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  • rhino

    Grandmaster
    Rating - 100%
    24   0   0
    Mar 18, 2008
    30,906
    113
    Indiana
    I'm going to be selling half of a duplex for my mother in the immediate future. For the last few years since I've been handling my parents' affairs, we've received dozens of postcards and letters from people asking to purchase the property. It seems like it would be very simple and quick, but when something sounds too good to be true . . .

    Has anyone every worked with one of these people before?
    Is there anything in particular about which I need to wary?
    Is it a better idea to just take the conventional approach and go through a realtor?

    Thanks!
     

    Mr Evilwrench

    Quantum Mechanic
    Emeritus
    Rating - 0%
    0   0   0
    Aug 18, 2011
    11,560
    63
    Carmel
    Go through a realtor. Yes, they want 7%, but they do the work. The cards you get are from those no money down people looking for "motivated sellers" that will accept a discount price to get out of a property, then they flip them for profit. If you're not in a big hurry, just toss them.
     

    dudley0

    Nobody Important
    Rating - 100%
    99   0   0
    Mar 19, 2010
    3,725
    113
    Grant County
    I know nothing about the property but I will give you a better deal than the postcard crowd.

    Let's see... It is half of a duplex so that means it is half the value. You don't have a financial interest in the place so there is another half the value. It is your mother's place so you are going to be sentimental about it, thus another half value removed.

    I will give you $350 and cover all incurred costs after a clean bill of health on the property.

    .... or find a good realtor and let them handle it. People don't want to pay 7% for the sell of a house but they will pay 15% to the waitress for a meal.
     

    edporch

    Master
    Site Supporter
    Rating - 100%
    25   0   0
    Oct 19, 2010
    4,664
    149
    Indianapolis
    Yes, go through a Realtor.
    But depending on where you are, you can likely find a good full service Realtor that won't charge you 7% commission.
    YET will still pay the FULL going rate to the Buyer's agent.

    By doing this, you the Seller save money, yet your property will be just as attractive to potential Buyer's agents to show to their clients because the Buyer's agent still gets full commission at their end.
     

    Nevermore

    Marksman
    Rating - 0%
    0   0   0
    Feb 27, 2018
    174
    28
    Somewhere
    Having worked in that industry, I can say that you will almost certainly get a higher price by going through a realtor than you will with the postcard people. They are looking for landlords who are sick of their rentals and want to get out from under the debt/obligation/legal issues etc. The sad truth is that with the realtor you're really paying 7% for the access to their MLS more than the value of the individual you hire. By all means take the time to find someone who is competent, but understand that with the advent of the internet realtors have become far less useful than they once were.

    You can also try to FSBO of course and save yourself the commission, but you're going to be waiting longer. That said, there are websites that list for sale by owner properties, like this one that charge you a yearly fee for listing the property. Landlords looking for another property may be a bit more savvy and may find your listing. Of course, then you're on the hook for coming up with the contracts and such to sell the property since there's no realtor with the premade stuff waiting in the wings.
     

    maxwelhse

    Grandmaster
    Rating - 0%
    0   0   0
    Aug 21, 2018
    5,415
    149
    Michiana
    I'll be the 5th or so guy to dog pile on to tell you to get a realtor. I sold my house in 12 hours as my realtor already had a couple in his back pocket that was looking for exactly what I was selling, and the market was raging hot. I also got about $30k more for it than I ever dreamed it would be worth. The post card guys only have on client; themselves, and they're not looking to pay top dollar. Also, FWIW, customary rates are 3% (each, so 3% buyer, 3% seller, so 6% total). I don't think I'd cough up another 1% (which could be a few grand) unless you really have to.
     

    Trigger Time

    Air guitar master
    Rating - 98.6%
    204   3   0
    Aug 26, 2011
    40,112
    113
    SOUTH of Zombie city
    In this housing market its a sellers paradise. By not offering your property to multiple buyers to fight over and make competitive offers you are selling yourself way short.
    Like an auction almost.
    Deffinately hire a good established realtor that will work hard for you.
     

    femurphy77

    Grandmaster
    Rating - 100%
    30   0   0
    Mar 5, 2009
    20,268
    113
    S.E. of disorder
    I know nothing about the property but I will give you a better deal than the postcard crowd.

