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We are trying to sell our apartment in an urban area. I can say with 100% certainty that it is one of the best units on the market in this area. We thought about using an agent a year ago to sell and interviewed several, who said that we did not need to change anything about the unit, that it looked perfect and was one of the nicest they'd seen. As another plus, we have a VERY highly sought after location in our area.
We are going to have to bring cash to closing and are hoping to cut costs buy selling FSBO. We were thinking of offering 4% to a buyers agent if their client is in contract within 30 days of putting the apartment on the market, and then dropping down to 3%. Even the 3% would still give them a better commission than the typical 2.5%.
We are trying to sell our apartment in an urban area. I can say with 100% certainty that it is one of the best units on the market in this area. We thought about using an agent a year ago to sell and interviewed several, who said that we did not need to change anything about the unit, that it looked perfect and was one of the nicest they'd seen. As another plus, we have a VERY highly sought after location in our area.
We are going to have to bring cash to closing and are hoping to cut costs buy selling FSBO. We were thinking of offering 4% to a buyers agent if their client is in contract within 30 days of putting the apartment on the market, and then dropping down to 3%. Even the 3% would still give them a better commission than the typical 2.5%.
What do you think this of this strategy? Thanks!
It's a good idea as long as you also pay the $500 or so to get your listing on the MLS. Also consider 3.5% to the agent and .5% back to the buyer to cover closing costs.
If your unit is the nicest around, it will sell even at 2.5. Don't throw your money away. Make sure it's priced right, and make sure it's in IDX. The agents will come. Negotiating on both sides will be tricky for the agent, so you will need to be open minded. A listing agent will protect your interest, without giving away your motivation. In your case, where you will need to bring money to the closing, you will need to lay everything on the table. Have your attorney do a preliminary HUD 1, to be sure you covered yourself. Often I attend closings where the sellers (always seller) come in with notes calculating their costs, they always miscalculate or are unaware of the actual closing cost to them.
What is an IDX? Also, what is a HUD 1? One of the realtors we met with last year laid out all of the closing costs to us. I think we will break even on the sale itself (or a little under/over depending on commission) but then have to bring money for the closing costs. It's not going to be pretty but we have that and more in the bank and are prepared to do it.
IDX is the Internet Display eXchange to enable local agent to display other brokerage's Listings on their website (now known as ILD.)
A HUD-1 is the settlement closing statement you get when their is a government loan involved.
What posters are suggesting is to at least list with a local flat fee company to put your property in MLS.
I think that you are going to need an attorney or a full service brokerage. You don't know what you don't know and the internet doesn't make a good broker. As good as we are here, it is not the same.
Oh, ok, thanks. Yes, we are definitely going to list with a flat fee company to put it in MLS in addition to getting an attorney. Thank you for the advice!
No need to offer 4% to the buyer's agent. 3% will be more than fine (check to see what the other listings offer) and 3.5% will bring the agents out in full force. Good luck and keep us posted.
No need to offer 4% to the buyer's agent. 3% will be more than fine (check to see what the other listings offer) and 3.5% will bring the agents out in full force. Good luck and keep us posted.
Really? Because I never look at the commission when pulling potential properties for buyers.
You see, I was once that seller that got locked into an "exclusive listing agreement" only to find out that my realtor was holding offers from me because he wanted both sides of the commission. The house I was selling at the time was a beautiful house full of equity (yes, real equity!). Unfortunately at the time, this house was also in foreclosure. Long story short...I ended up losing the property in a foreclosure auction. I would have never known the listing agents "real intensions" until her former broker called me up one day.
Imagine this:
"Mary no longer works with us, but the market is different now. Would you consider listing with us again? I can callup all 13 of the people that made offers before and see if they would be still interested. I see one contract here that was more than your listing price...is there a reason why you decided not to sell?"
I NEVER SAW ONE OFFER. NOT ONE OFFER! NOT ONE! I vowed to never "list" my property again. Instead, I would advertise the property myself and pay the whole 6% to the realtor that brought me a contract. I sold the property in 4 days!
Moderator cut: advertising
I NEVER SAW ONE OFFER. NOT ONE OFFER! NOT ONE! I vowed to never "list" my property again. Instead, I would advertise the property myself and pay the whole 6% to the realtor that brought me a contract. I sold the property in 4 days!
Nice self serving post.
I am positive that it's illegal in Florida to withhold offers. Was there a reason you did not pursue legal action?
A managing broker would not have called you out of the blue and disclosed offers that you never accepted. If I ever got a call like that it would be lawyer time!
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