Choose your color scheme:
The Vette Barn  
 
Go Back   The Vette Barn > Off Topic/Babes/Other > Off Topic

Off Topic Off Topic - General non-Corvette related discussion.

User Tag List

Reply
 
Share Thread Tools Search this Thread
Old 03-22-2011, 2:12pm   #1
...Whitepower...
Barn Raising III
Points: 51,252, Level: 100
Activity: 0%
 
...Whitepower...'s Avatar
 
Join Date: Jan 2011
Location: Atlanta
Posts: 11,212
Thanks: 951
Thanked 5,227 Times in 2,305 Posts
Gameroom Barn Bucks: $10070941
Default real estate agent question...

We have had alot of interest in the house while doing the renovations. So much so that we have started a list with people to call back when we are ready to show it. The plan is to show it to them priorto listing it and offering it at a reduced price seeing that we won't have to pay a 5-6% commission. If none of them bite quickly (1 week max) then we will go ahead and list it.

Now my agent is a good guy and I will need someone to handle the transaction for me anyway so my question is this. What would you guys offer up for his services in the event i get a buyer prior to listing it with him? I know my attorney could handle the contract negotiations on my behalf as well for a fee and I have a call in to them.

What do you think a fair "under the table" fee would be?
...Whitepower... is offline   Reply With Quote
Old 03-22-2011, 2:15pm   #2
mrvette
Latin American Goat Roper
Barn Stall Owner #101
Bantayan Kids '13
Points: 132,350, Level: 100
Activity: 10.8%
 
mrvette's Avatar
 
Join Date: Nov 2009
Location: Orange Park Florida
Posts: 60,581
Thanks: 32,797
Thanked 11,529 Times in 5,686 Posts
Gameroom Barn Bucks: $1138393
Default

Quote:
Originally Posted by ...Whitepower... View Post
We have had alot of interest in the house while doing the renovations. Somuch so that we have started a list with people to call back when we are ready to show it. The plan is to show it to them priorto listing it and offering it at a reduced price seeing that we won't have to pay a 5-6% commission. If none of them bites quickly (1 week max) then we will go ahead and list it.

Now my agent is a good guy and I will need someone to handle the transaction for me anyway so my question is this. What would you guys offer up for his services in the event i get a buyer prior to listing it with him? I know my attorney could handle the contract negotiations on my behalf as well for a fee and I have a call in to them.

What do you think a fair "under the table" fee would be?
A good Real Estate lawyer is all you need, really, contracts are pretty standard, just tell him the situation, he calls the shots from there....
hell he can even help with financing..typical charge WAS about 500 bux years ago....

__________________
GENE
"Hell, there are no rules here ... we're trying to accomplish something."

Thomas Edison


All products should say "Do not use if your stupid".....

I love how Progressives want to have Darwinism taught in schools but denied as a reality in life.
mrvette is offline   Reply With Quote
Old 03-22-2011, 2:18pm   #3
MrPeabody
A Real Barner
Points: 69,948, Level: 100
Activity: 0%
 
MrPeabody's Avatar
 
Join Date: Dec 2010
Location: Northern California
Posts: 33,993
Thanks: 14,302
Thanked 12,309 Times in 5,942 Posts
Gameroom Barn Bucks: $2214590
Default

Quote:
Originally Posted by ...Whitepower... View Post
We have had alot of interest in the house while doing the renovations. So much so that we have started a list with people to call back when we are ready to show it. The plan is to show it to them priorto listing it and offering it at a reduced price seeing that we won't have to pay a 5-6% commission. If none of them bites quickly (1 week max) then we will go ahead and list it.

Now my agent is a good guy and I will need someone to handle the transaction for me anyway so my question is this. What would you guys offer up for his services in the event i get a buyer prior to listing it with him? I know my attorney could handle the contract negotiations on my behalf as well for a fee and I have a call in to them.

