Community Chat

[Kitlynn]

I love it when a plan comes together and how wonderful for you and them! When we sold our house it was a done deal in fourteen hours after going on the market. Three couples came to look at it and al three of them wanted it. It was shocking to us how fast it all happened!!

[Kachina624]

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@scatcat wrote:

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@Plaid Pants2 wrote:

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@scatcat wrote:

Congrats! Skip the realtor as you found the buyer. Why pay a commission? Have a lawyer do the work

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Skip paying a realtor, but pay for a lawyer instead?

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You're going to need a lawyer for the closing anyway. Let's just say the lot is $100k. At 6% commission that's $6k. A lawyer is no where near that price. So yes, pay a lawyer instead or draw up the contract yourself 

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Since you found the buyer, I'd just pay the realtor a reduced commission for doing the sales paperwork.  That's how I bought a house once.  I bought directly from the owner and paid a realtor 3% to do the paperwork.  I've never had a lawyer involved in a real estate sales transaction. 

[Kachina624]

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@BeccaLou wrote:

@Plaid Pants2I agree with scatcat1. You can save so much money doing the sale yourself. Have they been inside? And do you think they will want an inspection? Just put up $100.00 warranty, that covers everything, or do a as is sale. That is all that takes place by a realtor. I've sold by myself and saved so much money not giving a commission away.I'll Pray for you continued efforts.

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@BeccaLou  I don't think you need much of an inspection on a lot.  Read the OP's statement. 

[itiswhatitis]

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@Kachina624 wrote:

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@BeccaLou wrote:

@Plaid Pants2I agree with scatcat1. You can save so much money doing the sale yourself. Have they been inside? And do you think they will want an inspection? Just put up $100.00 warranty, that covers everything, or do a as is sale. That is all that takes place by a realtor. I've sold by myself and saved so much money not giving a commission away.I'll Pray for you continued efforts.

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@BeccaLou  I don't think you need much of an inspection on a lot.  Read the OP's statement. 

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@Kachina624, yeah testing should be done.  Who pays for it is another matter that can be worked out in the contract.  Soil samples for radon and other hazards and that kind of science is good to know for purchasing land especially if it will built upon.

[hckynut]

@pattypeep

Good for you. Meeting a nice dog and buyers at the same time? Can't beat that.

The only property we have is what we are living on right now. Never been into investing my money in anything, property or otherwise. Ain't willing to gamble with my hard earned  money, and regardless of what my fellow city dweller, Mr. Buffett has to say? I  will stick with the old "bird in the hand is worth more to me than a possible 2 in the bush".

Love it here and have no plans on selling.

hckynut(john)

[sandraskates]

If you have not yet signed with the listing agent and agreed to a commission yet, I would suggest negotiating that commission down to about 1/2 (2.5 - 3%).
You've saved the agent time  and money as they don't have to do multiple showings and they don't have to create any promotional items. You can frame the conversation in that manner.

I have done that in the past with a house I once owned, in a very similar scenario.

[mamaslittlepotatoe]

I hope you didn't sign up with a realtor yet although it sounds like you did. Like others said, you only the lawyer, not both.

[pattypeep]

@hckynut I will agree with your point; however, we bought it because it was an eyesore and ruined the neighborhood. It had been a rental for years and was let go to the point that we hated looking out our window. When it got listed, we jumped on it and tore the house down and cleaned up the lot.