Advice needed: Best way to sell a property?

UKDslayer

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  • Jan 29, 2005
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    I don't need to be hated on right now, just seeking solid advice on best way to get rid of real estate (yes, inherited) that is in less than optimal condition with consideration of pending market changes that may occur abruptly. Has anyone had luck with companies that flip ("We Buy Fugly Houses"), corporations that buy up property based on zip code or taxes vs. finding a good realtor that takes all options into consideration? Any particular corporations, situations or scenarios to avoid? Would your recommendation change based on desirability of location? I have called a few local seller's agents and so far have only had one respond back (still recent). Best tips on finding a good realtor? Monday morning quarterback hindsight experiences?

    Any help sincerely appreciated!
     

    hankpac

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    Well, if it is a neighborhood you don't dare go to to sell the property, use an agent. you can negotiate for the commission, and let them do all the hard work. There are plenty of investors looking to Gentrify and plenty of black Agents looking to upscale their own neighborhoods.
    if all that is wrong is the house is in sad shape in an otherwise good neighborhood, FSBO works. Get a good (not a zillow) estimate or apraisal, and go from there, Overprice it. Really people are paying full price to tear it down and rebuild.
     

    pineoak

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    Feb 15, 2017
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    Those "we buy ugly" are going to be 10-20% under market value. They have cash stores that are used to buy easy properties.

    Like... "I'll give you $2100 for that 2021 but scratched AI AX". Any decent realtor will get you a better price even with commission factored in.

    find a realtor with more than 10 years experience. Under 5 years, just find someone else.

    Market is hard with housing value falling paired with almost 7% interest rates.

    Larger companies like Berkshire Hathaway, 21st Century, etc are going to usually have more oversight as the larger corporation realty companies have policies they have to follow with some accountability.

    Joe Bob Realty whom is the owner... if he f*cks you, what are you going to do other than report him to the realty board and a bad review? If he did something unethical but not illegal, he wins.

    Know that Zillow, Redfin etc don't take into a ccount a lot of factors and could dramatically overprice or underprice your property.
     
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    Threadcutter308

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    Stay the hell away from "We Buy Fugly Houses" SHARKS". We get calls from them all the time. They want to pay 30 to 50% under market value. DO NOT EVER sign ANY papers with them, they'll tie your property up and bleed you to death, all legally.

    Zillow has become a joke, ignore them. Find a well regarded agent, ask for references and negotiate the seller's commission. The better agents will probably not move as much on the discount, but find a happy medium. The better agents will save you money in the long run.

    Also, talk to a tax accountant/attorney BEFORE listing/selling. You may be in for a real shock in terms of potential capital gains liabilities. Once it closes and you've taken possession of the funds, you're on the hook to uncle sugar.
     
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    MarshallDodge

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    Jul 19, 2007
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    My first house I sold to a friend. Paid a lawyer $200 to write up the contract and make sure everything was addressed properly.

    The last two I paid $100 for an MLS listing and gave the showing realtor their commissions, and they drew up all the paperwork. I did not accept people using FHA loans as they get more complicated.

    For a market price, I looked around at the various listings and used a number that I thought was fair. The market is still pretty hot so don't set your price too low. There are lots of people in the market that will buy a home that needs some work.
     
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    hollowoutadime

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    If you are buying in the area, the realtor may cut the commission from the std 6% to about 4 or 5 as he'll get the commission on your new buy. Mine has been that way. A good realtor will weed out the chaff (people not qualified, tire kickers). Realtors talk to one another (feel out) - I'd look for a good one.
     

    Maggot

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  • Jul 27, 2007
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    I havent tried selling but found some nice places on Trulia.

    Something Ive considered is owner finance. get 10-20% down and finance it for a bit below current bank loan, say 6%, with a 5 year balloon.

    Lets say the house is $200 K. You get $30 K down, a nice fat check for 60 months, then 85% of the balance of 170 K. Its tough to find an invetment that will pay 6 % with high security in this market.
     
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    Chevoke

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    Feb 13, 2017
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    I havent tried selling but found some nice places on Trulia.

    Something Ive considered is owner finance. get 10-20% down and finance it for a bit below current bank loan, say 6%, with a 5 year balloon.

    Lets say the house is $200 K. You get $30 K down, a nice fat check for 60 months, then 85% of the balance of 170 K. Its tough to find an invetment that will pay 6 % with high security in this market.
    And unlike a renter, if they miss a months payment, kick their ass out as the law is on your side (in Texas at least).
     
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    kenny1773

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    Jun 7, 2019
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    Find an agent with 20 years experience that YOU like

    I have bought and sold using good agents and had good experience the whole way around. I have also interviewed agents and been like ugh, next

    The decisions I had made on agents have been worth the money. Don't cheap out on them, motivate them to sell your house for more money or less time or both. When they know they got a payday, a good agent can manipulate a buyer

    You need to hire THAT agent.
     

    RedTimber

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    Jan 23, 2021
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    Stay the hell away from "We Buy Fugly Houses" SHARKS". We get calls from them all the time. They want to pay 30 to 50% under market value. DO NOT EVER sign ANY papers with them, they'll tie your property up and bleed you to death, all legally.

