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Old 11-02-2007, 04:43 PM
 
Location: NC close to the MTs and near the lakes.
2,766 posts, read 3,512,051 times
Reputation: 957

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Quote:
Originally Posted by Father John View Post
When it rains, it pours. My Dad just sold his home in Zephyrhills, FLA!!!! There is home for those of you from Florida, too! Yahoo!
Great news for your dad. We just bought a home in Hudson NC a few days ago and it is brand new. Being so new I need some time to get the phone and cable lines in and we will be closeing on 11/30 so this is one time I do not want our FL home to sell.We even need blinds and window treatments plus a fridge.We cannot do this until after the 30th but watch what happens just because I do not want it to sell it will sell this weekend.
Have a great garage sale Father John and while you are at it sell your home also. That would be awesome.
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Old 11-03-2007, 06:11 PM
 
Location: Mesa, AZ
486 posts, read 58,422 times
Reputation: 153
Congratulations, lorriem!!

Our Garage Sale was disappointing. We got up at 4:00 to set up and shut down at 1:00 pm after an hour of no one showing up (12 to 1). In the morning, we sold a few things, but none of our furniture.

Next week we may set up the furniture in the house and take pictures to list it on Craig's List. *sigh*

The good news is that the realtor I like came over and told us, based on the work I am doing getting potential buyers, if I "sell" the house and the buyer uses him, he will only charge us 2% total. Now THAT, I can handle. He is at the very least and honest guy. That is important to us.

We're pretty sure we can sell and I just hope we can get the buyer (if there is one) to use him.
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Old 11-03-2007, 08:14 PM
 
Location: NC close to the MTs and near the lakes.
2,766 posts, read 3,512,051 times
Reputation: 957
we sold a few things, but none of our furniture.

Next week we may set up the furniture in the house and take pictures to list it on Craig's List. *sigh*>>>>>>>>

Father John
What I have found out is if you want to sell furniture call it an Estate Sale and you get serious buyers with money in their pocket and it is best to keep everything in the house.
It seems to work all the time. When we were going to buy another home we would have had to sell some of our furniture so I was going to have an estate sale one weekend and a garage sale for the small and I don't care stuff on another weekend.
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Old 11-03-2007, 08:48 PM
 
Location: Mesa, AZ
486 posts, read 58,422 times
Reputation: 153
Quote:
Originally Posted by lorriem View Post
we sold a few things, but none of our furniture.

Next week we may set up the furniture in the house and take pictures to list it on Craig's List. *sigh*>>>>>>>>

Father John
What I have found out is if you want to sell furniture call it an Estate Sale and you get serious buyers with money in their pocket and it is best to keep everything in the house.
It seems to work all the time. When we were going to buy another home we would have had to sell some of our furniture so I was going to have an estate sale one weekend and a garage sale for the small and I don't care stuff on another weekend.
That's good advice! Thanks!
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Old 11-03-2007, 10:33 PM
 
Location: East Asheville
758 posts, read 1,589,111 times
Reputation: 382
Quote:
Originally Posted by Father John View Post
Our Garage Sale was disappointing....

The good news is that the realtor I like came over and told us, based on the work I am doing getting potential buyers, if I "sell" the house and the buyer uses him, he will only charge us 2% total. Now THAT, I can handle. He is at the very least and honest guy. That is important to us. We're pretty sure we can sell and I just hope we can get the buyer (if there is one) to use him.
That is not what we waited all day to hear, Father John. So sorry! Have you considered advertising again, for free since your local paper messed up this week's date, for a Saturday sale? Changing it to an "estate sale" is the least the paper should do for you, IMO.

I'm confused. In CA the buyer doesn't pay anything to either realtor; the seller pays both. What does your prospective realtor have to gain by having the buyer "use" him to buy your house?

Did you hear again today from any of the people who expressed interest this week in buying your house??

Jan
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Old 11-04-2007, 12:35 AM
 
Location: East Asheville
758 posts, read 1,589,111 times
Reputation: 382
Quote:
Originally Posted by lorriem View Post
Great news for your dad. We just bought a home in Hudson NC a few days ago and it is brand new. Being so new I need some time to get the phone and cable lines in and we will be closeing on 11/30 so this is one time I do not want our FL home to sell.We even need blinds and window treatments plus a fridge.We cannot do this until after the 30th but watch what happens just because I do not want it to sell it will sell this weekend.
Have a great garage sale Father John and while you are at it sell your home also. That would be awesome.
Congratulations, Lorrie! What a huge milestone!!! We know you'll ENJOY your new home!!!
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Old 11-04-2007, 12:40 AM
 
Location: Mesa, AZ
486 posts, read 58,422 times
Reputation: 153
Quote:
Originally Posted by the Parkies View Post
That is not what we waited all day to hear, Father John. So sorry! Have you considered advertising again, for free since your local paper messed up this week's date, for a Saturday sale? Changing it to an "estate sale" is the least the paper should do for you, IMO.

