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  1. #1
    Grandmaster rhino's Avatar

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    We Want to $BUY$ Your Property at . . .

    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!



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  2. #2
    Quantum Mechanic Mr Evilwrench's Avatar

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    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.
    Geeking out on ancestry; I've found one! I fumbled around Caius Assinius Quadratus and found an uncle or something that died in 56, at the age of 56. That gets me my BC cred, he was born in 1BC. Hey, what the heck, I'm 56. My Patricians back then usually well outlived that.

  3. #3
    Master dudley0's Avatar

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    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.

  4. #4
    Master edporch's Avatar

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    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.
    GCA, Life Member GOA, SAF, NRA & ISRPA

  5. #5
    Plinker

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    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.

  6. #6
    Master

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    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.

  7. #7
    Mickey Mantle Trigger Time's Avatar

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    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.
    Porkchop Sandwiches

  8. #8
    Shooter

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    Quote Originally Posted by dudley0 View Post
    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.

  9. #9
    I still care....Really
    churchmouse's Avatar

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    Quote Originally Posted by femurphy77 View Post
    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.
    If the brain were so simple we could understand it, we would be so simple we couldn’t

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  10. #10
    Expert marvin02's Avatar

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    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.


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