All Forum Posts by: A W

Which online service did you use to list your rental on MLS? how much commission do you normally give tenant's agency?

Thanks!

Hi,

We want to rent our house in Ballantyne area.. To gain more exposure, we want to list the rental on MLS. I searched online, it seems that I can do Flat Rate MLS listing, like this one:
http://www.carolinarentalexpress.com/goflatrate.htm
I understand they would charge a flat fee of $95 to do the listing for me and I would not need to pay any other commissions.

Could anyone share his/her experiences on this?

Thank you!

BTW I heard that I will need to pay the tenant's agent's commission which is normally 10 or 20% of the 1st month rent? Will I be the one who determines the percentage?

Thanks Mike.. when you say 75%, is it off the original list price or the current listing price that for example has been reduced? thanks.

when you say 70%, is it the original list price or the current listing price that has been reduced? thanks.

how much HUD will lower their price after 60 days? what percentage NET will make them content in that case?

Also is it true each time they drop price, investor needs to wait for 10 days?

thanks.

Aaron, are you saying that HUD normally accepts 80% of listing price for NET, and adding commissions (say 4%) it will be 84%?

Thanks!

i see.. Then you use reverse mortgage to withdraw your cash later? well, i guess i have a lot to learn..

Here is the deal: HUD is asking for $110K, the monthly rent is about $1100 to $1200. I am thinking to bid 80% or around $95K.. (BTW I think i can get a 5.5% 30 year mortgage with 25% down.. Property tax is around $1800 and I guess I need $3000-$5000 to buy appliances and repair.. what do you think of the deal?

Thanks again..

Thanks Bryan.. Are you saying that it is not a good idea to buy HUD in NC (or Charlotte where you are) because I do not think bidding 60% is realistic anyway? thanks.

I am trying to bid a couple HUD properties in NC. As I am a newbie in HUD property, I wonder what is the realistic price I should bid in NC for HUD property? I read 70-90% of the listing price and it varies from region to region.. therefore a more accurate number will be very helpful..

both of the properties have been on market for over a month and both have reduced price once 10%.

Many thanks.

You mean if my bid is less than 75% of the list price, they let you know the lowest NET allowable counter price?

What if my bid is higher than 75%?

How is NET calculated? In other word, if HUD tells me their NET allowable price is 95K and the total cost of listing agent, my agent, and closing assistance is 5%, does it mean that I need to make a 100K bid so HUD can accept?

Thank you!
Alvin