012, 10:21 PM
 
15,832 posts, read 18,454,406 times
Reputation: 25619
Quote:
Originally Posted by aphahorse View Post
Hi everyone,

We found a house we might want to put an offer in on....they are asking $263,900, but when we researched, the tax assesment (for land + house) is only for $161,000.

I know the seller can ask anything they want for the house...but does this mean that the owner is asking above what the home is worth?

What kind of an offer should we go in with?

The house is in good condition (move-in condition), it sits on 5.5 acres with a barn, about 4 acres is currently being farmed out. Taxes are $5500/yr,. house is a bi-level, 10 years old, central air, no pool....not sure if all this matters or not with an assesment. But we are confused on if we should even bother making an offer. If it's only worth $161 then I'm sure the owner won't come down that far.

So confused! this is our first house we are trying to buy!
Get a good patient real estate agent. Your inexperience will be your undoing in your first purchase. Find a real estate agent that will explain as you go, hand hold you a bit...It will be worth the fees to get the house you want. The assessed value is not necessarily what the house is worth...there are lots of variables...Comparable, what other houses of similar size, amenities sell for in the same area. An Agent can answer all your questions. Shop for your agent, interview them, ask friends...find a good one that you feel comfortable with...A house is the most important purchase you will ever make. Happy hunting....it's fun
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Old 08-11-2012, 08:25 AM
 
4,626 posts, read 7,203,593 times
Reputation: 4735
Income producing farms are not assessed nor appraised the same way as a regular sfh.

The current owner may be farming the land themselves or the land could be rented out to another farmer.
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