All Forum Posts by: Jenny L.

@Ryan Goldfarb thanks for the insight and pointing me in the right direction!

When working with sellers who have sought you out directly, (often looking to save themselves 5% on a sale of a distressed property) thus no agents are involved, what forms are you using for offers and contracts before handing the process over to your attorney?  Are there standard offer and contract documents available (that adhere to NJ requirements)? Could you share them? Thanks in advance.

Thanks for giving me a benchmark @Jorge Magana.

Can someone give me a ballpark of an expected interest rate on a 203K loan (full, not limited) based on high 700s credit score for home purchase, not updating a current home? (For example's sake, 500K purchase price, 100K renovation rolled in, 600K total, 30 year, fixed.) Great info out there and on BP on the loans themselves, their many requirements, etc. but I need a benchmark for actual interest rate.

BREXIT: Also, fed insiders here are predicting conventional rates with drop even lower now -- would this likely include FHA loans?

@Ryan Goldfarb, I can't blame them but then I do expect cookies and bottled water, at minimum. 

@Kevin Hill, that's interesting that it's entirely up to the agent. I guess it's a gamble for sellers to push for a lower % unless they've previously worked with that agent and know at what level they perform. 

Wasn't for sure it was a "boss" but usually that person seemed more senior in tone and behavior but knew less about the house. Hadn't thought about safety reasons -- that is a valid point.

Where we last came from, very rarely did the listing agent sit their own house which seemed odd (especially when they could not answer questions about the house) but perhaps is more common than I thought. Thanks again for the education!

@Kevin Hill, actually, one more question. Everyone always touts "commissions are negotiable" -- I've heard agents here and across the country assuring sellers this is the case. In Bergen, it seems agents are usually associates serving a large brokerage so if a seller wants to negotiate the percentage down from 5% who is really deciding to do so -- the agent or the brokerage? 

Heck, most open houses we go to it seems the listing agent is present and their boss is always there too. As though they need oversight? Never have we seen this in the three other states in which we've lived.

Thank you, @Joel Owens. Thanks for the insight.

@Kevin Hill, makes perfect sense, thank you for taking the time to offer more detail! 

Thanks, @Shefali R.! Kevin, we recall seeing a 1M FSBO (appeared a builder flipped it) flat-fee listed and they offered 2% to buyers' agents. That seems in line then since it was a high-end property? They'd expect the same buyer pool as if they listed with an agent?

We relocated to NJ last year and do not own a home, thus are unfamiliar with agent commissions here. What is the average buyer’s agent percentage in affluent Bergen county? I know "it’s all negotiable” but no need to beat around the bush.

We've run across a few FSBOs using a flat fee MLS listing (we assume) and see in the property description: "2.5% to buyer's agent" or "buyer's agent 2% commission offered". Is this on par? In a run-of-the-mill sale with both sellers and buyer agents, is 5% total commission the norm, then split 2.5% each? Lower?

Further, while visiting an open house, we overhead that commissions on very expensive homes (1M+) are lower. Insight on this? What percentage lower? 

Thanks in advance!