Originally posted by: KK
Originally posted by: Krazy4Real
There is always a certain % of commission that is split between the buying and selling agent. Since he didn't have a selling agent he got to keep that portion.
why would he have to pay an agent though, he's not using one? the buyer should be the one paying.
Originally posted by: richardycc
you took the $12k off, so you ended up taking the same amount of money, on top of that you had to pay the buyer's agent??? you could've used an agent and had him do all the work for you for more money, and why didn't you? if thats not stupid, I dont know what is.
Originally posted by: smack Down
Originally posted by: richardycc
you took the $12k off, so you ended up taking the same amount of money, on top of that you had to pay the buyer's agent??? you could've used an agent and had him do all the work for you for more money, and why didn't you? if thats not stupid, I dont know what is.
Your assuming that he would have gotten more money with the agent. Nothing supports that claim.
Originally posted by: richardycc
Originally posted by: smack Down
Originally posted by: richardycc
you took the $12k off, so you ended up taking the same amount of money, on top of that you had to pay the buyer's agent??? you could've used an agent and had him do all the work for you for more money, and why didn't you? if thats not stupid, I dont know what is.
Your assuming that he would have gotten more money with the agent. Nothing supports that claim.
no, learn how to read, he took $12k off, which would have been the commission if he hired a Realtor, and he is paying an extra 2% for the buyer's agent, so he is essentially paying the buyer the Realtors' commissions to buy his home, and an extra 2%, not to mention another $200-$500 to get on the MLS, and he is very proud of his accompishment...:roll:
Originally posted by: Greenman
I think it's really odd that no one wonders why you would sell your house to go to school. Unless you're going to make a pretty huge salary when your done, it just doesn't seem to add up.
Many here seem to have no clue how things work though...
Originally posted by: alkemyst
Originally posted by: Greenman
I think it's really odd that no one wonders why you would sell your house to go to school. Unless you're going to make a pretty huge salary when your done, it just doesn't seem to add up.
More than likely he didn't own the home free and clear. He is merely reacquiring his equity to use as a springboard to a degree.
It doesn't really take a HUGE salary to make a substantial life improvement.
Many here seem to have no clue how things work though...
Originally posted by: jiggahertz
If you took the money you would have paid the agent and dropped the price by that amount, then you're pretty much doing their work for free. Would have been smarter to drop it by maybe half of their commission. Otherwise, what's the point? The buyer gets the money instead of the Realtor.
Originally posted by: NoMoMoney
I'm amazed. I had to sell my house to go to grad school this fall. I talked to several Realtors (4) and was unimpressed with them all. 2 were owners of their offices for big name franchises.
I decided to list myself paying someone to put me on MLS. I took the 12K that I was saving by not paying commission to a listing agent and dropped my price by it. Had 2 written offers and a third verbal one the first week. Accepted one on Friday and have the inspection this week.
I still had to pay the buyer's agent 2% and about 1K in listing and legal fees from my side of things. 7 days, not bad, probably means I could of asked for more $! Oh well, quick sale and a closing day that I wanted.
I'm in Boston area, so the market is doing OK. Not good, but I don't think bad. Average house is on the market for 60 days or so.
Originally posted by: Greenman
Originally posted by: alkemyst
Originally posted by: Greenman
I think it's really odd that no one wonders why you would sell your house to go to school. Unless you're going to make a pretty huge salary when your done, it just doesn't seem to add up.
More than likely he didn't own the home free and clear. He is merely reacquiring his equity to use as a springboard to a degree.
It doesn't really take a HUGE salary to make a substantial life improvement.
Many here seem to have no clue how things work though...
I know pretty well how things work. Selling your home for an education might make sense, but if he has equity, it might also make a lot of sense to leverage that equity and produce an income flow from it. Right of the bat he gave away 12k, and lost his mortgage interest deduction as well.
Obviously I don't know the OP's situation, but you don't either, so how is your speculation any better than mine?
Originally posted by: alkemyst
Originally posted by: Greenman
Originally posted by: alkemyst
Originally posted by: Greenman
I think it's really odd that no one wonders why you would sell your house to go to school. Unless you're going to make a pretty huge salary when your done, it just doesn't seem to add up.
More than likely he didn't own the home free and clear. He is merely reacquiring his equity to use as a springboard to a degree.
It doesn't really take a HUGE salary to make a substantial life improvement.
Many here seem to have no clue how things work though...
I know pretty well how things work. Selling your home for an education might make sense, but if he has equity, it might also make a lot of sense to leverage that equity and produce an income flow from it. Right of the bat he gave away 12k, and lost his mortgage interest deduction as well.
Obviously I don't know the OP's situation, but you don't either, so how is your speculation any better than mine?
If you are going to school full time chances are the interest deduction is not going to matter. Going to grad school is usually a full-time proposition. Also it's fairly expensive. Using the equity to start over fresh IMHO is pretty smart.
Being a landlord is also going to be a difficult deal if one is planning on going back to school unless you have already a lot of experience in it. Either way though your tenants calling at 2am because a water heater burst and you having a final exam that morning is a no win situation.
To the other poster: I don't know what elitist has to do with it...it's pretty clear when you have people that have not even lived on their own, and many more not ever owning a home commenting here.
It's like many threads though, people feel the need to post even though they have no idea about the situation other than what they think is the right answer.
He pulls his own teeth too to save on dentistry costs. Who needs professionals of any sort? :laugh:Originally posted by: JulesMaximus
Originally posted by: NoMoMoney
I'm amazed. I had to sell my house to go to grad school this fall. I talked to several Realtors (4) and was unimpressed with them all. 2 were owners of their offices for big name franchises.
I decided to list myself paying someone to put me on MLS. I took the 12K that I was saving by not paying commission to a listing agent and dropped my price by it. Had 2 written offers and a third verbal one the first week. Accepted one on Friday and have the inspection this week.
I still had to pay the buyer's agent 2% and about 1K in listing and legal fees from my side of things. 7 days, not bad, probably means I could of asked for more $! Oh well, quick sale and a closing day that I wanted.
I'm in Boston area, so the market is doing OK. Not good, but I don't think bad. Average house is on the market for 60 days or so.
If you dropped the price by the amount you would have paid a listing agent then what was the point? You did all the work and saved no money. Congrats! Oh, and you probably sold your house for less than it was worth. Congrats again.
Originally posted by: smack Down
Originally posted by: jadinolf
My hat is off to you.There are homes in my neighborhood that have been on the market for well over a year.
The only reason a home takes a long time to sale is that the price is to high or the house is different, like a light house or something.
Originally posted by: jiggahertz
If you took the money you would have paid the agent and dropped the price by that amount, then you're pretty much doing their work for free. Would have been smarter to drop it by maybe half of their commission. Otherwise, what's the point? The buyer gets the money instead of the Realtor.
Originally posted by: richardycc
you took the $12k off, so you ended up taking the same amount of money, on top of that you had to pay the buyer's agent??? you could've used an agent and had him do all the work for you for more money, and why didn't you? if thats not stupid, I dont know what is.
Originally posted by: SampSon
Why did you drop the price that much? You could have dropped it less and still made the sale.
Originally posted by: Rogodin2
I'm curious. How did you acqure your home?
Rogo
Originally posted by: Greenman
I think it's really odd that no one wonders why you would sell your house to go to school. Unless you're going to make a pretty huge salary when your done, it just doesn't seem to add up.