Dan the man
Well-Known Member
My brother in law's house sold the same day that it was listed and for more money
Real Estate agents
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We sold a family 4 plex last year ourselves after having 2 realtors look at it. We ended up selling it for more than any of their estimates especially once you consider commissions. The building was unique in layout and they weren't interested in testing the market to see what we could get even though they thought it was quite desirable. They tried to compare the property to other similar ones even though there wasn't anything. We had buyers knocking on the door wanting to buy even though there was no for sale sign. Our family lawyer made sure we were protected once an offer was received. If your property is similar to others in the area you pretty much know what you are going to get unless the market is going crazy up or down at that point in time. The agent doesn't ad a ton of value for a seller. The only buyers they had in their back pocket were investors who wanted to buy cheap.
Same for ours that we sold last year. We sold it for enough over the asking price to pay the realtor fee. Turned out great for us. I have bought and sold houses with and without realtors. A good realtor is worth the money, a schmuck not so much.
My wife, here in S E Tx is a R/E agent of 15 years. We are in a rural county with one traffic light ( for the school), but just an hour out of Houston. She handles mostly farm/ranch, small acreages usually with a home, and we have some long time commercial clients she reps as buyer/seller as well. NO home in the ity every cross our path! We are senior citizens, she has a BS in Ag degree and a lifetime experience in ranch mgr., cattle, timber.
R/E laws vary by state, some more strict than others. I see agents that are extremely capable, honest and the other extreme. In Texas, there is a TON of paperwork involved with all work. Especially in large acreages. Commercial sales are nuts in time, paperwork and crap.
A knowledge and honest agent is so important. Most all property (homes, acreages, ranches) is listed above market. Sometimes because the seller "just wants that price" or the agent tells the seller what is considered fair market value in their opinion, and suggests add on a little as everyone will make a counter offer. In the crazy cities, yes the trend of late is good property can get offers above list. The seller has the right to entertain all offers and decide what to accept in what time frame.
R/E laws vary by state, some more strict than others. I see agents that are extremely capable, honest and the other extreme. In Texas, there is a TON of paperwork involved with all work. Especially in large acreages. Commercial sales are nuts in time, paperwork and crap.
A knowledge and honest agent is so important. Most all property (homes, acreages, ranches) is listed above market. Sometimes because the seller "just wants that price" or the agent tells the seller what is considered fair market value in their opinion, and suggests add on a little as everyone will make a counter offer. In the crazy cities, yes the trend of late is good property can get offers above list. The seller has the right to entertain all offers and decide what to accept in what time frame.
oldmopardude
Well-Known Member
A good agent can spot the best contract. For the last two years the list price is not what the home is for sale for, it is where the minimum price starts, with sometimes 10 offers 25% above list price.
In this area, the average FSBO bombs 85% of the time, per figures from the Title companies I use. Not Good!
Also, Realtors only get paid after closing, and Lawyers charge by the Minute for assistance, wether it closes or not. And most Lawyers are not competent Real Estate lawyers, as The only Lawyers I dealt with in Real Estate had their real estate Licenses. Which by the way earns them more per year than Being a Lawyer(Lol)
As far as the first question, when a seller accepts an offer from a buyer, both Parties must agree to allow other showings per the contract, in writing.
I just accepted an offer on 21 october from a buyer agent, and I stipulated at that time the home would remain active in the MLS, was allowed to be shown, and backup offers were accepted. They agreed,,,,so the Inspections commenced. Towards the end of the time allowed(seven days)The buyer tried to play a game on repairs, so I Informed him I had another agent that had shown their client the house, for the third time, and were biting at the cuff hoping the first Buyer would walk.
So, I gave the first buyer agent the hard fact: You accept the house, or we walk. They had only hours left, and backed down accepting the property.
So in most cases good agents really earn their money, and Good companies almost always get a higher price than Private owners.
Ask any Appraiser, and he will tell you they will take realtor sales for comps all day long, but they avoid Fsbo's if at all possible, as they are considered unreliable.
