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We interviewed three agents in Oct and we were glad we did. Three very different personalities and one of them clearly had a buyer in her pocket. She wanted to price house $50k lower than the other two. We selected the one who seemed much more sincere and interested in our interests along with making a sale. The third wanted us to remove furniture and stage things. We priced it fair and in one weekend had two offers, one offered $15k less and we simply met in middle. Since we're not on LI she handled everything- lawyer, mortgage assessor, termite inspection, home inspector and two minor plumbing repairs that needed done. Selling it yourself has to be a hassle and it could bring emotion and memories into it. When you're selling your home it becomes a house not a home filled with memories. Buyers don't care about your memories.
You need a good lawyer too. In my daughter's case, her lawyer negotiated HARD with the seller's lawyer after a price has been determined. It took one month. An accepted offer is just the beginning......
You need a good lawyer too. In my daughter's case, her lawyer negotiated HARD with the seller's lawyer after a price has been determined. It took one month. An accepted offer is just the beginning......
I will take it a step further. You need a good REAL ESTATE attorney. You don't go to a GP for surgery and you shouldn't use a general attorney either.
You need a good lawyer too. In my daughter's case, her lawyer negotiated HARD with the seller's lawyer after a price has been determined. It took one month. An accepted offer is just the beginning......
One of the odd things about NY real estate not found elsewhere.
In NY you have written offer, inspection, etc. and then contract a month later followed by close.
Most other places have verbal or written offer, followed within a couple of days by a contract that has contingencies added as needed (inspection, financing, house sale).
It’s insane that a buyer can make an offer, pay for the inspection, and then before contract the seller can turn around and sell to someone else without recourse. Likewise, a buyer can also make an accepted offer on multiple properties and tie things up until they make a final choice knowing they aren’t under contract.
It's all much simpler outside of NJ/CT/NY. No lawyer necessary. No need to take off a day from work to attend the closing. In NY, the closing is this grand event with everyone sitting around a table like it was the sale of a major corporation. It takes hours and there's all this waiting around until everyone shows up. Outside of NY, the papers are either mailed to the parties or you make an appointment at the real estate agent's office at your convenience to sign the papers.
Seems like getting a realtor license outside of New York is more difficult too. They have to know how to prepare the documents.
Seems like getting a realtor license outside of New York is more difficult too. They have to know how to prepare the documents.
Right, that's because in many states an attorney isn't even part of the process; the realtors there do what attorneys do here.
The setup in NY is designed to maximize the profit for all parties except the principals, LOL
Don't even get me started on the title closer fee "tradition." It's as foreign to people outside this area as egg creams are.
That said... I can remember when attorneys based their fee for a closing on the selling price of the house. That was back in the 1960s and early-mid 1970s. At that time I was married to a lawyer who did closings and the going rate was typically between 1% and 2% of the selling price. When the bubble really expanded during the 1980s and regular people were not about to pay $4K+ for a simple closing, attorneys shifted to the flat-fee method of between $1K-$2K. Again that's for a simple garden variety closing. If it had complications like being a Torrens titled property, or part of a complicated estate, or had to be handled by one of the bigger firms, then it could still get pricey.
In the early 2000s I had to hire one of the big Garden City firms to help untangle an estate mess that also involved selling a house, no will, etc etc and they billed by the hour. That one hurt. It ended up being like 5x a normal fee for a closing. Ugh.
It's all much simpler outside of NJ/CT/NY. No lawyer necessary. No need to take off a day from work to attend the closing. In NY, the closing is this grand event with everyone sitting around a table like it was the sale of a major corporation. It takes hours and there's all this waiting around until everyone shows up. Outside of NY, the papers are either mailed to the parties or you make an appointment at the real estate agent's office at your convenience to sign the papers.
Seems like getting a realtor license outside of New York is more difficult too. They have to know how to prepare the documents.
Actually, it's only in downstate New York. Some parts of upstate the agents fill in the contracts too.
NY professionals inject themselves into a process unnecessarily, resulting in greater complexity and more monies exchanged. News at 11.
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