Real estate agents commission (car insurance, condo, credit card) - Cleveland - Ohio (OH) - Page 2 - City-Data Forum

gentlearts · 08-21-2008, 06:55 AM

Quote:

Originally Posted by airics

in this cleveland market, they should be begging for any listings they can get.. the problem is not the deals out there, its the fact that it is so hard to get a darn loan.

Are you kidding me? Getting listings is NO problem.The problem is finding buyers for them. I'm not an agent, but a seller. There is a glut of houses around here and the advertising costs to the realtors is huge. They may or may not get any profit out of a sale if the house lingers for a long time on the market.

steamer · 08-21-2008, 08:12 AM

We got to 6/4 and if she will negotiate further if she finds the buyer. I have confidence that if any one can help it move, she will. Crossing fingers & toes!

Thanks for the tips!

airics · 08-21-2008, 12:11 PM

how do you figure the advertising costs are higher, they should be a member of the mls..everything is about the internet (eg.. craigslist)
unless the agency is doing something special for you alone, the advertising costs are the same with you or without you

airics · 08-21-2008, 12:12 PM

i am a licensed agent also, 50/50 to the broker is not whats in my contract... i get 100% minus a $350 fee

htlong · 08-24-2008, 05:14 AM

3% would be fair, the prices arent 20 k as they were way back when,how much work is it to show a house? you want it or you dont ,write the contract collect 5 k...wow poor real estate agents boo hoo......

kaimik · 08-28-2008, 04:41 PM

We're at 7/4 as well, wish we had negotiated, but it's a tough market and if they do it right, the agent will be out significant marketing costs. Still too much in my opinion, but what can you do?

We're in the same boat, it sounds like. We bought a great house 2.5 years ago in Strongsville. Bought it specifically for its resale potential. Now we're relocating and are listed at a couple of thousand over what we paid. Of course, we put $25,000 into improvements, add in closing costs on both ends, so this is going to be really painful. It was our first home too, so we didn't have a chance to make any money on prior homes during the boom. Ouch! It's been on the market and is immaculate, ready to move-in and should be in demand. But, things are moving like molasses. Everybody seems to want a deal, meaning the seller gets completely hosed. Hope we can find a fair minded buyer that appreciates the home, location, and condition, and isn't out to take advantage.

steamer · 08-31-2008, 07:02 PM

Kaimik,

I also called my mortgage co. to make them aware of the situation, they put me in touch with the legal dept and we talked about a "short sell". Basically it can forgive my debt after selling , but will ding my Credit....Anyone know about this ??? Trying to do research. I would have to submit any offer though the real estate agent to be approved by GMAC . I plan to rent for a fews years , if not forever..

airics · 08-31-2008, 10:21 PM

ding? no it will demolish your credit for 7 yrs. been there. after a few years, you might be able to get another loan, but you will pay higher interest.

kaimik · 09-01-2008, 05:43 AM

steamer,

Somewhat familiar with short sales, and that's a route to be avoided in my opinion. It's a last-ditch resort before foreclosure, involves the bank in the negotiations and yes, will seriously damage your credit. We'll take out another loan, if necessary, to pay off the mortgage, but won't short sale. And maybe we're just crazy, but we won't buy anything on short sale or foreclosure either. Seems like cashing in on another's misfortune, just not our style. I don't know how many others feel that way.

And I think our house will sell, it's been on the market just over a month. It's just a few years old, 4 bedroom colonial, immaculate and in show condition, great curb appeal on a cul-de-sac, wooded lot. And we're priced below other similar homes in our area that are 15 years older than this one. I think it's just a matter of time. Let's just hope the market picks up, for all of us! Good luck everyone!

steamer · 09-01-2008, 07:57 AM

I'll talk to my real estate agent tomorrow, I am stuck...if my place sells at a descent price I could get around it & would love to. I have a lump in my IRA, but hate to touch that...My alimony is up in May, as well as my grad school loans start coming in...I have got to get out from under my mortgage. I have an 'excellent' rating now, and was told that it was much much better than foreclosure, etc. I hate being in this position, 6 years ago I never saw this coming when I bought....it was my equity

I also have been googling, and it sounds like I would not lose more than 75 points. Because my credit has never been a problem, I like to hope that this situation is easily understood due to the crappy market , not my irresponsibility...