    Zillow has become a joke, ignore them. Find a well regarded agent, ask for references and negotiate the seller's commission. The better agents will probably not move as much on the discount, but find a happy medium. The better agents will save you money in the long run.

    Also, talk to a tax accountant/attorney BEFORE listing/selling. You may be in for a real shock in terms of potential capital gains liabilities. Once it closes and you've taken possession of the funds, you're on the hook to uncle sugar.
    *NOT ACTIONABLE TAX ADVICE*
    You should not have any tax obligations on the sale of your home involving capital gains as long as you have lived their "in legal residency" for 2 of the last 5 years. Yes, contact your tax CPA, attorneys overcharge and if the CPA doesn't know this rule, find a new one
     

    Threadcutter308

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    *NOT ACTIONABLE TAX ADVICE*
    You should not have any tax obligations on the sale of your home involving capital gains as long as you have lived their "in legal residency" for 2 of the last 5 years. Yes, contact your tax CPA, attorneys overcharge and if the CPA doesn't know this rule, find a new one
    That was my point...........
     

    BCP

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  • Dec 4, 2008
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    AZ: Land of wind, dirt and angry old people
    I don't need to be hated on right now, just seeking solid advice on best way to get rid of real estate (yes, inherited) that is in less than optimal condition with consideration of pending market changes that may occur abruptly. Has anyone had luck with companies that flip ("We Buy Fugly Houses"), corporations that buy up property based on zip code or taxes vs. finding a good realtor that takes all options into consideration? Any particular corporations, situations or scenarios to avoid? Would your recommendation change based on desirability of location? I have called a few local seller's agents and so far have only had one respond back (still recent). Best tips on finding a good realtor? Monday morning quarterback hindsight experiences?

    Any help sincerely appreciated!

    Where is it and what is it.

    Like, post the actual address or at least the street.
     

    Fig

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    Mar 15, 2018
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    I don't need to be hated on right now, just seeking solid advice on best way to get rid of real estate (yes, inherited) that is in less than optimal condition with consideration of pending market changes that may occur abruptly. Has anyone had luck with companies that flip ("We Buy Fugly Houses"), corporations that buy up property based on zip code or taxes vs. finding a good realtor that takes all options into consideration? Any particular corporations, situations or scenarios to avoid? Would your recommendation change based on desirability of location? I have called a few local seller's agents and so far have only had one respond back (still recent). Best tips on finding a good realtor? Monday morning quarterback hindsight experiences?

    Any help sincerely appreciated!
    No one exists to help you. Everyone is looking to steal your property for nothing. List it with an agent for what they think is a “buy it now” price. Nothing else will get you a higher return than a fiduciary working in your best interest.
     

    davsco

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    Jan 1, 2014
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    *NOT ACTIONABLE TAX ADVICE*
    You should not have any tax obligations on the sale of your home involving capital gains as long as you have lived their "in legal residency" for 2 of the last 5 years. Yes, contact your tax CPA, attorneys overcharge and if the CPA doesn't know this rule, find a new one
    the property's basis generally gets reset to market value at the time of the inheritance. so if you sell it in short order there shouldn't be any big capital gains. not sure when you inherited it.
     
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    Missalot

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    Jan 28, 2019
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    I used Zillow to sell my house. No charge from Zillow. I paid a 2% commish to the buyer's agent. I had to be available to show the property. If you can't meet buyers, you are pretty much stuck to using an agent.
     

    Doc68

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  • Feb 17, 2014
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    A "for sale" sign......

    Doc
     

    W54/XM-388

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  • Oct 1, 2005
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    Right now the real estate market is cooling rapidly, however the rapid cooling is most pronounced at the high priced end.
    If you are selling a property "As is" that needs a fair bit of work, it seems logical to assume the price you are asking will be on the low end of houses on the market.

    As such, you don't need much work to get it sold, and you don't need to go for any stupid rip off companies trying to low ball you.

    Get yourself a good realtor that knows their stuff and is motivated to make the sale and discuss with them pricing it competitively and you shouldn't have any problem getting it sold. Lots of individuals are happy to get a bargain on a house that they need to fix up.

    Your relator will probably be pretty happy to have a house they can move quickly and of course be interested in getting the most they can for it.

    Pay for a cleaning and removal company to clear out the house and clean it & then don't bother about paying any extra for any not immediately critical repairs. The lower the price, the more working class folks can afford to take out a loan for it & work on it in their spare time.

    Just make very sure you have a long list of disclosures that you disclose and they sign off on having received, as part of the sale paperwork, where you list anything wrong or possibly wrong or could be suspected to be wrong with the house, even if you think it might not actually have that problem.

    You actually don't need a realtor if you want to do a bunch of the work and know what you are doing, but if you aren't up for all that, there is nothing wrong with making a realtor do all the work for you, in exchange for their 6% to 3% depending on how they get it sold.
     
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    Hobo Hilton

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    Everyone hates lawyers..... I know, no need to go there right now....... Save those comments
    But, EVERYONE you are going to deal with in disposing of property is already going to have a "Real Estate Attorney" onboard.
    Find yourself an experienced real estate attorney who works with a reputable "Title Company"....
    It sounds to me like you have ZERO knowledge about the past history of the property. Selling a property without a title search will come back to bite you in the ass later......
    Get those two boxes checked and come back to give us an update.

    Hobo
     
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