    Let's see... It is half of a duplex so that means it is half the value. You don't have a financial interest in the place so there is another half the value. It is your mother's place so you are going to be sentimental about it, thus another half value removed.

    I will give you $350 and cover all incurred costs after a clean bill of health on the property.

    .... or find a good realtor and let them handle it. People don't want to pay 7% for the sell of a house but they will pay 15% to the waitress for a meal.

    Well there is a HUGE difference between $21,000 and $8. And (donning flame suit) that waitress probably works a helluva lot harder than that realtor.
     

    churchmouse

    I still care....Really
    Emeritus
    Rating - 100%
    187   0   0
    Dec 7, 2011
    191,809
    152
    Speedway area
    Well there is a HUGE difference between $21,000 and $8. And (donning flame suit) that waitress probably works a helluva lot harder than that realtor.

    The spouse was in the mortgage business as a loan officer for some 15+ years. Realtors were not her favorite people not unlike car salesman. There were a few she could work smoothly with but most have their own circle of influence. If you are not part of this circle it can be a rough ride.

    But in what the rhino is doing yes you need one. There are good bad and better ones to be found out there.
     

    marvin02

    Don't Panic
    Site Supporter
    Rating - 100%
    56   0   0
    Jun 20, 2019
    5,214
    77
    Calumet Twp.
    I would also recommend getting an independent property inspection and appraisal. Have the inspector look at it from the point of view of a buyer.
     

    rhino

    Grandmaster
    Rating - 100%
    24   0   0
    Mar 18, 2008
    30,906
    113
    Indiana
    Thank you all for the excellent advice!

    I was thinking of calling a few of them and if they were willing to pay the state-assessed value in cash, I'd take it. :cool:

    The upside of this situation is that the property is fully paid (except for the annual government extortion) and the tenant has taken really good care of the place. In fact, she has improved it over what it was when she arrived. I asked her first if she wanted to buy it because I would prefer for her to be able to continue there, but she isn't able to do so.

    The downside is that I know very little about the history of the property. I'm sure my mom kept records of everything, but there is no way those will ever be found. So I don't know how much they paid for it. Is that something the state would keep in their records?

    Any recommendations on a realtor? Will realtors handle the acquiring all of the records/deed and a proper appraisal?
     

    citizenkane

    Sharpshooter
    Rating - 100%
    39   0   0
    Apr 11, 2009
    704
    28
    I get these all the time. Now I get texts and calls as well.

    They are not going to pay you what the property is worth. They are looking to make money. They can’t make money paying you what it’s worth. They will make you a low offer and hope you are desperate.

    Closest thing I can compare them to would be door sharks at the gun show. They hang around the door looking to get a steal on something.
     

    femurphy77

    Grandmaster
    Rating - 100%
    30   0   0
    Mar 5, 2009
    20,268
    113
    S.E. of disorder
    The spouse was in the mortgage business as a loan officer for some 15+ years. Realtors were not her favorite people not unlike car salesman. There were a few she could work smoothly with but most have their own circle of influence. If you are not part of this circle it can be a rough ride.

    But in what the rhino is doing yes you need one. There are good bad and better ones to be found out there.

    Agree 100% We bought our current domicile FSBO but I contacted a realtor lady I had dealt with several times for advice. I offered to pay her but she refused to take any money from me. Great lady!
     

    AllenM

    Diamond Collision Inc. Avon.
    Industry Partner
    Rating - 100%
    132   0   0
    Apr 20, 2008
    10,387
    113
    Avon
    I have just bought a house and am getting ready to sell my old one. I am using a realtor I meet on INGO. Has been working very hard for me and I would not hesitate to refer him to you if you want.
     

    Nevermore

    Marksman
    Rating - 0%
    0   0   0
    Feb 27, 2018
    174
    28
    Somewhere
    Thank you all for the excellent advice!

    I was thinking of calling a few of them and if they were willing to pay the state-assessed value in cash, I'd take it. :cool:

    The upside of this situation is that the property is fully paid (except for the annual government extortion) and the tenant has taken really good care of the place. In fact, she has improved it over what it was when she arrived. I asked her first if she wanted to buy it because I would prefer for her to be able to continue there, but she isn't able to do so.

