Selling House

[I'mdonewiththis forum]

Hey guys and gals, Due to my 'forced retirement' (disability at age 58) my wife and I have gotten to the point where we need to sell our house. She doesn't really want to, but we can't afford to stay much longer. My question is what are some of the questions to ask a potential real estate agent besides how much of a percentage do they get?

Just a bit of background, my income got cut by about 75% and she wound up retiring from a state job to give me some assistance. She now has returned to work (at about 75% or previous wages). If we get what our house was appraised for a year ago we could be totally debt free! That's what I want to see!! On to the next adventure!!!

Tom

[Big Greg]

What have similar houses to mine sold for recently? What is my house worth today?

How long is your exclusive sales contract? 6 months?

What is your plan to sell my house? Open houses? Multiple listings? Real estate agent tours? Paper ads?

Virtual internet tours for potential buyers?

Bonus for selling within 2 months?

What needs improvement for best impression?

How long have you been selling real estate in this area? Your experience & sales record?

What happens if you are on vacation or long holiday? Who takes over?

[LFDR3116]

We just sold our home this spring, and when we made the appointment with a realtor we were referred to, she came with a sales packet that already had material prepared that answered all of the above questions. Everyone we have talked to this summer have sold their homes within a short period of time. Ours sold with the first 3-4 hours of showing. In contrast, in 2011 when it was listed we had 4 people over 6 months that even came to the open house and the house was actually in much better condition then( market flooded with foreclosures at that time). The value of houses in many areas has been climbing. We were very surprised with the listing price suggested and actually ended up selling for more than we were asking. Low inventory, high demand. In our area there is a website of all houses listed for sale by realtors in the city. They must be a member to list a home, but 98% of them are. She had photos and listed the house indicating in the notes that only realtors see, that it would not be available for showing until 2 day later . Within that 2 days she received calls for 11 appointments and scheduled them starting at 8am and about every hour. The day of showing, and ,after 2 proposals had been received, she was still receiving calls. She said she had used this strategy for the prior few months and had sold every one of the houses within 2 weeks. We were actually doing the finishing touches on cleanup, painting and repair after having tenants in the house for 4 years and needed that 2 days to complete the work. But -- she used that to our advantage - maybe something like that could work for you. This realtor was actually an acquaintance of our neighbor. Just start asking people you know if they know anyone and then check their websites for qualifications, customer reviews etc. Make appointments with 2 or 3, then decide which one.

[pugsly]

Pete and Pat give good advice. Of course it depends on the part of the country, but the housing market is very solid for sellers at the moment.

 

We interviewed 4 realtors, picked the one we liked / felt would do the bests job, spent a bit of money (mainly painting and some new light fixtures) and a few weeks hard work, and were only on the market for 2 days.

[Pat & Pete]

An empty house does seem to look bigger .

[LFDR3116]

Ours was empty when it sold, but the yard was landscaped, flowers in the pots and flower boxes etc.

[whj469]

You don't say where the house is? It is normal for a real estate commission to be 6 or 7% of the sale price

here in SE Texas. I does matter if you have a great housing market were you are selling. Several years back,

13 to be exact, my father sold a condo in Hollywood, FL, and our family home in NJ, a short train ride to NY City, without

real estate agents because he stated that he wouldn't pay a 7% commission. Both the condo and home sold within a week

at the asking price! He didn't over price them but he got a very good price for both. If there is a demand where you are selling

that could be an option. Good Luck

[nana25k]

As a former Realtor my advice is:

1 interview at least 4 Realtors

2 don't pick the "nicest", pick the one who is

a dead honest about the listing price.

b has the most experience in YOUR neighborhood

c is very serious about the condition of your home

d the best agent will have made an appt to inspect your

home, then come back at a later time with the listing

plan

Sleep on those interviews, then chose

Follow their advice to the T, if they tell you to paint the front door, then paint the door

I can tell you that a good Realtor will walk away from a listing that has issues with the price, uncooperative sellers etc.

I left several listings on the table over the years when a seller didn't seem interested in accepting my professional advice.

