House selling advice for closing costs

[Lame Duck]

FYI, home prices projected to drop nearly 6% in 2023.

[toldozer]

7 minutes ago, Lame Duck said:

FYI, home prices projected to drop nearly 6% in 2023.

Depends on where you live.  Now, in my opinion is a really good time to buy competition wise. Rates are down a bit but still not a lot of action. I was able to get two buyers under contract this past two weeks on the first property I showed them. They're both getting around 5.5% I think and can always refi if rates continue to drop

Edited February 2, 2023 by toldozer

[LinvilleGorge]

It's going to be interesting to watch real estate over the next few years. A lot of areas were highly overvalued and are taking a beating (SF bay area, Austin, Denver, etc). Beyond the immediate future it'll be interesting if more remote work opportunities lead to more dispersal of wealth. I mean, if you don't have to live in one of these areas of crushing cost of living and soul sucking crowds and traffic you can get a lot more bang for your buck by moving. I sold my 2000 square foot home on 3/4 of an acre in CO and moved back to western NC and bought a much nicer 3000 square foot home on 12 acres for roughly half of what I sold the CO home for.

[Lame Duck]

1 hour ago, LinvilleGorge said:

It's going to be interesting to watch real estate over the next few years. A lot of areas were highly overvalued and are taking a beating (SF bay area, Austin, Denver, etc). Beyond the immediate future it'll be interesting if more remote work opportunities lead to more dispersal of wealth. I mean, if you don't have to live in one of these areas of crushing cost of living and soul sucking crowds and traffic you can get a lot more bang for your buck by moving. I sold my 2000 square foot home on 3/4 of an acre in CO and moved back to western NC and bought a much nicer 3000 square foot home on 12 acres for roughly half of what I sold the CO home for.

I got a feeling some people will be underwater for few years.  The most important thing is not to panic.  The real estate will recover.

[LinvilleGorge]

8 minutes ago, Lame Duck said:

I got a feeling some people will be underwater for few years.  The most important thing is not to panic.  The real estate will recover.

Oh, there are a ton of people who bought during the pandemic in overheated areas that are currently underwater. 

[cardiackat88.]

Another update:

I left him a voicemail saying I was backing out of the sale, and I emailed his realty company directly.

This was so weird to me.....they did not put up ANY resistance and all but immediately send me documents to sign to back out of the house.

They had me on the hook for a large payout, and was representing the buyer.

What am I missing here? They didn't even try to salvage it, one bit.

[LinvilleGorge]

Who knows? I'm very aware that we're only getting one side of the story here.

Assuming everything you've said here is a fair representation they may have felt there was little chance of this sell closing and with you already showing signs of being dissatisfied and talking about firing them it was best to just cut bait and walk away not wasting anymore time and resources on this.

[cardiackat88.]

5 hours ago, LinvilleGorge said:

Who knows? I'm very aware that we're only getting one side of the story here.

Assuming everything you've said here is a fair representation they may have felt there was little chance of this sell closing and with you already showing signs of being dissatisfied and talking about firing them it was best to just cut bait and walk away not wasting anymore time and resources on this.

Yea, maybe so.

I have also wondered if the realtor would back out before I did. I was a complete asshole to him over the phone.

I didn’t mean to flip out on him but MAN did he push my buttons.

I asked him if the buyer or his company was pitching in with the $3k mold guy he did not help us find, and insisted that we get. (I was already pissed with him expressing concern for my family after the scumbags that came to my house and ALL he could ask was if I got a mold test, or not).

When I asked him that, he said “mold guy?” As if I was talking about an effing rocket ship on the roof.

I then asked him why he was suggesting to my wife to get car titles loans in order to contribute to the $15k closing costs and he says “I am trying to help her get the money”.

I lost it on him. I had already ran out of patience with him long ago.

Point is, I partly thought he might back out himself citing me as a raging physco.

[toldozer]

12 hours ago, LinvilleGorge said:

Who knows? I'm very aware that we're only getting one side of the story here.

Assuming everything you've said here is a fair representation they may have felt there was little chance of this sell closing and with you already showing signs of being dissatisfied and talking about firing them it was best to just cut bait and walk away not wasting anymore time and resources on this.

The contract and other paperwork did have several errors in it. I do think the guy was rather dumb.

13 hours ago, cardiackat88. said:

Another update:

I left him a voicemail saying I was backing out of the sale, and I emailed his realty company directly.

This was so weird to me.....they did not put up ANY resistance and all but immediately send me documents to sign to back out of the house.

They had me on the hook for a large payout, and was representing the buyer.

What am I missing here? They didn't even try to salvage it, one bit.

To be fair for what your house was selling for it wasn't a large payout and that's probably why they didn't fight it. Most agents close like 8 deals a year. Take the % they were going to get then account for the fact that he probably has to give his Brokerage a 20% cut and it's not that much money. Obviously the guy didn't earn one penny of it but I'm just saying. I'll find you a good agent if you want to try again on it. 

[GOAT]

man this gives me PTSD from my home sale. What a nightmare. If I could do it all again I would've used Open Door or Redfin and said yall figure it out and let me know what I get at the end.

glad you fired him, I hate real estate agents in general. no way you have to pay closing costs up front. Even if the buyer was asking you to cover closing costs and he was not making that clear, it would come out of proceeds. But yeah, we don't know how much you owe vs how much you're selling it for obviously.

[toldozer]

1 hour ago, GOAT said:

man this gives me PTSD from my home sale. What a nightmare. If I could do it all again I would've used Open Door or Redfin and said yall figure it out and let me know what I get at the end.

glad you fired him, I hate real estate agents in general. no way you have to pay closing costs up front. Even if the buyer was asking you to cover closing costs and he was not making that clear, it would come out of proceeds. But yeah, we don't know how much you owe vs how much you're selling it for obviously.

Rude.... orchard would be my pick in terms of those opendoor types.  I'd work for them but I don't want a strict schedule

[GOAT]

15 minutes ago, toldozer said:

Rude.... orchard would be my pick in terms of those opendoor types.  I'd work for them but I don't want a strict schedule

haha there's some good agents out there for sure but my God I've never seen someone get such large commissions for such little work. 

[cardiackat88.]

4 hours ago, GOAT said:

haha there's some good agents out there for sure but my God I've never seen someone get such large commissions for such little work. 

That’s pretty much what was about to happen here.

I swear this dude did NOTHING. He would call my wife and say something needed to be done and she would start working on it.

I had to explain to her multiples times that HE works for US.

[toldozer]

5 hours ago, GOAT said:

haha there's some good agents out there for sure but my God I've never seen someone get such large commissions for such little work. 

Depends on the client. I've been working with 2 sets of clients on a 200k budget for 6-8 months one of which is looking at properties 45 minutes from where I live. Then i had 2 clients I got under contract immediately  the last two weeks. That said it evens out to pretty good income and I (in my opinion lol) bring my clients a lot of value