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Both can be useful. And no they won't always find something if nothing is wrong. And they would be liable if they missed something huge. It depends on the location. Where I live, many houses have massive foundation issues, because basements are not common and the ground can easily be shift and crack the foundation and the house. Sometimes these issues cannot be seen by normal people. No one in their right mind would buy a house in this market without paying someone to make sure the house is sound. Quote:
The work they do is not the same. Just like anything else, the more something is worth the more little extras are needed to get people to be interested. Someone selling million dollar plus mansions is going to treat everyone far differently than someone selling starter homes. Open houses are going to be totally different. The staging and presentation of your house will be totally different. The realtor's clientele will be totally different. It's the exact same thing as if you were going to buy a Bentley compared to walking into a Toyota dealership. Totally different experience in most ways. |
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If you can swing it, family/friends/friends of friends are easy potential customers. Free advertising. |
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Most (if not all) of your "that is their problem" notes could very, very quickly turn into your problem if they find an issue and you haven't covered your ass appropriately. It isn't like you are selling a used X box! |
A lot of the detail that @humfrz pointed out are usually required for the bank to loan the money to the buyer. So if you accept the offer it does become your problem.
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It is not how they do their work, it is the amount of time it takes. Does it take twice as long to sell a property worth twice as much? How many hours time does it take for an agent to sell a house? I have no idea. 10 hours? 20 hours? 50? I have only been told the commission from one agency. Their commission for a 1 million dollar sale is $30,975. For a 2 million dollar sale it is $57,975. I don't understand the justification for the huge difference in commission. Sure, that's the way it is, maybe has always been but I look at those numbers and it hurts my eyes. |
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Probably partially a flat fee + % since it doesn't exactly double but is really close. And similar to what US real estate agents would charge. |
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It took our poor broker almost a year to sell our last house. It was a low value home in a down market and just nobody was interested at all. She probably spent a couple of hundred hours showing it just have to cut her commission in half to get us to take a low offer. |
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This is all new to me. |
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It costs money to sit on a house. We lost around 35% by the time we sold out last house. It sold for <1% less than our purchase price. The losses weren't the agent fees... Though yes, that could have been only 30% loss... Market changes and the weird spot out house ended up for prospective buyers ("too small" despite also being lower price per square than other options) |
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so my sister and her husband finally bought a house. the previous owners were quite sloppy, and used the 2 car garage for trash collection. the day before closing, they moved the entire pile of garbage to the alley for the town to pick up. so after they closed, we all went over and looked at what it was they got themselves into. i mentioned that they needed to call the town to verify that they would need to schedule a special trash pickup for the massive pile of crap in the alley. my sister immediately said "i'm not doing anything, it's not our crap!" to which my dad and i both started laughing, and said, "you bought the whole house! it's your name on the paperwork! like it or not, it's now YOUR pile of crap!" |
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There is an old saying in real estate: "it's not a problem until it becomes a problem". (chew on that fer ah spell) You can write a real estate contract on the back of an envelop and have both parties sign it, on the hood of a car, at night, under a street light. When I worked for 10 years as a real estate broker, I was quite conservative and worked under a conservative company (Coldwell Banker). Having successfully completed hundreds of real estate deals, I never once wound up in court nor brought before the real estate commission. Only once did the manager/broker/owner have to "call me aside", and that was because I was acting a little too chummy with her cute little receptionist - :sigh: humfrz |
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That all depends upon the situation. I've listed and sold property within an hour and had it close in 10 days. Other properties have taken months. A word about real estate commissions (back in the day in Washington state). First off the commission is usually negotiable. The total commission is broken into two parts, the listing commission (which goes to the listing broker and their office) and the SOC (Selling Office Commission) which goes to the buyers agent and office. It is possible for one entity to get both commissions (by being a dual agent). The commission split doesn't have to be equal. Nor does the commission have to be a set percent of the sale price. For example the SOC could be 3% on the first $100,000 of sale price and a different percent of the sale price over $100,000. In other words, commissions can be all over the place. humfrz |
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