All Forum Posts by: Kathryne Omaits

@Tina Bird Hi Tina what area do you serve in Michigan in the property management side? I’m in Michigan soon to be Atlanta

@Jessica Tines Hi Jessica, moving to Atlanta next couple of months. Are you an investor friendly agent and how long?

@Jennifer Hey there Kathy from Michigan soon to be Atlanta GA

@Bill Schrimpf

Bill thank you for the words of encouragement!!!!

Kathy

@Mike Cumbie thanks SO much for the one agent sale and issues that arise. Super helpful and appreciated!

Joel, I want to respond to your comment.  Somehow there's been a complete misunderstanding on your part of the events and I'd like to be clear on that.   After me initially being okay with the originally requested 4% commission, the commission reduction on my part from 4% to 3% was agreed to by all parties at the time of signing the Offer to Purchase.   The septic inspection was done after the commission agreement.   In no way, and I want to be clear on this, do I believe that property issues on my personal residence (this deal) or any other deal fall upon the value or responsibility of the agent.  The first few paragraphs of your response were totally not the scenario here and I don't believe I said anything to imply that so I am perplexed why you went in that direction.

When questioned about why pay the 4%, the buyer's agent (my ex-listing agent) told me, as others and you have said, that she is doing work for both sides.   I asked her what is she doing (beyond what she'd being doing with a listing agent, of which she's would be couping 3%) and did not get an answer.  I would take care the things on my end that I need to and feel capable to do so.   If I put something on her she doesn't feel is her management/sale issue to deal with she can tell me that I need to speak to someone else to get the answer-no problem, I am learning and don't know the boundaries but am not afraid to learn.   I feel 3% is fair in this deal.  

I want to point out that having been initially the listing agent in the sale of my home, and now on the buyer side, she has the right and advantage of being able to tell the buyer anything that she learned about my situation and property while my listing agent that will enhance the buyer's purchase to their advantage.  And to her credit, the price we ended up agreeing on was fair and good for all.

I have experience beyond selling my personal residence, but not much, and that is where I can be taken advantage of.   I am willing to pay for services and care about my reputation.  Joel I don't talk in a round about way as you said and never said anywhere that I thought the agent should get a lower commission because of a problem found with my property.  For some reason, you decided that was what I was thinking and that was very incorrect.  

Thank you though for pointing out that contracts and laws are constantly changing and I will be mindful of that and will be glad to pay my realtors for their expertise, service and knowledge.

I also appreciated your comments about FSBO and getting low ball offers. Fortunately it is easy to do some comp comparison through the various online real estate presences.

Your comments about pre-listing inspection was interesting and very useful information.  In my particular situation, my own personal residence, it had been suggested by my agent I pump my septic tank,  i had done it 5 years ago and decided against it.   Found out the septic FIELD failed the inspection, I was there, and told the inspector the previous maintenance pump said my tank was good, no problems.   The inspector said that could be, that the field failing hadn't yet reached my tank.   In that case I was glad I didn't have the tank pumped prior to sale (it had been done within a safe range of years prior).   

Anyways, you were I think trying to be helpful (giving me a heads up about attorney costs).

Thanks Joel for wishing me luck.   I suspect I'll be changing course again and hiring a listing agent.   My exit strategy is I want to sell my home as I am moving to Atlanta and looking forward  to getting real estate deals under my belt there and at least one buy and hold in Michigan.

Wayne, thanks for your comments. For clarification, I did not object to the $250 broker fee, wanted to know if anyone familiar with it, and nothing was said to the buyer's agent objecting. I want to know what I'm spending my money on though.  

Wanted to check, are you saying that an agent is generous charging 4% comm. on a one-agent listing?   You said that otherwise they would get the full 6% on a normal listing, (that being a listing agent and buyer's agent, right}?   It is my understanding it is 3% each.   What am I not understanding here.   Please educate me as to how the buyer's agent is doing work for both.   She is not providing pics, gave me an offer to purchase and one-agent listing agreement and disclosure.   I'm preparing the house for show and inspections.  Using title company.  I'm reading what I need to do.  What more is she doing for me that she would not otherwise do with listing agent, with both sides getting 3%.  I see myself as being at more of a disadvantage not being an agent.

Wayne interestingly the agent who brought the buyer (of which sale failed due to septic) was the previous months ago listing agent. I did not get many showings at all during that time. It was priced wrong from the get go and there were other problems. I have a lot of respect for agents (including the one I had) and I'm not excited about FSBO, but can't afford having an agent now that I have to pay for septic. If I do my target area research and price right, FSBO can go on MLS and can do well, better than what I did with my previous attempt when I had an agent. I'll pay an attorney to look at the paperwork. I think my analysis involves: what do I have to do to make this work, how to best accomplish that, learn and keep moving forward.

Looking forward to hearing your learning-for-me comments.  Thanks Wayne.

Thanks  for your comment Mike.   The septic inspection was buyer paid.   I have a local septic man I am contacting tomorrow (know to check that licensed and certified if applicable).  He has pumped my tank in past years and in fact the man who plows my driveway and grew up in this area recommended him before knowing of my acquaintance with him.   Was told by plow man that generally have to have engineered fields now (lots of clay out here).   Real estate is interesting for sure.   

New developments, the septic system inspection revealed a failing field.  Buyer backed out.  i will have to get new septic.  Very expensive but has to be done.   So I am now thinking that in order for this to work out at all, I will have to sell myself and hire a real estate agent to do a transactional review of paperwork or take the paperwork to an attorney.   Real estate, you gotta love it.

Thank you to all who replied, love how helpful the BP community is. The property was post 90 days expiration of listing.   I understand the protection period for bringing buyers and it is there for a good reason otherwise realtors are going to taken advantage of and, in this case, ex-agent is bringing the buyer.

I ended up selling the house and am awaiting inspections which begin today.   What ended up happening was, and this is based on comps, I increased their initial offer of $265k to $268k and decreased 4% commission to 3%.  I thanked the agent for the learning experience and that I actually enjoyed it (new ground for me!)     I was willing to let the deal go because I was not going to pay 4%, only the 3% she would have made during the listing contract. I know I would be able to sell this property within weeks without this deal.

There was language in the one party listing that was really disadvantageous to me (unrepresented) as a seller.   Although boiler plate contract  to the real estate agency,it was a garbage contract for me.  They accepted my counter and it was a fair deal good for all.

THANKS FOR EVERYONE'S COMMENTS - appreciated, Kathy