First ReHab Ready Tosell..need Some Advice On Agents And Mold
I just finished my first re-hab. It came out pretty nice I must say. Now I'm ready to sell it and need some advice. Should I use a full rate agent at 6% or try a help- u -sell type program at a lower rate? The house should be worth about $115K...I have about $90K into it mortgage and rehab. Also is was a HUD repo and had some mold in the room where the water heater had leaked onto some carpet. There was some plywood flooring (about a6'x6' area of mold)that we replaced as well as some drywall (about a 3x3 area of mold) was replaced. HUD listed it as Un-Insurable because of the mold so a buyer will have to get conventional financing to purchase it. That being said do you think a more experienced agent be helpful in selling the home?
Thanks in Advance for your support.
I always use an agent and factor it into my costs. This is the fastest way to sell a house and fast turnover is key for me. My experience is that help-u-sell types end up costing you more time and money.
Another thing to consider is whether you have the time to devote towards selling it yourself. Personally, I have far too many other areas in this business that require my time, so I use agents to sell the properties. Just because it may be cheaper on the front end of this deal to not use an agent, doesn't mean it will be cheaper in the long run, if it takes longer to sell it and takes away from your time in doing other things that will make you money.
Dave
Ok, I'm gonna take a quick stab at this. Seems to me, HUD inspected "As-Was", and if you got them to come back, presented them with a got a certified letter from a Mold remediation place that there wasn't any mold there, and the original reason for the mold had been removed, then the whole mold thing would be a non-issue, and would make it clear sailing again. Just a thought, and would take a few bucks, but might lower the insurance costs for the buyer, and be a good selling point... Has anybody done anything along these lines?
I have a great realtor I use all the time and would recommend. If you've got questions he's got answers.
Generally a realtor will help the uninitiated through the process. That said, "I never pay retail" (well, almost never) I wuold negotiate based on your local real estate market and how well houses are selling there. I might pay 6-8% if it sold in 30 days and then come down a point every 30 days. What I do here is get an "open" listing with several realtors at 3-3.5% each. THis means if I find a buyer I pay nothing to them. IF tehy find one then I pay them 3%, basically it is on the premise of produce and get paid or don't and you won't
[addsig]
Quote:
On 2004-06-25 10:25, Stockpro99 wrote:
Generally a realtor will help the uninitiated through the process. That said, "I never pay retail" (well, almost never) I wuold negotiate based on your local real estate market and how well houses are selling there. I might pay 6-8% if it sold in 30 days and then come down a point every 30 days. What I do here is get an "open" listing with several realtors at 3-3.5% each. THis means if I find a buyer I pay nothing to them. IF tehy find one then I pay them 3%, basically it is on the premise of produce and get paid or don't and you won't
Stockpro,
How do you go about getting an "open listing"? Do you just simply ask? Could anyone do this or do you have to have a solid relationship with an agent or agents to get something like this arranged?
Quote:
On 2004-06-25 08:59, jam200 wrote:
Ok, I'm gonna take a quick stab at this. Seems to me, HUD inspected "As-Was", and if you got them to come back, presented them with a got a certified letter from a Mold remediation place that there wasn't any mold there, and the original reason for the mold had been removed, then the whole mold thing would be a non-issue, and would make it clear sailing again. Just a thought, and would take a few bucks, but might lower the insurance costs for the buyer, and be a good selling point... Has anybody done anything along these lines?
jam200 I remember reading that recently as a matter of fact it was two days ago. If you bring a property back up to par and have sufficiently gotten rid of the mold or any other flaw for that matter, you should then be able to place it back up under HUD ins. "Buy it, Fix it, Sell It" This book is a must have for rehabbers. I refer back to it constantly as I progress through my first rehab that I am currently working on.
Shamund
Buy it Fix it Sell it is and awesome book!
I just contact the agents and tell them I have a house to sell and that I will only consider an open listing. I can do this with several agents at the same time.
With the fees at 6% here they only get 3% when they sell if they didn't list it anyway, at 3.5% is a deal for them
[addsig]
Hi StockPro
Does this open listing get it in the MLS? Do you handle all advertising and Open Houses if any?
Thanks,
No. open listings are not allowed in MLS