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Old 04-14-2018, 06:34 AM
 
Location: Needham, MA
6,324 posts, read 9,029,761 times
Reputation: 5324

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Quote:
Originally Posted by Electrician4you View Post
You might sell for 400,000. Take out 24k for commission and say another 2-3k for whatever your costs are as the seller you’re not looking at a lot over 375,000. That’s IF you get a 400,000 offer AND it all goes through with no buyer backing out. Because lots of buyers can start mess8ng with you once you’re under contract.

Imo your sister needs the money now. If the contractor is a cash buyer or at least has his ducks in a row and you can do a FSBO or use a lawyer to draw the contract I would go that route. I would however tell him that the 350 offer isn’t good enough. Offer to split the 350 and 375 and meet in the middle. This way he gets something and so do you. That would be a fair sale imo
IMO this is a bad idea. In the Boston area the market is so hot, comps don't always tell the true story. Often, property sell for well above what comparable sales will indicate. There is just so much demand and so few properties to buy comparatively.

Plus for the reasons I have highlighted above, why would you settle for what one buyer would offer when you can have what all of them will offer? Getting into a multiple-offer situation is the best way to raise the most cash.
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Old 04-14-2018, 06:36 AM
 
Location: Cary, NC
31,603 posts, read 55,320,924 times
Reputation: 30155
Quote:
Originally Posted by Electrician4you View Post
You might sell for 400,000. Take out 24k for commission and say another 2-3k for whatever your costs are as the seller you’re not looking at a lot over 375,000. That’s IF you get a 400,000 offer AND it all goes through with no buyer backing out. Because lots of buyers can start mess8ng with you once you’re under contract.

Imo your sister needs the money now. If the contractor is a cash buyer or at least has his ducks in a row and you can do a FSBO or use a lawyer to draw the contract I would go that route. I would however tell him that the 350 offer isn’t good enough. Offer to split the 350 and 375 and meet in the middle. This way he gets something and so do you. That would be a fair sale imo
Quote:
Originally Posted by MikePRU View Post
IMO this is a bad idea. In the Boston area, the market is so hot, comps don't always tell the true story. Often, property sell for well above what comparable sales will indicate. There is just so much demand and so few properties to buy comparatively.

Plus for the reasons I have highlighted above, why would you settle for what one buyer would offer when you can have what all of them will offer? Getting into a multiple-offer situation is the best way to raise the most cash.
Reading the OP's post, it is a LOT more interesting and a bit more complicated.
She has a duty to garner the best outcome financially for her cousin, and a burden of proof to show that she made a best effort to do so.

I don't see a "sister" mentioned anywhere, either.
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Old 04-14-2018, 06:37 AM
 
Location: Needham, MA
6,324 posts, read 9,029,761 times
Reputation: 5324
Quote:
Originally Posted by davebarnes View Post
My brother and I just went thru this in December-February with selling our parents’ house in MA.
He lives 3+ hours’ drive away (NH) and I live 1600 miles away (CO).
I hired a real estate agent. She was great.
We sold to a contractor and the new ugly McMansion is underway. He started the scrape within 48 hours of closing.
I had 2 questions for the prospective agent:
1. How many sides have you done in the last 12 months? Answer=30
2. How far do you live from the house? Answer=5 miles

Would I have hired her if I lived close by?
No.
My brother actually found the buyer.
I “knew” what the price should be and her CMA merely confirmed it.
But, I do not.
I wrote her a very good Yelp review (https://www.yelp.com/biz/benoit-mizner-simon-weston) and am completely happy with the process.
Wayland is a horse of a different color. It's a much slower market compared to other Boston suburbs. There are far fewer buyers in that town then many others around it.
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Old 04-14-2018, 08:00 AM
 
Location: Kalamalka Lake, B.C.
2,966 posts, read 3,762,829 times
Reputation: 3768
Contractor. Right now interest rates are moving up and it won't be just the real estate commission. It's closing costs etc. Out in Calif. we're looking at 40,000 grand in savings all in if we don't get invovled with an agent.
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Old 04-14-2018, 03:10 PM
 
418 posts, read 247,114 times
Reputation: 364
If there could be any chance of someone accusing you of 'not getting' the best price (or suspicion of getting a kick-back).. money brings out the worst in people... then go with the realtor.

It will be a true market sale.
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Old 04-14-2018, 03:19 PM
 
Location: Cary, NC
31,603 posts, read 55,320,924 times
Reputation: 30155
Quote:
Originally Posted by bugelrex View Post
If there could be any chance of someone accusing you of 'not getting' the best price (or suspicion of getting a kick-back).. money brings out the worst in people... then go with the realtor.

It will be a true market sale.
Yup.
But, it could be a court as easily as an individual.
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Old 04-15-2018, 07:40 AM
 
Location: Needham, MA
6,324 posts, read 9,029,761 times
Reputation: 5324
Quote:
Originally Posted by bugelrex View Post
If there could be any chance of someone accusing you of 'not getting' the best price (or suspicion of getting a kick-back).. money brings out the worst in people... then go with the realtor.

It will be a true market sale.
Quote:
Originally Posted by MikeJaquish View Post
Yup.
But, it could be a court as easily as an individual.
Agreed. OP has a legal duty as the homeowner's fiduciary to sell for the highest price. A private sale to a neighbor could easily be called into question (as far as performing fiduciary duties as best as possible) and get the OP in a lot of legal hot water.
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