What do you think a fair "under the table" fee would be?
Every case is different, but I paid my real estate agent 3% when I gave her the listing and handed her a qualified buyer.
I'm sure the laws vary in each state, but I don't think it would be wise for a realtor to do a deal for "under the table" money.
My agent had to get the reduced commission approved by the broker she worked for, and it was put in writing that it was contingent on that particular buyer purchasing the property within a set period of time.
MrPeabody is offline   Reply With Quote
Old 03-22-2011, 2:20pm   #4
...Whitepower...
Barn Raising III
Points: 51,252, Level: 100
Activity: 0%
 
...Whitepower...'s Avatar
 
Join Date: Jan 2011
Location: Atlanta
Posts: 11,212
Thanks: 951
Thanked 5,227 Times in 2,305 Posts
Gameroom Barn Bucks: $10070941
Default

If I do get an offer I was thinking of finding out how much my attorney would charge and offering my agent the opportunity to do it for the same money..
...Whitepower... is offline   Reply With Quote
Old 03-22-2011, 2:22pm   #5
...Whitepower...
Barn Raising III
Points: 51,252, Level: 100
Activity: 0%
 
...Whitepower...'s Avatar
 
Join Date: Jan 2011
Location: Atlanta
Posts: 11,212
Thanks: 951
Thanked 5,227 Times in 2,305 Posts
Gameroom Barn Bucks: $10070941
Default

Quote:
Originally Posted by MrPeabody View Post
Every case is different, but I paid my real estate agent 3% when I gave her the listing and handed her a qualified buyer.
I'm sure the laws vary in each state, but I don't think it would be wise for a realtor to do a deal for "under the table" money.
My agent had to get the reduced commission approved by the broker she worked for, and it was put in writing that it was contingent on that particular buyer purchasing the property within a set period of time.
The legaility of everything is a concern..
...Whitepower... is offline   Reply With Quote
Old 03-22-2011, 2:24pm   #6
MrPeabody
A Real Barner
Points: 69,948, Level: 100
Activity: 0%
 
MrPeabody's Avatar
 
Join Date: Dec 2010
Location: Northern California
Posts: 33,993
Thanks: 14,302
Thanked 12,309 Times in 5,942 Posts
Gameroom Barn Bucks: $2214590
Default

Quote:
Originally Posted by ...Whitepower... View Post
If I do get an offer I was thinking of finding out how much my attorney would charge and offering my agent the opportunity to do it for the same money..
If you have a good RE attorney that you know and trust that would be a good option. I did not in my area, and the deal had a few complications (problems with the house that I was disclosing) so I chose to use the RE agent I have known for a long time and trusted.
My deal was in '04, during the boom, so RE brokers/agents reducing their fees was almost unheard of. They are probably a lot hungrier now.
MrPeabody is offline   Reply With Quote
Old 03-22-2011, 2:25pm   #7
Petew1971
Barn Stall Owner #420
Points: 17,520, Level: 91
Activity: 0%
 
Petew1971's Avatar
 
Join Date: Nov 2009
Posts: 5,153
Thanks: 45
Thanked 726 Times in 454 Posts
Gameroom Barn Bucks: $12530349
Default

2 to 3 % if he does the paperwork
Petew1971 is offline   Reply With Quote
Old 03-22-2011, 2:26pm   #8
oyealiz
Barn Stall Owner #1313
Barn Raising I,II,III
NCM Supporter '11,'12,'13
Bantayan Kids '13
Points: 35,424, Level: 100
Activity: 0.4%
 
oyealiz's Avatar
 
Join Date: Oct 2009
Location: Denison, Texas
Posts: 7,751
Thanks: 1,191
Thanked 1,864 Times in 1,029 Posts
Gameroom Barn Bucks: $1112489
Default

Quote:
Originally Posted by ...Whitepower... View Post
If I do get an offer I was thinking of finding out how much my attorney would charge and offering my agent the opportunity to do it for the same money..
When I bought from an owner, there was no real estate agent involved at all. We just used a standard real estate contract for the state and took it to a closing company to handle the closing. Their attorney was the only attorney involved, too.

Every state has different rules, of course, and even different cities can vary.
oyealiz is offline   Reply With Quote
Old 03-22-2011, 2:28pm   #9
Petew1971
Barn Stall Owner #420
Points: 17,520, Level: 91
Activity: 0%
 
Petew1971's Avatar
 
Join Date: Nov 2009
Posts: 5,153
Thanks: 45
Thanked 726 Times in 454 Posts
Gameroom Barn Bucks: $12530349
Default

Quote:
Originally Posted by oyealiz View Post
When I bought from an owner, there was no real estate agent involved at all. We just used a standard real estate contract for the state and took it to a closing company to handle the closing. Their attorney was the only attorney involved, too.
same deal for me when I sold my house..I showed up, signed some pepers and it was over
Petew1971 is offline   Reply With Quote
Old 03-22-2011, 2:29pm   #10
MrPeabody
A Real Barner
Points: 69,948, Level: 100
Activity: 0%
 
MrPeabody's Avatar
 
Join Date: Dec 2010
Location: Northern California
Posts: 33,993
Thanks: 14,302
Thanked 12,309 Times in 5,942 Posts
Gameroom Barn Bucks: $2214590
Default

Quote:
Originally Posted by oyealiz View Post
When I bought from an owner, there was no real estate agent involved at all. We just used a standard real estate contract for the state and took it to a closing company to handle the closing. Their attorney was the only attorney involved, too.