    The downside is that I know very little about the history of the property. I'm sure my mom kept records of everything, but there is no way those will ever be found. So I don't know how much they paid for it. Is that something the state would keep in their records?

    Any recommendations on a realtor? Will realtors handle the acquiring all of the records/deed and a proper appraisal?

    Potentially. Look up "County the property is in" Indiana GIS. Generally speaking the local county GIS will have information concerning the property (Taxes paid over the years etc) including potentially what was last paid for the property when it was sold. Not guaranteed since those services don't always go back far enough, but its worth a shot and wouldn't take very long.

    Technically that information is contained all the way back to whenever the land was divided out back in the 1800's, but you'd have to look through the county records like a title company clerk does in order to find that.

    Also, if you have the luxury of time and money to do it some fresh carpet and a coat of paint on the house can do wonders for the value of the property, assuming that that hasn't seen many updates over the years.
     

    dudley0

    Nobody Important
    Rating - 100%
    99   0   0
    Mar 19, 2010
    3,725
    113
    Grant County
    Well there is a HUGE difference between $21,000 and $8. And (donning flame suit) that waitress probably works a helluva lot harder than that realtor.

    In today's world of the internet maybe the realtor doesn't work as much. But 20 years ago we were looking for a new house. Wife called and left messages as a lot of places. One guy called back. I have used him since then on a whole lot of properties.

    It isn't about the amount, it is about the percentage. He gives me a discount because... well I use him a lot. I have bought and sold places that got put in the MLS that day. A good realtor can make it all easier. I have bought a couple FSBO places and still have him do the paperwork.

    On a related note, spouse and I went to IHOP in Marion this morning. The waitress was very good. She didn't bring the food to us, but she kept asking if we needed anything. We tipped her well, and were happy with the transaction.

    I know other realtors that just rely on the MLS to bring in the buyers. They make money for less work. But when I ask them about trends in our area they have no clue. Unfortunately there are a lot of newer realtors that just jumped into a good market and didn't have to push hard to make things work. Good for them... until the market goes flat again.

    No flame suit needed from me. I pay for what I get. If a waitress doesn't do what is expected she is paid accordingly, same with a realtor.
     

    maxwelhse

    Grandmaster
    Rating - 0%
    0   0   0
    Aug 21, 2018
    5,415
    149
    Michiana
    Thank you all for the excellent advice!

    I was thinking of calling a few of them and if they were willing to pay the state-assessed value in cash, I'd take it. :cool:

    The upside of this situation is that the property is fully paid (except for the annual government extortion) and the tenant has taken really good care of the place. In fact, she has improved it over what it was when she arrived. I asked her first if she wanted to buy it because I would prefer for her to be able to continue there, but she isn't able to do so.

    The downside is that I know very little about the history of the property. I'm sure my mom kept records of everything, but there is no way those will ever be found. So I don't know how much they paid for it. Is that something the state would keep in their records?

    Any recommendations on a realtor? Will realtors handle the acquiring all of the records/deed and a proper appraisal?

    Just to put it out there, if she's been a good tenant, and can pay the rent, it's entirely possible for you to sell it to her yourself on contract and make the 6% interest yourself. There's a guy on here that may have, once or twice in passing, mentioned that he is an attorney... He may be able to advise you about such an arrangement.

    I'm also curious how you sell 1/2 a duplex...
     

    2Lucky

    Marksman
    Rating - 100%
    1   0   0
    Nov 29, 2018
    227
    18
    Notre Dame
    They are investors. Not bad people but they will offer you 1/2 of assessed value at best. I know because I use to buy houses......
     

    rhino

    Grandmaster
    Rating - 100%
    24   0   0
    Mar 18, 2008
    30,906
    113
    Indiana
    I have one question, how do you sell 1/2 of a duplex?

    Just to put it out there, if she's been a good tenant, and can pay the rent, it's entirely possible for you to sell it to her yourself on contract and make the 6% interest yourself. There's a guy on here that may have, once or twice in passing, mentioned that he is an attorney... He may be able to advise you about such an arrangement.

    I'm also curious how you sell 1/2 a duplex...

    Someone else owns the other residence that is the other half of the duplex.
     
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