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Old 10-05-2013, 10:53 AM
 
103 posts, read 158,885 times
Reputation: 28

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So I want to sell my house, and my brother n law is my Realtor. He told me he would sell the house for me. I said ok that is fine. He said all he was waiting for were for 2 house that are down the block to close so he could price my house as high as possible. One of the 2 houses has closed and a few other houses have been sold around mine for a pretty good price as well. I got my house for 100000 about a year and a half ago. He told me in today's market I could probably list it at about 140000 to 145000. It seems though that he is in no hurry to put my house up and I want to hurry up and sale it before the holidays as the housing market might slow down. He also said he would get no commission for it since were family, but I feel like that is why he is in no hurry since he wont be getting any money. Should I really wait for the other house to close or what do you guys recommend I do?
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Old 10-05-2013, 11:11 AM
 
189 posts, read 600,192 times
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I personally would never use friend or family to list a house. The break in commission is tempting, but when it comes down to it - are you going to get the same treatment as a paying customer? And if you aren't happy with the direction things go, will you be able to terminate the deal without family drama?

For me, it's added questions and stress at a time where it isn't necessary.
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Old 10-05-2013, 11:18 AM
 
103 posts, read 158,885 times
Reputation: 28
Quote:
Originally Posted by ClayRing View Post
I personally would never use friend or family to list a house. The break in commission is tempting, but when it comes down to it - are you going to get the same treatment as a paying customer? And if you aren't happy with the direction things go, will you be able to terminate the deal without family drama?

For me, it's added questions and stress at a time where it isn't necessary.
Yes I agree, but my wife and her family are really close, so even if we would have told them no we will sell it ourselves they would have gone hurt. Either way there was going to be some issues. Should I just look at a new realtor, or should I consider a For Sale By Owner to avoid any conflict with them?
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Old 10-05-2013, 11:30 AM
 
189 posts, read 600,192 times
Reputation: 308
Sorry to hear that. I've had the same issues with my husband's family (but instead of a realtor it was a general contractor for a major remodel and oh boy were there problems). I can't give family/marriage advice on this, but I'd look really hard at ways to avoid this deal.

I never did a FSBO because I do need a realtor's help in determining fair market value, negotiating offers, etc. Finding one who is good can be tricky. Maybe your BiL is pretty good at these things? Have you asked him the same questions you'd ask a realtor who you didn't know? Maybe do so, and in front of your wife so she gets an idea of the level of support you're going to get from him.

I wish you luck. Like I said, I've been in a similar situation and it was not a lot of fun.
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Old 10-05-2013, 12:02 PM
 
Location: The Triad (NC)
31,962 posts, read 73,573,394 times
Reputation: 38921
Quote:
Originally Posted by pixa241 View Post
I got my house for 100000 about a year and a half ago.
He told me in today's market I could probably list it at about 140000 to 145000.
You could LIST it for $500,000. The question is what it can be expected to sell for.
Does he offer any objective basis to support a 40% bump in one year?


Quote:
...my brother in law is my Realtor.
Ask him for a recommendation. Do NOT hire him.
Otherwise, look for the most active agent in your area (listed the most sold houses).
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Old 10-05-2013, 12:07 PM
 
Location: NJ
17,579 posts, read 43,328,876 times
Reputation: 16210
Tell him to either list your house immediately or you will find another realtor. Easy solution.
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Old 10-05-2013, 12:11 PM
 
103 posts, read 158,885 times
Reputation: 28
Quote:
Originally Posted by MrRational View Post
You could LIST it for $500,000. The question is what it can be expected to sell for.
Does he offer any objective basis to support a 40% bump in one year?



Ask him for a recommendation. Do NOT hire him.
Otherwise, look for the most active agent in your area (listed the most sold houses).
Yes he said based on the current market in my area that would be the price to set it at.

Quote:
Originally Posted by manderly6 View Post
Tell him to either list your house immediately or you will find another realtor. Easy solution.
And yes I think I am going to have to. I am going to tell him if he want to just charge me the commission if not I will find someone else since he is doing nothing about it.
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Old 10-05-2013, 12:15 PM
 
Location: The Triad (NC)
31,962 posts, read 73,573,394 times
Reputation: 38921
Quote:
Originally Posted by pixa241 View Post
Yes he said based on the current market in my area that would be the price to set it at.
That's too vague and hardly objective.

See what the agents who has sold the most listings near you says...
and how they substantiate their assertion.

It's entirely possible that you bought way under market and/or that the work you've done
since then is really helpful; all of which can yield a higher "fair market value".
It's just not likely to get 40% in one year.
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Old 10-05-2013, 03:20 PM
 
46,564 posts, read 20,237,073 times
Reputation: 31029
I agree that the time to list is now. People are settled in by Thanksgiving and not looking to move. Plus, interest rates are going up.

Get your house on the market. By the time you have a contract and the appraiser is pulling up comps, perhaps those homes in the neighborhood will have closed.

Talk to your wife about getting a couple other agents to come up with a listing price based on area comps and to tell you what they will do to market your house. Some real estate agents do a lot more than simply put your home on the MLS.

Your brother in law was sweet to offer, but if he's not making a commission, he may focus his efforts on homes that he will be earning money on. Human nature.

If he's much of a real estate agent, he would know that Thanksgiving, Christmas... is a terrible time to try to sell a house.
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Old 10-05-2013, 03:54 PM
 
5,699 posts, read 6,765,879 times
Reputation: 4477
Working with family is bad business. He is dragging his feet because he will not get a commission. He will always throw that in your face. I would recommend that you get a reputable agent to sell your property. Let the person work for his or her money. Good luck!
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