Sunday, September 16, 2007

Don't be afraid to sell home alone

If you are here to RSVP for the blogger party/dinner, please go down to the previous article. :)

Funny thing, the online article is much more pro REIC than the "dead tree" article.

A quote: "Even better, in Grant's view, was the fact that he didn't have to pay a real estate broker's commission, which typically runs 5% to 6% of the sale price and is split between the buyer's agent and the seller's agent. Grant ended up saving $80,000 to $96,000."

"article"

What happens when more people realize how expensive it is to go through a realtor? That 6% commission is outrageous!

"Yet, even when home sellers do it themselves, there is no free lunch, the DiMassas learned. When they arranged to list their condo on the MLS, the DiMassas had to abide by an MLS rule that requires paying a commission to any agent who brings a buyer. In their case, they offered 2.5% of the sale price and ended up paying about $20,000."

Ok, if there is a buying agent, pay 2.5%. That's fair. If there isn't one, the buyer should demand a 2.5% discount.

This is going to take a long time. But if the LA times is publishing it, J6P already has heard a little about it.

Got popcorn?
Neil

3 comments:

Anonymous said...

I realize this might not be the right place to post this, and I do apologize if it is in the wrong area, but I would like to add this name to the Iron Auger Award, and why.

From Nightly Business Report, Sept 17, 2007

Alice Rivlin former Fed Governor.

What she said and why she is so deserving of the Iron Auger award.

Her quotes with added commentary-
"Sub prime lending has enabled about 12 million households, mostly lower income and minorities to buy homes"
(no the mortgages allowed 12 million households to get mortgages to get into homes, which means if these borrowers can‘t make the monthly mortgage payment, then the house goes to the bank.)

"most of these borrowers did not qualify for regular mortgages but at least 80% are making their payments and enjoying the benefits of home ownership."

(until the sub-prime and Alt-A reset.)

"Broad home ownership benefits the whole community"

(the whole community=lenders, Real estate agents, builders, furniture stores, as to whether it helped the neighborhoods depends on what kind of people moved into the homes, I.e. white trash)

"and lenders must be compensated for the risks of lending to less credit worthy borrowers but they should not be allowed to take advantage of unsophisticated borrowers by offering them low teaser rates and then locking them into higher rates with big pre payment penalties."
(Why not do this with credit card companies too?)
"Lenders should be required to make certain that borrowers understand terms and risks."
(Most buyers, coached on my real estate people, were told buy now or be priced out forever, real estate can only go up, you can always refi, think of the HELOC, flip this house, etc.)

"Hardly any predatory lending was done by banks which are reciduously (? Not sure of the word she used?) regulated and required to behave responsibly"
(didn't the banks sell the alt-A loans to the world's financial market? I guess that was behaving responsibly)
"but exceptionally low interest rates"
(and Whom pray tell lowered the interest rates to the lowest levels in decades, Mrs. Fed Reserve Governor?????)

"and seemingly endless increases in housing prices"
(And which Fed Chairman talked up the housing market as though he was a cheerleader for the NAR may I ask? )

"tempted other mortgage lenders operating under looser regulation into unscrupulous practices."

(The bad players were out there to begin with, only now with housing in meltdown are the fingers being pointed and the markets tanking.)

"We must have a consistent set of rules that apply to all mortgage lenders. These rules should allow compensation for risk but keep predators from preying on those least able to protect themselves."

(and will this be done against the credit card companies, which charge double digit rates, may I ask?)

Again I do apologize if this is the wrong place to post this, but I didn't want it to get posted in the wrong area of this very informative and helpful blog.

Got butter for all that popcorn?
:)

wannabuy said...

Perfect place...

I'll do more research post work (crazy day ahead).

Got popcorn?
Neil

new house said...

companies marketing mineral makeups and also get the best bargains in mineral makeup you can imagine,
find aout how to consolidate your students loans or just how to lower your actual rates.,
looking for breast enlargements? in Rochester,
homeopathy for eczema learn about it.,
Allergies, information about lipitor,
save big with great bargains in mineral makeup,

change edition interviewing motivational people preparing second
,

interviewing motivational people preparing second time
,

interviewing people motivational preparing for a second time
,

black mold exposure
,

black mold exposure symptoms
,

black mold symptoms of exposure
,

free job interview questions
,

free job interview answers
,

interview answers to get a job
,

lookfor hair styles for fine thin hair
,

search hair styles for fine thin hair
,

hair styles for fine thin hair
,

beach resort in the philippines
,

great beach resort in the philippines
,

luxury beach resort in the philippines
,
iron garden gates, here,
iron garden gates,
wrought iron garden gates
, here
,
wrought iron garden gates
,
You: The Owner's Manual: An Insider's Guide to the Body That Will Make You Healthier and Younger
,
answer from more much,
eat eating mindless more than think we we why
,
la times classified,
new york times classified


texturizer,
texturizers here,
black hair texturizer,
find aout how care curly hair,
find about how to care curly hair,
care curly hair,
lipitor rash,
lipitor reactions,
new house ventura california,
the house new houston tx,
new house washington dc,
new house washington dc,
new house ventura california,
the house new houston tx,
the house new houston tx, that you ar looking for,
new house ventura california, you need to buy,
new house washington dc,

hair surgery transplant
,

air filter allergy
,

refurbished dell laptop computers
,

hair surgery transplant
,

air filter allergy
,

refurbished dell laptop computers
,

hair surgery transplant
,

air filter allergy
,

refurbished dell laptop computers
,

chocolate esophagus heartburn study
,

chocolate esophagus heartburn study
be informed,

digestion healing healthy heartburn natural preventing way
,

digestion healing healthy heartburn natural preventing way
,


Allergies, lipitor rash,
alcohol rash,
lipitor and alcohol,
lipitor alcohol,

natural remedies to aid healing of esophagus
,

chicory heartburn
,

effectiveness of zocor vs. lipitor
,

chocolate esophagus
,
southwestern wrought iron yard gate,
exterior iron gates,
oriental wrought iron gates,
powder coated iron garden fencing,