All Forum Posts by: Denise Holder

This is what I needed, thank you very much!

Thank you James and Steven 

I have read these several times and am reconsidering. There's so much to think about that is all new to me.  

Thank you for your answers

Hi,, 

The house at the end of my street is abandoned, in chapter 13, condemned and the owners were hoarders.  I'm considering purchasing the house to bring up the neighborhood, my own property value and just get rid of the eyesore.  I happen to know they still owe 58k on the house. Their taxes are paid up through 2023. The property should be worth about 125k after complete gut and renovate.  I'm considering paying a lawyer to do a title search.  But I just can't help but think it can't be that easy. Is it true that if I get a title search (and it comes back clean) that I can be pretty confident there are no additional liens or monies owed that I'll now be responsible for paying off? 

The property goes up for sheriffs sale on Oct. 10.  From what I understand so far, the bank will place the first bid at what the current owners still owe (the 58k).  But I think someone would be nuts to pay that because of the Reno costs?  I guess I don't know what happens then.   What happens then?

 Thank you,

Denise

Thank you Joe

Theresa,

Wow, did not know that. Of course she does! Thank you. 

Hello Steve,

Thank you, That makes a lot of sense.  Yes, it is a low cost of living area. It's a great little town, in the mountains, but a lot of poverty. 

Thank you Steve 

Russel, what you said makes a lot of sense, when properties are low in value, it is still a lot of work for the Realtor to sell it.

Interesting Jay, good point. 

I wish I had a million dollar property for her to sell.  I'd have no problem paying her 6% of that either. It was the concept I mentioned that I just had to learn about.  But I see Russell's point. 

Thank you

Hugh, Wow, That's not the response I expected.

Yes I know the numbers are low, I am inexperienced at Real Estate and asking questions about things that don't make intuitive sense to me.  With this contract she could literally sell my place for $1000 and I'd still have to pay her the 4k. But I do also understand that for her work, 4K isn't a big amount. 

Yes, Realtors work so hard.   I'm glad to pay her 6% of whatever it sells for. She deserves it. The cottage price is just low, that's all.

In spite of that, it sounds like this is a normal agreement, I'll most likely go with it.  

Thank you so much, 

 Thank you Jay, Doug and Russell

Thank you Christopher,

Yes, I do understand the $2k is out of her control.  

It is the $4k flat fee that bothers me most.

It leaves me feeling she has no incentive to sell at the highest price. 

Thank you!

Hello,

I am selling a cabin in the Allegheny mountains. My realtor is asking me to sign a Pennsylvania "Listing Contract (Seller Agency Contract). Exclusive Right to Sell Real Estate" contract, which is normal.  But the values listed  look excessive to me.  I'm asking if "you all" feel the fees (especially the brokers fee) seems fair/typical and if not, what would a typical, fair amount be?

Listing price: $65,000       Brokers fee: 6% or $4,000 whichever is higher.  $4,000 is $100 higher than 6% of the asking price.

Under "Cooperating with other Brokers" (line 7) 

checked boxes are: "Represents Seller (subagent). Broker will pay 2.5% of/from the sale price. 

And checked box: "Represents the buyer (buyers agent). 2.5% of/from the sale price. A buyers agent, even if compensated by Broker for Seller, will represent the interests of the buyer.

Under : "Sellers Estimated Costs" she's got me paying $1,925 in fees. ($675 preparation of deed) ($650 transfer tax) ($300 settlement fee) ($300 notary fee)

Also in "Sellers Estimated Costs"  "brokers fee" is listed as "$4,000"   rather than 6% or $4,000 as if the 4k is just a flat rate.

I feel this gives her no incentive to sell my property at the highest bidder. In this contract she could sell it for practically nothing and I still pay her $4,000 the same amount. 

Is this  reasonable ?

Thank you,

Denise