In this area, the average FSBO bombs 85% of the time, per figures from the Title companies I use. Not Good!
Also, Realtors only get paid after closing, and Lawyers charge by the Minute for assistance, wether it closes or not. And most Lawyers are not competent Real Estate lawyers, as The only Lawyers I dealt with in Real Estate had their real estate Licenses. Which by the way earns them more per year than Being a Lawyer(Lol)
As far as the first question, when a seller accepts an offer from a buyer, both Parties must agree to allow other showings per the contract, in writing.
I just accepted an offer on 21 october from a buyer agent, and I stipulated at that time the home would remain active in the MLS, was allowed to be shown, and backup offers were accepted. They agreed,,,,so the Inspections commenced. Towards the end of the time allowed(seven days)The buyer tried to play a game on repairs, so I Informed him I had another agent that had shown their client the house, for the third time, and were biting at the cuff hoping the first Buyer would walk.
So, I gave the first buyer agent the hard fact: You accept the house, or we walk. They had only hours left, and backed down accepting the property.
So in most cases good agents really earn their money, and Good companies almost always get a higher price than Private owners.
Ask any Appraiser, and he will tell you they will take realtor sales for comps all day long, but they avoid Fsbo's if at all possible, as they are considered unreliable.
Dan the man
Well-Known Member
Wait till the bottom falls out of the market and it will, there is going to be a lot of sick people that are going to owe more money than their house is even worth.
Not sure if I mentioned, but the house we were interested in sold. Asking $350 and sold for $335.
Agents are salespeople, so there is good and bad.
When you buy/sell you need a Lawyer anyway, so skip the commissions and pay the extra $$ to have everything covered. You will still be $$ ahead AND none of the backdoor cheating bs that goes on. And it does.
House down the street about 4 houses has been for sale almost 6 months now...started at $700k, lowered to 6 and still crickets. Agents have $25M properties listed lol.
Agents are salespeople, so there is good and bad.
When you buy/sell you need a Lawyer anyway, so skip the commissions and pay the extra $$ to have everything covered. You will still be $$ ahead AND none of the backdoor cheating bs that goes on. And it does.
House down the street about 4 houses has been for sale almost 6 months now...started at $700k, lowered to 6 and still crickets. Agents have $25M properties listed lol.
mopowers
Well-Known Member
That's a great sign for us buyers. The past year or so around here, houses we've looked at have sold for as much as 10-15% above asking. And QUICK too - as in a week or two max. I definitely welcome this cool down in the market and would be ecstatic if it tanked.
Steve... what do you call someone that wears more makeup than a hooker?
For us, it all started about 8-9 years ago. VERY modest house with approx 15 acres listed for $300,(divorce).
We offered $340, sold for $367.
That's 23% over asking.
Our mtg came up for renewal(was 1st National) we knew we wouldnt sign with them EVER again. They dont do LOC's or loans. All 1st Nat do is re-fi's and mtg's. So we searched for a true bank that offered LOC'S and MTG.
Scotia initially wanted us to consolidate all debt and put into a new mtg.
I said NO, if they want our mtg it stays the same amount, same frequency (weekly). And we get a LOC.
They agreed.
Between us we have 3 boys and unfortunately I'm pretty confident saying they will never have a home in their own name without our help. I'm hoping the market tanks also while these people are locked into $750k @5%.
Avg home price in Peterborough is $800k....that's AVERAGE. Crooked agents, greed and fear mongering have all contributed to this **** storm.
I feel for you, good luck!
We offered $340, sold for $367.
That's 23% over asking.
Our mtg came up for renewal(was 1st National) we knew we wouldnt sign with them EVER again. They dont do LOC's or loans. All 1st Nat do is re-fi's and mtg's. So we searched for a true bank that offered LOC'S and MTG.
Scotia initially wanted us to consolidate all debt and put into a new mtg.
I said NO, if they want our mtg it stays the same amount, same frequency (weekly). And we get a LOC.
They agreed.
