Help! Hiring a RE agent - what to worry about, and what's OK? (negotiating, commission)
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Composite shingles. Roof is, de-facto, in a great condition, but I understand not everybody will feel comfortable with it.
Well it isn't just about the buyers' comfort with the roof. A lot of insurance companies will balk at insuring the home due to the age of the roof (they will ask the buyer) and the lender might balk at the age of the roof. Lenders like to see 3-5 years of life left on a room for a loan.
Well it isn't just about the buyers' comfort with the roof. A lot of insurance companies will balk at insuring the home due to the age of the roof (they will ask the buyer) and the lender might balk at the age of the roof. Lenders like to see 3-5 years of life left on a room for a loan.
Ah! So, if a roof inspection says it's ok, then we are fine?
My questions:
1) The agent didn't bring up the issues of selling a house with a woodstove that is possibly non-compliant with current solid fuel burning regulations. Is it a very bad sign about this agent?--Depends on your location. This isn't a thing in my state.
2) Our shingle roof is in a great condition (crazy, record-setting recent rainfall has proven it strong, no leaks), but it's about 30 years old. The agent said it's up to the inspection, to make a conclusion about it. Is it a normal approach? Yes
3) Is it OK to have both Seller and Neutral representation? I'd be taking a guess at to what Neutral representation means. I have a good idea, but won't answer because I've not heard that term before.
4) Is in normal when a broker retains 1/2 of earnest money, if seller walks away? This will vary from state to state and location to location. My broker never kept 1/2 of the earnest money, if any of it
5) In the MLS authorization for property showing, the "4", "Listing licensee to accompany any licensees when showing the property" is left blank - it means, my agent isn't going to actively participate in all showings. Is it normal? For what I'm paying 6% if he is not even going to do the selling? I need him to hard sell my home, otherwise I can list it on MLS myself and brag about my house every day. No, you can't really list on the MLS yourself unless you are a paying member of that MLS. It simply means that the agent is not going to come to every showing by another agent. I find that reasonable. Requiring your agent be there for every single showing puts you at a disadvantage. Suppose an agent calls for a showing as they are driving around with a buyer. Your agent is busy with a client, having oral surgery that day or for 100 other reasons can't drop everything and get to your house. You've lost a showing. Frankly it creates a scheduling headache for all agents involved. Buyer's agents just might decide to skip your house rather than jump through the extra hoops.
6) There is this 180 days period after a six months contract when I will be obligated to pay 6% if the house is sold to a person with whom negotiated in writing during the contract time. It binds me, basically, for a year. No, it doesn't bind you for a year. It simply means that if a person made an offer while the listing contract is in effect, you cannot call that person a couple of days after the contract expires and offer to sell them the house for less. The agents did the work and will still be owed the commission. In my state, that clause extends to a person that saw a house while it was listed, not just made an offer. It doesn't apply if you sign a new contract with a new agent.
If I'm not satisfied with the realtor, I'm, possibly, losing my next sales season - May to September 2020 (yes, we hibernate from November till April).
Is it possible to include "unless the same buyer is brought in by a new seller's agent"? See above. This kind of clause usually doesn't apply if you relist with another agent.
Is it possible to specify what "negotiated in writing" should mean, to make sure only offers within certain $$ range are counted? Otherwise, any email from anyone, asking to sell the house 25% under listed price will be considered "negotiation in writing." You can negotiate anything, but a written offer is a written offer. Not sure what needs to be negotiated.
Thank you! I hoped you, in particular, will chime in!
Thank you!
Quote:
I was told it's illegal here to sell a home with a non-compliant woodstove (We have worst air quality in the country). Just prohibited, as the other agent told me. I didn't read the text of this law myself yet, though.
Here they would want a 3-5 year roof certification from a roofer. I don't know what it typical there.
And I don't know about other areas, but it's dang hard here to find a roofer who will GIVE such a certification on a roof they didn't personally just install.
There is literally nothing (or very little) in it for them, and lots of risk with such an opinion.
And I don't know about other areas, but it's dang hard here to find a roofer who will GIVE such a certification on a roof they didn't personally just install.
There is literally nothing (or very little) in it for them, and lots of risk with such an opinion.
I know two in my area that do them. They generally require some repairs to get the certification. They want to make sure flashing and boot vents, etc are all in good shape since those are common leak points.
Thank you! I hoped you, in particular, will chime in!
I was told it's illegal here to sell a home with a non-compliant woodstove (We have worst air quality in the country). Just prohibited, as the other agent told me. I didn't read the text of this law myself yet, though.
Forget what an agent says or anyone else who has no financial or other interest says; find out what the law says.
I ask for 35% of a forfeited deposit if a buyer walks. My reasoning is (from experience), by the point a buyer is in forfeit territory I've already done a good portion of the work I would have done if he had closed. Sure I'll get paid when it eventually closes to another buyer but I'll have to start from the beginning and do 100% of the usual work to close that deal. I don't think 50/50 is unreasonable.
I've seen a buyer make it all the way to day of closing and just not show up, never to be heard from again. I'd not be happy to have done all that for zero compensation.
I ask for 35% of a forfeited deposit if a buyer walks. My reasoning is (from experience), by the point a buyer is in forfeit territory I've already done a good portion of the work I would have done if he had closed. Sure I'll get paid when it eventually closes to another buyer but I'll have to start from the beginning and do 100% of the usual work to close that deal. I don't think 50/50 is unreasonable.
I've seen a buyer make it all the way to day of closing and just not show up, never to be heard from again. I'd not be happy to have done all that for zero compensation.
As a civilian, I often thing realtors have a little too high opinion of themselves and the value they bring.
But this I am 100% behind. The realtor should be entitled to some of the forfeited earnest money for the reason 1insider has outlined. Now the split is up for debate, but I think something along the lines of 25-35% for the realtor seems fair.
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