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I find it hard to believe that you're going to let this buyer walk over $4800! Maybe you have time on your hands to wait for another buyer. But even then, they might not want to pay your asking price. Just because a home appraises for a certain amount doesn't mean you will find a buyer willing to pay that. Typically FSBO homes take a long time to sell. If the OP needs to or wants to move soon then it might not be worth it to sell that way. Better off getting a realtor and listing higher to have wiggle room to negotiate, pay the realtor and still get the price you want!
OP, keep us posted if you end up hearing from either the realtor or seller. Good luck!
Be sure to tell the atty they will need to be present for inspections, write up repair request amendments and negotiate them, taking care to make sure that you include the items the lender will require, make sure they can provide comps if it doesnt appraise, that they follow up with the lender, make sure they counsel buyer on what not to do so it doesn't screw up their loan approval (making cash deposits, borrowing money, cosign in relatives loans, opening new lines of credit to buy furniture/car, etc) Also be sure to have atty attend walk thru before closing and attend closing.
Lawyers don't do the grunt work, they just oversee the process to keep it legal and protect their clients legal rights. Being highly educated in real estate law has its perks.
It sounds to me like the OP is getting a little hung up on "principle" here. As I mentioned previously, I recently did a FSBO sale, so I understand the reason for wanting to do it.
My issue with OP is that OP already stated that they were willing to accept asking price minus $4k for other individuals, but won't even accept that price if offered by this couple due to a "sneaky" realtor. First, this is all just noise- you are within $4800 of a deal. If you aren't willing to come down to that, then it should be offered as a counter to the buyers. It is of ZERO concern to you whether the other $4k goes to a realtor or into pit then lit on fire- you are willing to accept ask minus $4k so you should at least give this couple the opportunity to give a net of ask minus $4k.
If the buyers are interested in the house, I doubt they'll let it go over $4800. Or maybe they will, who knows. But OP NEEDS to drop the "principle" act- in three months, you'll never see any of these people again in your entire life and all that matters is the net cash you walk away with.
It sounds to me like the OP is getting a little hung up on "principle" here. As I mentioned previously, I recently did a FSBO sale, so I understand the reason for wanting to do it.
My issue with OP is that OP already stated that they were willing to accept asking price minus $4k for other individuals, but won't even accept that price if offered by this couple due to a "sneaky" realtor. First, this is all just noise- you are within $4800 of a deal. If you aren't willing to come down to that, then it should be offered as a counter to the buyers. It is of ZERO concern to you whether the other $4k goes to a realtor or into pit then lit on fire- you are willing to accept ask minus $4k so you should at least give this couple the opportunity to give a net of ask minus $4k.
If the buyers are interested in the house, I doubt they'll let it go over $4800. Or maybe they will, who knows. But OP NEEDS to drop the "principle" act- in three months, you'll never see any of these people again in your entire life and all that matters is the net cash you walk away with.
Yup.
I like to follow things to a logical end whenever possible.
And, words and inflections can pull a buyer in or drive them away.
Are these the same thing?
"Honey, when I look at you, time stands still."
"Honey. You have a face that could stop a clock."
I predict that negotiations fail with the second line far more often than the first line.
Lawyers don't do the grunt work, they just oversee the process to keep it legal and protect their clients legal rights. Being highly educated in real estate law has its perks.
Which is precisely why some people prefer to hire real estate agents. Lawyers and real estate agents typically play different roles...although a good agent can help navigate many of the legal issues involved.
Wow, it always amazes me the way a few folks with an agenda can derail a thread and mislead the public.
Heidi and the others with similar comments-If it's just paperwork done by uneducated folks why do so many fail? Why aren't you doing it if it's so easy? How many times has your attorney attended inspections, assisted with mortgage hangups, written addendums, performed a walk through, and provided comps?
Two of my 3 mortgages were held up by LAWYERS! Not the finance company. Waited a WEEK for one lawyer to get his act together - sellers attorney. My attorney was ready to knock his lights out. For many of these contracts, time really is of the essence because there's locks with loans - rate locks, approvals expire, etc. Things need to get done and get done quickly not drag on and on. In my state most financial institutions will only lock in for 30 days. Some are only 20. So yeah we gotta boogie! No one has time for an attorney to drag their feet.
Two of my 3 mortgages were held up by LAWYERS! Not the finance company. Waited a WEEK for one lawyer to get his act together - sellers attorney. My attorney was ready to knock his lights out. For many of these contracts, time really is of the essence because there's locks with loans - rate locks, approvals expire, etc. Things need to get done and get done quickly not drag on and on. In my state most financial institutions will only lock in for 30 days. Some are only 20. So yeah we gotta boogie! No one has time for an attorney to drag their feet.
You're right, they aren't above it. There have been times where I had to explain to attorney's how things should be done. Improper issues for credits on a CD, incorrect CD's, not understanding a title issue correction (it's real and it just happened-we had to move the closing to a different attorney)...a top agent is better selling a house and dealing with problems related to the sales real estate than a top real estate attorney. A top attorney is better at dealing with legal issues than a top REA. They do different roles.
I agree that in alot of instances a Real Estate Agent is worth the money. We went FSBO route as
we had our house recently appraised and felt that we wanted to get exactly or little above what it
is worth.
A house is only worth what someone is willing to pay for it. You can have 20 appraisals and they each will have a different value. If you had an appraisal, then you know roughly what the house is worth in the current market. Keep in mind that the market can change tomorrow! And the chances of you getting someone to pay above what the house is worth is slim. If they have any kind of financing, the house will still need to appraise. Sounds like you're being a bit greedy. This is a business transaction and needs to be treated as such. Don't let your emotions into this.
I find it hard to believe that you're going to let this buyer walk over $4800! Maybe you have time on your hands to wait for another buyer. But even then, they might not want to pay your asking price. Just because a home appraises for a certain amount doesn't mean you will find a buyer willing to pay that.
Been there! Done that! Had a house we owned years ago appraise for $206K. Awesome. Even our realtor was thrilled. We couldn't find a buyer who would pay more than $180K....quite a difference! We sold it for $180K and weren't happy about it, but we needed to move on with our lives. We had already built a new house and moved to another state. For all we know, that house could still be on the market 5 years later for $206K.
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