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My siblings and I recently inherited a house that must be sold per the will. It is in a neighborhood where every house that has sold in the last several years(20+) has been torn down and rebuilt. Also, the houses have all been purchased by members of the Orthodox Jewish community as there are many synagogues within walking distance.
I have two questions - how do realtors go about selling a house that will be most certainly be torn down? I have only sold one house and updates and staging were key in making that sale..in this case I am hoping those things won't matter as the house has not been updated at all. Also, is the real estate commission percentage the same as it would be for a standard sale? Some people I've spoken with believe that the same amount of work is not involved - in fact that in some cases the buyers never even view the house - so the commission tends to be lower.
Finally, we've heard from a member of the Orthodox community that we would be better off selling it ourselves as in his experience the Orthodox Jews do not want to deal with realtors. Has anyone experienced this? I am not trying to generalize at all..this was a single comment and may not at all reflect the views of most people. I'm honestly not sure whether most of the homes in the area sold recently went through an agent or not..if there's any way to find out that would be really helpful.
how do realtors go about selling a house that will be most certainly be torn down?
Pretty much the same as with any other house.
Quote:
is the real estate commission percentage the same as it would be for a standard sale?
Why wouldn't it be?
The property has whatever value it might have as it presently exists.
That is all you can advertise and all that you can sell.
If it could be used rather than torn down as is, that is without anything more done to it
that than scrubbing and paint (and an independent appraisal concurs!), it'll sell for more.
Be realistic.
Quote:
we've heard from a member of the Orthodox community that we would be better off selling
it ourselves as in his experience the Orthodox Jews do not want to deal with realtors.
Read: People like to believe that FSBO properties should/will sell for lower prices.
That doesn't mean the seller will net any more than with an agent.
At our attorney firm, we have had clients who sell on their own.
The last house was sold as is, no inspections, no contingencies - nothing. We did allow people to see the house, but there was no negotiating except for price. If they wanted an inspection, they were welcome to it, but we were very clear that after price negotiation, our client was done.
I think that listing with a broker would be better since they have all the contracts and write the language you want, or make sure to have a real estate attorney prepare the contracts.
You would be better served by a Real Estate Attorney if not by a Realtor/Broker. There are too many variables that could require a professional in you corner to represent your interests. Unless you are well experienced in such actions, you could be easily taken advantage of without the advice of a professional.
I would normally NEVER even think of selling without a realtor..we had a fantastic agent when we sold our first house and I'm not asking this looking to save on commission. We looked at over 100 houses before buying our current one, and we found that the FSBO's tended to be overpriced, probably because these people did not have an agent advising them. I just don't want to alienate my target market.
Here is how I see a FSBO.
seller wants the portion of the sale that would go to the agent in the sellers pocket
Buyer wants a discount in accordance to the commission that would normally go to the agents.
Get a agent
Price the house according to the condition and a realistic price you would pay for the house or what price a house in that condition sells for. If the buyer wants it bad enough tell them to get their own agent
List it on Zillow or get a cheap way onto MLS. Realtors are the second oldest profession.
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