Good luck

[RV_]

Tom,

Are you going to be selling all your furniture anyway? Or moving to an apartment? Or moving into an RV? MY wife flipped houses very successfully because she staged them with nice interior decorations but not a lot of furniture. She sold her last one the week before the meltdown in 2008. She does Estate sales now and stages those with her partner, another lady designer. They also are called by most of the senior living places and the assisted living as well as memory care places because they stage the new rooms like the old and hang all the pics etc. Stage it. If you are living in it while selling then reduce by the things you are going to sell anyway. The biggest problems she has with the folks is that they always think they can cram the remains of a 4500 sq. ft. home into a 5-700 sq. ft. studio apt. I would bet all of us, if the truth were known, who moved from a house into an RV for the first time to full time did that too. That of course after taking Linda's (Nana) advice above about choosing your realtor.

[RV_]

It sounds like you are about where we were when we took off to find a yacht in an RV then decided to land yacht instead. Of course you make more than I do with my retirement and SS. Mid year we may be there with my wife's SS kicking in too. Make the best decision you can for you. I could have gone back to work at the time we went fulltime at 45 immediately on retirement at 27 years from the AF. But my last assignment I had to turn around a failed unit with 1/4 of my career field there and most of them working for me and I needed a break. I even left with a year's retainability, which would have meant an extra 2.5% for life. Not worth it. We'd been successful at several businesses so had all paid for cash, no notes. I don't know nor need to know your payoff etc. but if you can finagle say a $20-30K RV or RV and truck used then bank the rest, well that gives you all the options to either buy a second permanent RV, buy another house or Apt., or go rent. And if you decide to chuck it all and move back into whatever stix n brix, you can keep the RV for trips or sell it later.

 

I'm excited for you.

[Kirk W]

There is a fine line between disaster and opportunity. A great deal of the difference is in what we do in response to the situation. It is amazing what can be done when we seek the best things from what life has dealt us. If you are living in the house as it is being shown, keep some spiced apple instant drink mix and let some simmer on the stove for 10 minutes or so just before you leave each time as it makes the house smell like someone has been baking apple pie! American home buyers really do like apple pie homes. A realtor told us of that and twice it worked out very well for us. Every little thing can make a big difference. Also keep curb appeal in mind so that what the prospective buyer sees as he arrives at the house is very important. First impressions play a very major role in the buying experience.

[justRich]

As a former Realtor my advice is:

1 interview at least 4 Realtors

2 don't pick the "nicest", pick the one who is

a dead honest about the listing price.

b has the most experience in YOUR neighborhood

c is very serious about the condition of your home

d the best agent will have made an appt to inspect your

home, then come back at a later time with the listing

plan

Sleep on those interviews, then chose

Follow their advice to the T, if they tell you to paint the front door, then paint the door

I can tell you that a good Realtor will walk away from a listing that has issues with the price, uncooperative sellers etc.

I left several listings on the table over the years when a seller didn't seem interested in accepting my professional advice.

Good luck

Best advice ^ right there.

Another question to add is "how many homes have you sold in the last six months".

And "how many listings do you currently have".

I might also add, "are you networking with other realtors in the area" "for how long" and "how many".

"Nice" realtors can be real boys scouts, but the sharks make the sales.

[RV_]

Tom,

We went out fulltiming for seven years in 1997 when gas was ~$1 a gallon. We went with a paid for fiver and truck and made it fine on ~2k a month. Today that would be quite different with our two SS raises, but likely buy the same. My wife was not as happy with fulltiming as I was and she used the excuse, albeit valid, that her aging parents, the only ones left as mine were long gone, could use some help. That has only come to pass in the last year really, but it's all good.

 

RVing is not always the best solution if the problem is struggling to make ends meet. But you are already working on that bone to chew.

 

I look forward to reading your progress.