Every state has different rules, of course, and even different cities can vary.
I bought my current home directly from the contractor with no realtor involved.
MrPeabody is offline   Reply With Quote
Old 03-22-2011, 2:29pm   #11
oyealiz
Barn Stall Owner #1313
Barn Raising I,II,III
NCM Supporter '11,'12,'13
Bantayan Kids '13
Points: 35,424, Level: 100
Activity: 0.4%
 
oyealiz's Avatar
 
Join Date: Oct 2009
Location: Denison, Texas
Posts: 7,751
Thanks: 1,191
Thanked 1,864 Times in 1,029 Posts
Gameroom Barn Bucks: $1112489
Default

Quote:
Originally Posted by Petew1971 View Post
same deal for me when I sold my house..I showed up, signed some pepers and it was over
That's the way to go! If it's a "by owner" sale, you're going to have to pay closing costs anyway. Why pay a realtor fee on top of that?
oyealiz is offline   Reply With Quote
The Following User Says Thank You to oyealiz For This Useful Post:
Old 03-22-2011, 2:33pm   #12
Petew1971
Barn Stall Owner #420
Points: 17,520, Level: 91
Activity: 0%
 
Petew1971's Avatar
 
Join Date: Nov 2009
Posts: 5,153
Thanks: 45
Thanked 726 Times in 454 Posts
Gameroom Barn Bucks: $12530349
Default

Quote:
Originally Posted by oyealiz View Post
That's the way to go! If it's a "by owner" sale, you're going to have to pay closing costs anyway. Why pay a realtor fee on top of that?
At first I had more Realstate agents show up then interested parties..They all wanted to tell me what they could do for me.

I finally had to put " NO Realstate Agents" on the flyer just to keep them vultures away
Petew1971 is offline   Reply With Quote
Old 03-22-2011, 2:44pm   #13
sxeC6
Barn Stall Owner #80
Points: 2,428, Level: 31
Activity: 0%
 
sxeC6's Avatar
 
Join Date: Jan 2011
Location: Dallas, TX
Posts: 724
Thanks: 57
Thanked 102 Times in 64 Posts
Gameroom Barn Bucks: $3983
Default

Quote:
Originally Posted by Petew1971 View Post
At first I had more Realstate agents show up then interested parties..They all wanted to tell me what they could do for me.

I finally had to put " NO Realstate Agents" on the flyer just to keep them vultures away

They don't like it when you go around them, but you don't need an agent to sell by owner. A title company can handle the paperwork.
sxeC6 is offline   Reply With Quote
Old 03-22-2011, 2:49pm   #14
Petew1971
Barn Stall Owner #420
Points: 17,520, Level: 91
Activity: 0%
 
Petew1971's Avatar
 
Join Date: Nov 2009
Posts: 5,153
Thanks: 45
Thanked 726 Times in 454 Posts
Gameroom Barn Bucks: $12530349
Default

Quote:
Originally Posted by sxeC6 View Post
They don't like it when you go around them, but you don't need an agent to sell by owner. A title company can handle the paperwork.
Yep, I printed out the Home Sellers and Buyers contract and that was it..the buyer did the rest.

I had no intention of paying some agent 6%
Petew1971 is offline   Reply With Quote
Old 03-22-2011, 2:51pm   #15
MrPeabody
A Real Barner
Points: 69,948, Level: 100
Activity: 0%
 
MrPeabody's Avatar
 
Join Date: Dec 2010
Location: Northern California
Posts: 33,993
Thanks: 14,302
Thanked 12,309 Times in 5,942 Posts
Gameroom Barn Bucks: $2214590
Default

This thread has some good potential when Lars shows up.
MrPeabody is offline   Reply With Quote
Old 03-22-2011, 2:53pm   #16
oyealiz
Barn Stall Owner #1313
Barn Raising I,II,III
NCM Supporter '11,'12,'13
Bantayan Kids '13
Points: 35,424, Level: 100
Activity: 0.4%
 
oyealiz's Avatar
 
Join Date: Oct 2009
Location: Denison, Texas
Posts: 7,751
Thanks: 1,191
Thanked 1,864 Times in 1,029 Posts
Gameroom Barn Bucks: $1112489
Default

Quote:
Originally Posted by sxeC6 View Post
They don't like it when you go around them, but you don't need an agent to sell by owner. A title company can handle the paperwork.
I meant "title company" earlier when I said closing company.