I'm confused. In CA the buyer doesn't pay anything to either realtor; the seller pays both. What does your prospective realtor have to gain by having the buyer "use" him to buy your house?

Did you hear again today from any of the people who expressed interest this week in buying your house??

Jan
I'll post more info later; I am exhausted and headed to bed. Church tomorrow and rest, as that is what Sunday is for.

While the expenses of the seller are high in AZ, so are the buyer fees. If the buyer uses a Realtor other than mine, that Realtor will charge 3%. If my Realtor represents us both, he will charge 2% for BOTH of us. The seller, apparently, pays both Realtors. Absolutely stupid and unfair, IMO, but that is the way it is.

The paper refused to acknowledge an error and said "No refunds, no changes." Last time I use them. That's OK. It will go to other causes and we move on. Life is too short to let this cause me too much grief.

My mother used to say, "In 100 years, you won't remember it anyways."
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Old 11-04-2007, 02:43 AM
 
Location: East Asheville
758 posts, read 1,589,111 times
Reputation: 382
Quote:
Originally Posted by Father John View Post
While the expenses of the seller are high in AZ, so are the buyer fees. If the buyer uses a Realtor other than mine, that Realtor will charge 3%. If my Realtor represents us both, he will charge 2% for BOTH of us. The seller, apparently, pays both Realtors. Absolutely stupid and unfair, IMO, but that is the way it is.
One of us is still confused. If an AZ seller pays both realtors (as in CA), then how are the buyer's fees high?? Why would it matter which realtor the buyer uses, since he doesn't pay realtor commissions at all? I suspect you meant buying agent's commission is high, not fees to buyer are high. And if your prospective realtor represents both buyer and seller, then commission is negotiable on both sides of that equation. Am I understanding this??

You say, "If the buyer uses a realtor other than mine, that realtor will charge 3%." YES!--and YOU would normally pay that 3% because "the seller pays both realtors." Right?? I'm sure we agree in that.....

As I understand it, real estate convention (in CA, AZ, and elsewhere) has the seller paying a typical total of 6% commission, 3% to each realtor. (In our case it happens to be a 3.5%/2.5% split.) You seem to be saying that you've found a realtor who will lump the two commissions which you are required to pay into a total commission of 2%(!)--because he will represent both buyer and seller (in "dual agency").

If that's a fact, that's wonderful (i.e., I am full of wonder). But in that case I would want to be very sure, in writing, of the nature and extent of the legal services your prospective realtor will guarantee to provide. And what your other costs will be beyond his services. And how often he has worked in dual agency and with what results. And I'd want references. Color me careful....

As I said, I think one of us is confused and/or under-informed. I hope it's me!!!

Jan
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Old 11-04-2007, 09:21 AM
 
Location: Mesa, AZ
486 posts, read 58,422 times
Reputation: 153
Quote:
Originally Posted by the Parkies View Post
One of us is still confused. If an AZ seller pays both realtors (as in CA), then how are the buyer's fees high?? SEE BELOW Why would it matter which realtor the buyer uses, since he doesn't pay realtor commissions at all? I suspect you meant buying agent's commission is high, not fees to buyer are high. And if your prospective realtor represents both buyer and seller, then commission is negotiable on both sides of that equation. Am I understanding this?? YES, EXACTLY.

You say, "If the buyer uses a realtor other than mine, that realtor will charge 3%." YES!--and YOU would normally pay that 3% because "the seller pays both realtors." Right?? I'm sure we agree in that..... YES

As I understand it, real estate convention (in CA, AZ, and elsewhere) has the seller paying a typical total of 6% commission, 3% to each realtor. (In our case it happens to be a 3.5%/2.5% split.) You seem to be saying that you've found a realtor who will lump the two commissions which you are required to pay into a total commission of 2%(!)--because he will represent both buyer and seller (in "dual agency"). YES!

If that's a fact, that's wonderful (i.e., I am full of wonder). But in that case I would want to be very sure, in writing, of the nature and extent of the legal services your prospective realtor will guarantee to provide. And what your other costs will be beyond his services. And how often he has worked in dual agency and with what results. And I'd want references. Color me careful.... I already have his contract (not filled out or signed, but with the basics).