[I'mdonewiththis forum]

Well, we still haven't sold our house...... My wife has been "procrastinating", BUT, my neighbor is an agent so I discussed things with him. Long story short he brought a couple over last Friday. We aren't even close to showing the house, but the couple said "Don't worry about that" and they looked at it. My neighbor stopped over today and said they want to write an offer and he will have it tomorrow! Plus he said I would not have to replace any carpeting and not need to refinish the wood floor in the kitchen or fix anything else. He also said that since this is a For Sale by Owner but his agency is involved they would only charge 3% commission. I am real curious to see what they propose........

[theeyres]

If that works out you have the deal of a century. Best of luck. I have a friend that sold a house almost the same way. She was walking down the street in front of her house when a man asked her if she knew of any houses in the area for sale. She said hers was going to be but not yet listed and he bought it! So those deals do work.

 

I hope you do know the comps in your area. I would sure ask the realtor for them when he gives you their offer. Hopefully he will be totally honest with you about the deal. I have had the misfortune of working with some who would tell me anything to get the sale.

[I'mdonewiththis forum]

The agent is my neighbor and we have been talking about this sale for quite a while, plus last year I was thinking of doing a ReFi, but decided not to. We had an appraisal done then and it came in at about where we expected it to so my neighbor told the couple that looked at it the asking price was $10K above the appraisal. Now I am just waiting to see the offer.

[RV_]

You neighbor sounds like a "good neighbor" and may be a great good thing to have. If your RV is paid for you should do fine, and have the time to set up your next stage without being in a rush to find a place to stay and get committed. Take your time bud. And don't forget if it works out as well as it sounds, to take that good neighbor out for steal or lobster or both.

[I'mdonewiththis forum]

Well, the neighbor brought me the offer. The potential buyers offered $20K under what they were told is the asking price PLUS they want all appliances and I pay all closing costs. If they want all that they need to pony up another $10K. Even my neighbor (he is their rep in this deal) told me they were a "little low". So now I will tell him I will counter another $10K and see how it goes. Oh, and they want to close July 22 same day as their place closes......

My neighbor has been a fantastic source of info!

[Kirk W]

I'd counter with +$10k and they pay half of closing costs.

[I'mdonewiththis forum]

I'd counter with +$10k and they pay half of closing costs.

That's kind of what I was thinking. My wife still needs to review their offer too.

[Smitty77_7]

Did you say your neighbor is also representing the buying couple? Not always the best situation if that is the case...

 

The 'wanting to get it done' can sometimes prompt a decision that can cost you money. If the house was properly priced, then another way to play this is to counter maybe down $5K from the asking price, buyer to pay $XXK for appliances (Be fair on these, even discount them quite a bit, but don't just give them away.), and buyer to pay half of closing costs. But also, then toss in a three year home warranty, they're not expensive in the scheme of things, and amazing how that extra few years provides a 'safety net' sort of feeling for a buyer.

 

Best to you,

Smitty

[I'mdonewiththis forum]

Well, I just countered their offer. I upped their price and said they pay half the closing, which will be only about $2300. Far as a home warranty, yes, I am including one that I am paying for. I don't know how good it really is, but the real estate company has it (they are pretty large in the area). As long as the buyer is happy with it is all that matters. The potential buyer wants to have closing towards the end of July since that's when closing is on the house they are selling. I am guessing I will hear something soon. It looks like I am going to sell three riding mowers, two with snowblowers and one with a plow. Anybody need a mower or two?

[RV_]

Nope I have two riders one a zero turn as well as a Ford 34HP full size tractor with all the three point implements. Besides if you have a snow plow on them odds are you aren't close to me in NW Louisiana.

 

But I'm happy you're getting a deal so fast, and in the price range that gets you what you need.

[I'mdonewiththis forum]

Well, shucky darn, RV, You SURE you don't want a 40" 22HP snowblower??? You can ride on it!

 

It looks like we may have a deal. They countered my counter (that sounds weird) and long story short we are only $3K different in a deal that is just a little north of $200K. What this will do is get me and my wife 100% debt free! Now she is concerned about getting a place to call home. I keep telling her that "home" is out in the driveway and where ever it is parked is home, but I don't think she believes me........

[RV_]

If'n it kin waller in the mud an' has a rifle rack and I kin ride it well golly, I might consider it.

 

She'll come around. Deal sounds done!