If I had my home for sale by owner and a realtor actually had a client to show the home to, I'd let them, for 1/2 the full commission. I just see no reason to involve a realtor if I already had a buyer!
oyealiz is offline   Reply With Quote
The Following User Says Thank You to oyealiz For This Useful Post:
Old 03-22-2011, 2:59pm   #17
Petew1971
Barn Stall Owner #420
Points: 17,520, Level: 91
Activity: 0%
 
Petew1971's Avatar
 
Join Date: Nov 2009
Posts: 5,153
Thanks: 45
Thanked 726 Times in 454 Posts
Gameroom Barn Bucks: $12530349
Default

Quote:
Originally Posted by oyealiz View Post
I meant "title company" earlier when I said closing company.

If I had my home for sale by owner and a realtor actually had a client to show the home to, I'd let them, for 1/2 the full commission. I just see no reason to involve a realtor if I already had a buyer!
I told some of the Agents that came by they could show my house, sell it, handle all the paperwork for 2% ...they werent very happy about it
Petew1971 is offline   Reply With Quote
Old 03-22-2011, 3:01pm   #18
oyealiz
Barn Stall Owner #1313
Barn Raising I,II,III
NCM Supporter '11,'12,'13
Bantayan Kids '13
Points: 35,424, Level: 100
Activity: 0.4%
 
oyealiz's Avatar
 
Join Date: Oct 2009
Location: Denison, Texas
Posts: 7,751
Thanks: 1,191
Thanked 1,864 Times in 1,029 Posts
Gameroom Barn Bucks: $1112489
Default

Quote:
Originally Posted by Petew1971 View Post
I told some of the Agents that came by they could show my house, sell it, handle all the paperwork for 2% ...they werent very happy about it
Because they probably didn't have a client to show the property, they just wanted the listing.
oyealiz is offline   Reply With Quote
Old 03-22-2011, 3:06pm   #19
Petew1971
Barn Stall Owner #420
Points: 17,520, Level: 91
Activity: 0%
 
Petew1971's Avatar
 
Join Date: Nov 2009
Posts: 5,153
Thanks: 45
Thanked 726 Times in 454 Posts
Gameroom Barn Bucks: $12530349
Default

Quote:
Originally Posted by oyealiz View Post
Because they probably didn't have a client to show the property, they just wanted the listing.
some did actually have clients that wanted to see the house, the agent wouldnt bring them by cause they wouldnt make squat on the sale.

one couple came by on their own tho without the Agent

It was kinda fun fkn with the Agents
Petew1971 is offline   Reply With Quote
Old 03-22-2011, 3:06pm   #20
high desert
Barn Stall Owner #8
Points: 8,331, Level: 63
Activity: 0%
 
high desert's Avatar
 
Join Date: Jan 2011
Location: I'm sittin' in a bar on the inside, waitin' for a ride on the outside in Verdi, NV
Posts: 1,795
Thanks: 163
Thanked 191 Times in 135 Posts
Gameroom Barn Bucks: $90676
Default

Quote:
Originally Posted by oyealiz View Post
When I bought from an owner, there was no real estate agent involved at all. We just used a standard real estate contract for the state and took it to a closing company to handle the closing. Their attorney was the only attorney involved, too.

Every state has different rules, of course, and even different cities can vary.
I did this as well when I sold my rentals.
high desert is offline   Reply With Quote
Reply

The Vette Barn > Off Topic/Babes/Other > Off Topic


Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -5. The time now is 2:36am.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
User Alert System provided by Advanced User Tagging (Pro) - vBulletin Mods & Addons Copyright © 2024 DragonByte Technologies Ltd.
Copyright © 2009 - 2024 The Vette Barn


Support the Barn:
 
Download the Mobile App;
 
Follow us on Facebook:

Become a Stall Owner

 

Apple iOS App        Google Android App

 

Visit our Facebook page