Between us we have 3 boys and unfortunately I'm pretty confident saying they will never have a home in their own name without our help. I'm hoping the market tanks also while these people are locked into $750k @5%.
Avg home price in Peterborough is $800k....that's AVERAGE. Crooked agents, greed and fear mongering have all contributed to this **** storm.
I feel for you, good luck!
No idea Wayne??
Old joke.. Who wears more makeup than a hooker? A real estate agent...
Steve, I have no ideabut in the U.S., NO need to pay a lawyer generally, to be involved with r/e home sales. Most always, a lawyer and accountant is involved in commercial sales/purchases.
As said in Real Estate, it is all about location.
As said in Real Estate, it is all about location.
Lol, I figured the answer was either the agent or the house lol
Each province i would imagine is different, like states. It's the BS smoke and mirror show that pisses me off.
Listing agent doesnt submit bids from competing agent as the listing agent wants to double dip on commissions. % from the sale, and % from the listing.
Broken and crooked system.
Most mortgages are amortized over 20-25 years, but they have a "term" length.(3yr fixed, 5yr fixed, 3 year variable, etc) The renewal date is when the term "expires ".
Lol Rob, 30 yr used to be available not sure if it is or not anymore. 15's are definitely available.No 15 or 30 yr mortgages in Canukenstein... IIRC
Having an attorney may be state specific in the US. Many states use title and escrow companies to perform transfer services.
Each province i would imagine is different, like states. It's the BS smoke and mirror show that pisses me off.
Listing agent doesnt submit bids from competing agent as the listing agent wants to double dip on commissions. % from the sale, and % from the listing.
Broken and crooked system.
Isn't the renewal subject to interest rate changes? The loan goes over say 20 years, but every 5 the rate may change. A series of short term loans bundled to make a longer duration. That was what someone told me years ago up there. May have been wrong.
Some agents are very good and others are down right crooks. Just depends on which side of the crook agent you are on. LOL
I always get fixed rate 15 or 20 year mortgages.
The term is 15 or 20 years.
I've never heard of a "renewal period" other than the term of the loan.
Changing a mortgage in the US is refinancing.
Funny that the entity you finance with can sell their end but if you want to change your end it costs...a LOT.
The term is 15 or 20 years.
I've never heard of a "renewal period" other than the term of the loan.
Changing a mortgage in the US is refinancing.
Funny that the entity you finance with can sell their end but if you want to change your end it costs...a LOT.
Yes, any mortgage I've negotiated is over a different % over different periods of time(1yr up to 10??maybe). I dont know the max length of time, but when that "time is up", you negotiate the term vs rate again. Bank of Canada determines the base % and banks go off that rate. Less than 2 years ago we were/are under 2%. I chkd the rates to see for buying the house across the street. Rates are now 5% and up!
If we bought the place before renos(needed full gut due to heavy smoker) we would have had to ask for $2500/month rent to break even. 2bdrm 1 bath wartimer with crawlspace lol.
Agree 1000% depending which "side" of agent your on.....just like bldg inspectors, make them your friend lol
If we bought the place before renos(needed full gut due to heavy smoker) we would have had to ask for $2500/month rent to break even. 2bdrm 1 bath wartimer with crawlspace lol.
Agree 1000% depending which "side" of agent your on.....just like bldg inspectors, make them your friend lol
Dan the man
Well-Known Member
The classic car market is next, a '66 mustang coupe for 40k. '71 340 duster 45k- 60k, that's nuts.
mopowers
Well-Known Member
The only question is - would you finally buy one then instead of just talking about it and bitchin about high prices?
Dan the man
Well-Known Member
I forgot, I'm not supposed to question or have a opinion about anything. Guess you would pay 70,000 for a 340 duster or dart.The only question is - would you finally buy one then instead of just talking about it and bitchin about high prices?
Steve welder
Well-Known Member
I can give you a real good deal on a very nice fully restored, 69 Sport Satellite 4 speed 383 convertible for less than that 71 Duster
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