U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 10-28-2013, 04:34 PM
 
Location: Riverside Ca
22,155 posts, read 28,104,328 times
Reputation: 35249

Advertisements

If you do FSBO make sure you get a lawyer to check over EVERYTHING so it doesn't come back to bite you. Weather or not you use a realtor its your choice. You can always get a agent to simply handle YOUR side of the negotiations. Personally I hate dealing with buyers on a one on one basis. Too many fragile egos out there., too many buyers who simply are clueless about house purchases. And I guarantee you the buyer will try to beat you up over that 6%
Rate this post positively Reply With Quote Quick reply to this message

 
Old 10-28-2013, 05:54 PM
 
Location: North Beach, MD on the Chesapeake
38,782 posts, read 50,743,212 times
Reputation: 51422
Something to ponder, in my area houses which are obvious teardowns usually are demolished before putting the property up for sale. The reason that's done is because the empty lot is worth more than one with a building to be torn down on it.

The advantage for redevelopment is that the sewer/water/utilities are already in place for hook up to the new house. No tap fees for water/sewer.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-28-2013, 06:56 PM
 
Location: NJ
17,578 posts, read 43,539,608 times
Reputation: 16225
Quote:
Originally Posted by OnOurWayHome View Post
Finally, we've heard from a member of the Orthodox community that we would be better off selling it ourselves as in his experience the Orthodox Jews do not want to deal with realtors.
Here is where warning bells would be going off in my head. This community is very likely a very tight knit group. As a "group" they probably have a lot of experience buying these houses. You have zero experience selling in that environment.

And remember, location, location, location. That community needs to be in walking distance. I'm guessing there is going to be a somewhat limited supply. You do what works best for you and they will "deal" with realtors.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-28-2013, 07:19 PM
 
Location: Chapel Hill, NC, formerly NoVA and Phila
9,414 posts, read 14,362,414 times
Reputation: 9903
We just sold a house in the DC area in an area of town that has tons of teardowns. We specifically didn't want our house torn down but we got offers from builders anyway. And a lot of our competition wanted to sell to builders.

The Realtors advertised potential knockdown homes as "build the house of your dreams" or "large, level lot for building your own home" In some cases where it could go either way, it was "fix up or tear down."

The benefit of selling to a builder as it is usually all cash. There are no appraisal contingencies, no inspections to deal with. You don't have to fix up your home. The builders do not care what the inside looks like.

We had many builders come and walk the land. Some went to the county office to check setbacks, where utility boxes were, etc.

In our area, the builder usually buys the property and then knocks the house down. Then they either build a house and sell the property with the house on it or they build a house for a specific client on that lot.

Good luck!

ETA: We ended up selling to a family for only $25K more than a builder was willing to pay for the land with the house on it to knockdown. I imagine in Brooklyn it's the same way, the land has so much more value than the house.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-28-2013, 07:30 PM
 
Location: Needham, MA
7,617 posts, read 11,893,934 times
Reputation: 6885
Quote:
Originally Posted by OnOurWayHome View Post
I have two questions - how do realtors go about selling a house that will be most certainly be torn down? I have only sold one house and updates and staging were key in making that sale..in this case I am hoping those things won't matter as the house has not been updated at all. Also, is the real estate commission percentage the same as it would be for a standard sale? Some people I've spoken with believe that the same amount of work is not involved - in fact that in some cases the buyers never even view the house - so the commission tends to be lower.
Those people you spoke with clearly were not in the real estate industry because those people were wrong. I live in one of the most active tear down areas in the entire country. In a town of roughly 10,000 households we often have 100 tear downs or more a year. So, I know my way around a tear down and can tell you I spend quite a bit of time researching the property and how the local building codes apply to this particular property prior to marketing the home. I want to find out about easements, where the property lines are, where the utilities are on the property, what the zoning is, how high can a house be built on the lot, etc, etc, etc. Even though buyers will do their own research they're going to ask a lot of questions to see if they even want to bother. If I don't have the right answers they may skip over my listing. Some perspective buyers want to see the existing house while others do not. Those that don't want to see the inside of the house still want to walk the property. When that happens, I'm usually there to answer questions. Even though in this type of sale there is typically not an inspection, contract negotiations are often quite a bit more complex with a tear down which makes for even more work for me.

In this case, as you guessed, staging is not going to help. Knowing the potential of the property is what will sell it for the highest price possible.

FYI, I charge the same commission rate for the sale of a tear down as I do a house someone will live in.

Quote:
Originally Posted by OnOurWayHome View Post
Finally, we've heard from a member of the Orthodox community that we would be better off selling it ourselves as in his experience the Orthodox Jews do not want to deal with realtors. Has anyone experienced this? I am not trying to generalize at all..this was a single comment and may not at all reflect the views of most people. I'm honestly not sure whether most of the homes in the area sold recently went through an agent or not..if there's any way to find out that would be really helpful.
I couldn't really say, but if someone really wants your property then they'll deal with your real estate agent because they have no choice.

Quote:
Originally Posted by North Beach Person View Post
Something to ponder, in my area houses which are obvious teardowns usually are demolished before putting the property up for sale. The reason that's done is because the empty lot is worth more than one with a building to be torn down on it.
Very interesting! Around here no one would ever do that. Many of the teardowns are occupied prior to the sale and these people often need someplace to live. Plus, the developers are happy to spend the money on the demolition and doing it for them is not going to increase the value of the property significantly in their eyes. They also need to go through the permitting process so demolition gives them something to do while waiting on that.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-28-2013, 11:17 PM
 
11,757 posts, read 17,186,646 times
Reputation: 17868
We buy lots of property with tear downs all over the US. Real Estate Agent or FSBO, you must make sure your own interests are being looked after. Part of determining if you must have professional assistance with the transaction is knowing who you’re dealing with. Some of these "groups" will tell you its best not to use a real estate professional, but I can guarantee that they will be using theirs in the transaction. It's not uncommon for them to present their contract. To you it’s a simple offer and acceptance, but it may be loaded with terms and conditions favorable to them and not so much for you. You may not be aware of the real estate and legal assistance that is standing behind them.

Out of curiosity, when you are on the highway going to the property, do you get off at flushing ave., get on the prospect expressway, or go to knapp street?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-28-2013, 11:18 PM
 
Location: Riverside Ca
22,155 posts, read 28,104,328 times
Reputation: 35249
Moderator cut: orphaned quote

OP I could care less what the buyer wants. Anytime I sell I use a agent. If I was in your place owning a house in a area where a specific group was buying I would use a agent that is not in the area. Complete arms length deal. You don't like it. Go buy someone else's house. If someone wants the house they will deal with the sale however you want it. And be clear on the sale conditions so they don't try playing you after accepting a offer. I have walked away from a sale when the buyer got a case of stupid and wanted to play games.

Last edited by Marka; 11-02-2013 at 06:13 AM..
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-28-2013, 11:42 PM
 
5,048 posts, read 8,582,171 times
Reputation: 4167
You could tell the person you spoke with from the community that you greatly respect his insight and hope he will understand you just do not know the ins and outs as well as you would like in order to honor your deceased relative and care for your family and hope he will understand that you need someone to guide you in this.

Then contact your old realtor who helped you so much.

I think for this community the issue is not saving the buyer's half of the commission but more one of culture so just show you honor that. (Your realtor should be male, respectful and strong.)
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate

All times are GMT -6.

© 2005-2022, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top