As I said, I think one of us is confused and/or under-informed. I hope it's me!!!

Jan
OK, the fees:

Escrow fees are split 50-50
Title Policy is paid by seller
Lenders ALTA policy is usually paid by buyer
Affidavit, recording, and deed of trust - Buyer
Home Warranty - negotiable
Termite inspection - Buyer (but we already have this in annual coverage)
Reconveyance/Release & Tracking fees - Seller
Prorated Taxes and taxes due - Seller
RE Agent commission - Seller
Loan Payoff - Seller
Home Insurance (new) - Buyer
Tax impounds (new taxes) - Buyer
Appraisal - usually buyer
Document Prep fees - Buyer
Discount points - buyer
origination fee - buyer
Credit report - buyer
Prepaid interest on loan - buyer

The RE Agent fees are negotiable, but are usually 3% for each of the buying and selling agent. If there is one agent for both parties, it can be reduced substantially because there is no inter-office faxing, paperwork exchange, etc.

Now here is where I will need expert help - or I need to do some more research:

On my house, I have been given a Fee Schedule from a Title Agency. I know the fees will vary and I can find a different title agency, but these fees are typical according to the RE Agent with whom I have been conversing:

Homeowners ALTA Policy (Seller's): $1,987.00 (for what???)
Owners Policy (????) - $1,806.00
ALTA Loan Policy (???) - $2,167.00
Combination ALTA rate (???): $1,468.00
Escrow Service: $956.00

The ALTA (American Land Title Association) policy covers loss including attorney fees (up to the purchase price for as long as he owns the property) due to all matters of record, fraud and forgery, and it assures that title is being vested in the person shown on the policy as well as many additional risks such as unrecorded mechanic's liens, assessments, encumbrances, encroachments, easements, water rights, mining claims, patent reservations, conflicts of boundary lines, shortages in area access to and from the land and other visible matter, as the title company actually performs a physical inspection before it issues an ALTA policy.
Institutional lenders demand an ALTA policy as it insures the lender against loss for the entire length of the loan and the unenforceability or invalidity of the note and deed of trust.


This really TEES ME OFF as do most of the add-on charges. My wife and I built this house. We bought the land. We refinanced twice after the initial mortgage that followed the building mortgage. Every single time we have had to pay for a title search and verification. I'm not about to do it again.

I may very well sell the house "as is," but the problem with that is that a lender may not mortgage the house for a buyer under such conditions - especially in today's market.

Honest people who have taken care of their home (like us) have to pay through the nose because of dishonest slum lords who try to sell junk.

OK, enough ranting. We will do more research and I will pay as little as I can get away with paying. But to pay up to 9.5% of the sale price in fees and commissions is simply outright THEFT. The RE Agent told me that in a typical sale, the RE gents get 3% each and the closing costs total 3% to 3.5% for the Seller. I understand some fees, but most of these are huge dollars for virtually nothing.

It is a wonder more homeowners don't take out a large insurance policy for a couple grand and then burn down the house.... it would be cheaper.
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Old 11-04-2007, 09:40 AM
 
Location: Mesa, AZ
486 posts, read 58,422 times
Reputation: 153
From another web site, here is another list of Arizona fees:
Buyer's costs
  • On a new loan, the lender's title policy premium
  • One half of the escrow fee
  • Document preparation, notary and courier fees
  • Recording fees for documents in buyer's name
  • Homeowner's association transfer fee
  • All new loan charges
  • Interest on new loan from date of funding to 30 days prior to first payment
  • Home inspection fee(s)
  • Home warranty premium per contract
  • Hazard insurance premium for fist year
  • Any prepaid items, such as interest and funds for an escrow account
Seller's costs
  • Owner's title insurance premium
  • Real estate commission fees
  • One half of escrow fees, except VA loans
  • Payoff all loan's in seller's name
  • Any fees from existing loans, such as prepayment penalties, interest accrued on loan being paid off, etc.
  • Homeowner's association transfer fee
  • Home warranty premium per contract
  • All liens, judgments, against seller
  • Recording charges to clear all documents of record against seller
  • Property taxes prorated to the date the title is transferred
  • Any delinquent property taxes
  • Any outstanding Homeowner's Association dues
  • Any bonds or assessments, per contract
  • Any other fees or repairs, as stated in contract
  • Septic fees, per contract
  • Courier fees
The thing they don't tell you is that NOT ALL THESE ARE REQUIRED BY LAW. In fact, many are add-on costs that are "recommended" by the Title Agency and/or Lending Institution.

I'm gonna do some more research, but first I have to go to church (and pray).
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