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.
To this day I still get people who ask if I'm selling. Back in the bubble days I literally had people giving me letters begging ( I kid you not) to call them before I decide to sell.
Even now when I listed a vacant rental I got about 4 realtors who said they had clients who wanted to buy and ready to make offers.
Some just try to get in before everyone else using whatever means at their disposal. If calling you gets them to the front of the line to lock in the deal why not
A real estate attorney will look out for your LEGAL interests; being sure you are protected from a breach of contract, that the time frames for inspections and the like are set and reasonable, that sort of thing. A real estate attorney will NOT provide market or pricing information advice, unless they also happen to be a practicing real estate agent. I always recommend that purchasers and sellers of real estate hire an attorney to protect their legal interests. Please do not think that's a substitute for a real estate agent. They serve completely different objectives.
Bill Keegan, I'm not a realtor or an attorney. But you said that very well. That's about the fifth time I've tried to rep you today.
A real estate attorney will look out for your LEGAL interests; being sure you are protected from a breach of contract, that the time frames for inspections and the like are set and reasonable, that sort of thing. A real estate attorney will NOT provide market or pricing information advice, unless they also happen to be a practicing real estate agent. I always recommend that purchasers and sellers of real estate hire an attorney to protect their legal interests. Please do not think that's a substitute for a real estate agent. They serve completely different objectives.
I agree with you, but the OP does not want to use one. If they won't use one, then they do need to at least use a real estate attorney. I would never make the biggest purchase of my life without a realtor.
I agree with you, but the OP does not want to use one. If they won't use one, then they do need to at least use a real estate attorney. I would never make the biggest purchase of my life without a realtor.
I absolutely would use an attorney. I plan on using a realtor if this doesn't pan out. But these buyers obviously want my house. If they meet the high price I would need in order to sell before listing, why hire a realtor. I have a rough idea of the market because I know what my neighbors' house and what the house down the street sold for. if these people want to keep my house off the market they will need to pay a premium. If they are willing to pay this, do you really think I need a realtor?
I absolutely would use an attorney. I plan on using a realtor if this doesn't pan out. But these buyers obviously want my house. If they meet the high price I would need in order to sell before listing, why hire a realtor. I have a rough idea of the market because I know what my neighbors' house and what the house down the street sold for. if these people want to keep my house off the market they will need to pay a premium. If they are willing to pay this, do you really think I need a realtor?
You do not need a realtor. However I would have an appraisal done. You want to know what a bank will lend on your home. If the buyer plans on getting a mortgage, the bank appraisal may derail all your ideas of overpricing to "make you move". If the buyer is financing the purchase, the bank is buying the house, and the bank does not plan on paying you anything above the market to "make you move". In fact the bank doesn't really care if you ever move. They do care that the collateral for the loan is valued at the market, and they will hire an appraisal to determine the market value. If the appraisal is lower than your dream price, you are SOL and stuck with this buyer and his new low price.
Which also means that if you had put it on the market and allowed many buyers a chance to bid for your home, you might have attracted a cash buyer who could pay whatever he wanted without limitation by a bank appraiser.
So yes, pursue this buyer, you might save a listing commission. But also be smart and have an appraisal done. People spend money on an appraisal when they are selling a $10,000 piece of jewelry. So shouldn't you have a professional opinion as to the fair market value of your home? Especially if this buyer plans to finance.
I absolutely would use an attorney. I plan on using a realtor if this doesn't pan out. But these buyers obviously want my house. If they meet the high price I would need in order to sell before listing, why hire a realtor. I have a rough idea of the market because I know what my neighbors' house and what the house down the street sold for. if these people want to keep my house off the market they will need to pay a premium. If they are willing to pay this, do you really think I need a realtor?
No one NEEDS to hire a real estate agent. If your knowledge of the market is sufficient to be sure you are getting a fair deal, and if you don't need to do any marketing because a buyer has simply appeared, then you've taken care of a large portion of what that real estate agent would be hired to do. My point was that if you are in need of the knowledge, information, advice and effort of a real estate agent, which is in regard to pricing, marketing & negotiation, then you should hire a real estate agent and not expect to get those from your attorney.
There's no way to say this without it sounding callous. Please understand it's meant to be helpful.
Earlier in the thread, you said,
Quote:
How do I figure out a competitive price? If I don't have a realtor, I really have no idea what to set it at.
This suggests to me that you might benefit from having a real estate agent help you with pricing and valuation. Can you do it yourself? Of course you can, if you have the right information & know how to apply it.
You also said,
Quote:
Or should I just let them make an offer and then go from there? I've heard in negotiations the one who goes first loses.
Or should I just put a pie in the sky number on it and see what happens?
, which suggests to me that you aren't particularly practiced in negotiation.
Based on those facts, I would suggest that hiring a real estate agent can be helpful to you. Since it appears that agent might be walking into a half completed transaction, you may be able to negotiate an appropriate price, so you don't feel you are paying for marketing which need not be done. You may decide that you can do it yourself, and can save the money you might otherwise pay to an agent. But in no case should you expect your attorney to provide the above referenced services. Those services are simply not among the valuable services provided by most real estate attorneys.
Yes I have heard of this. In my built out area there is no more land and turnover is slow. An area has a cost per sq foot that is unique to that area. If the offer meets your needs you will be saved the expense of the projects you mentioned plus the cost of your agent. Run the paper work through a real estate lawyer.
Do yourself a favor and still declutter. Because a buyer is a buyer and you really want them to want it. Plus you'll be that much further ahead when packing to move.
because its a neighbor, he/she may value your property more than others
meet with the agent and potential buyer, listen to them,,,gather the info,,,then go from there.
the buyers agent works for the buyer...but you can also ask questions "how did you come to this offer amount"?
if the agent is a good agent he may bring recent comps with him, to show or validate their offer...
again,,,the buyer agent works for that buyer and may only show comps that favor their offer..
but meet with them, gather their info,,,then get an appraisal..
like 90% of listing prices- most will offer an amount less... so, no matter what their first offer amount is, they'd also probly go up a bit more.... but again,,,get an appraisal, thats what an appraiser is for..
if things are getting complicated wayyy too quickly, and you dont want to make any mistakes,,then yes, get your own agent,,
you can "interview" 3 different agents,(as many agents as you want) see which one you like, and in the process of the "interview" ask them about commissions, etc. most likely, these agents might have some comps with them,,
Some of the most idiotic addendums to contracts I have seen were written without a Realtor in the picture. The most recent, "seller to pay borrower's costs in excess of $5000."
Uh, Ms. Buyer, just how many points would you like served with that loan?
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.
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.
