Any realtors here.....need advice selling a house [Archive] - Glock Talk

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wrx04
10-24-2012, 17:47
Im currently in negotiations for a job out of state. If the deal works out, i will be putting in my two weeks before friday. Add to that, my wife is pregnant (9 weeks) with our first child. If this happens, our house will go up for sale ASAP, but i need to figure out the best way to go about it.

Is it typically better to sell a house that is still furnished? My wife could stay in Louisville for a month or two by herself, but im not too thrilled with that idea. The other option is just move all our stuff out of the house, and have it totally empty for the showings. Staging it is the third option.

What will make it sell the quickest? I live in a desirable neighborhood and houses usually sell fairly quickly if that matters. I will talk to my agent, but i wanted to get some opinions before i do that.

GreenDrake
10-24-2012, 17:50
Selling it furnished may not work, but put it in the property description as an option, that way it can be a part of the negotiation. Every market is different but I have found that you cannot chase the market with price reductions, you have to know who your competition is and price your home just ahead of the comps on market. That helps you in the pecking order. Be realistic, detach from emotional equity and price it to move. Hoping you get more only leads to frustration. I pass on a lot of listings because I don't price it where the seller wants it, I don't need any frustration. I give them a range they can expect based on recent sales and active comps and go from there.

wrx04
10-24-2012, 18:04
Selling it furnished may not work, but put it in the property description as an option, that way it can be a part of the negotiation. Every market is different but I have found that you cannot chase the market with price reductions, you have to know who your competition is and price your home just ahead of the comps on market. That helps you in the pecking order. Be realistic, detach from emotional equity and price it to move. Hoping you get more only leads to frustration. I pass on a lot of listings because I don't price it where the seller wants it, I don't need any frustration. I give them a range they can expect based on recent sales and active comps and go from there.

Thanks. I plan on pricing it aggressively. I dont want to take a bath on it, but i will list it at a very fair price to move it quickly.

KYJoe
10-24-2012, 18:16
If I see an empty house, I am low balling the hell out of it in this mkt.

wrx04
10-24-2012, 19:02
If I see an empty house, I am low balling the hell out of it in this mkt.

Hmmm.....thats a great point.

DaneA
10-24-2012, 20:16
Consider putting it with the real estate agency for lease. Most agencies I have known have a rental/leasing agent or two.

wrx04
10-24-2012, 20:19
Consider putting it with the real estate agency for lease. Most agencies I have known have a rental/leasing agent or two.

That seems like a huge PIA though. If its not rented you have two mortgages. I dont want to deal with that.

DaneA
10-24-2012, 20:25
That seems like a huge PIA though. If its not rented you have two mortgages. I dont want to deal with that.

I don't know that it would be that much of a PIA given that you are paying the agency to deal with all of the problems. It would get you out from under the payment quicker than selling in this economy.

wrx04
10-24-2012, 20:38
I don't know that it would be that much of a PIA given that you are paying the agency to deal with all of the problems. It would get you out from under the payment quicker than selling in this economy.

How does it work? You pay xxx dollars per month and the agency worries about finding renters? What if they cant find anyone?

DaneA
10-24-2012, 20:43
How does it work? You pay xxx dollars per month and the agency worries about finding renters? What if they cant find anyone?

They get a percentage and yes they worry about finding renters, repairs, etc.

jpa
10-24-2012, 22:44
They get a percentage and yes they worry about finding renters, repairs, etc.

You're still on the hook to pay for everything though. Generally they want to keep a holding account to pay for minor repairs (usually under $250) and they call you for more money if there's a big repair that needs to be done. They can deposit the money in a local bank or transfer it electronically. Most management companies seem to charge around 6-10% of the monthly rent but the lower percentages charge more fees for "additional" services. They also list the property on the MLS as a rental and pay a commission to the realtor who brings in a renter. You pay this too.

Dr. Leaky
10-25-2012, 08:32
(Disclosure: Not a realtor but know to play one on the internet)
We just sold/bought. The buyers actually asked what we were willing to leave and ended up buying most of our furniture (all we were willing to sell). That said, the above reference to low-balling an empty house is right on. It shows desperation in that buyers assume you have had to move on and are being forced to sell. By all means clear out as much as you can to the garage to make the place look bigger and make sure buyers know that you are willing to sell the furnishings. Consider a moving/estate-type everything goes kind of sale of whatever you aren't going to want in your new home.

GlocknSpiehl
10-25-2012, 11:14
Interview several realtors. Find out who is selling the most houses in your neighborhood. Don't sign a contract with the listing agent for more than 60 days. Spruce up the house and make sure the closets are mostly empty so they look bigger.

Stage the house yourself, there are many websites with how-to info: http://www.investopedia.com/articles/mortgages-real-estate/08/staging-home.asp#axzz2AKdn3tyS

Batesmotel
10-25-2012, 11:58
Realtor in Salt Lake.

Furnished VS unfurnished depends on your market. In Utah selling furnished is extremely rare. In some upscale east coast markets it is more common. Generally the less in the house the better it shows. They want to imagine their stuff in the house, not yours. We usually stage a house only if it hasn't sold fast.

BTW I wouldn't take the listing if you were only going to give me 60 days. It can take 60 days just to get from offer, due diligence (inspections etc) financing, underwriting, closing and recording to possession. If 20-30 people see a house in 45 days and it hasn't sold, it's the price.

GreenDrake
10-25-2012, 16:14
60 days when the avg DOM is 130 for most markets around here? Not a chance. In fact I also add a 60 day extension after expiration to protect myself from side deals. It happens a lot and most only learn after they get burned. I got mine on my very first listing years ago, painful and costly lesson.

DaneA
10-25-2012, 20:10
You're still on the hook to pay for everything though. Generally they want to keep a holding account to pay for minor repairs (usually under $250) and they call you for more money if there's a big repair that needs to be done. They can deposit the money in a local bank or transfer it electronically. Most management companies seem to charge around 6-10% of the monthly rent but the lower percentages charge more fees for "additional" services. They also list the property on the MLS as a rental and pay a commission to the realtor who brings in a renter. You pay this too.

Yes, but still a viable option to cover the mortgage instead of taking a hit on the equity in the home. If it is a newer home then it could be a profitable option as well. Rents for a typical 3 bedroom home in my area going through a realtor are $1200-$2000/mo. Given that these same homes are selling for $125-200k that is pretty good IMO.

wrx04
10-25-2012, 20:53
Alright gentleman, just closed the deal tonight. I have to start the new job in MI on December 1st.

We are gonna call our realtor tomorrow and get this sucker on the market. Thanks for the advice. Hopefully it sells quick!

gjk5
10-25-2012, 21:33
Selling it furnished may not work, but put it in the property description as an option, that way it can be a part of the negotiation. Every market is different but I have found that you cannot chase the market with price reductions, you have to know who your competition is and price your home just ahead of the comps on market. That helps you in the pecking order. Be realistic, detach from emotional equity and price it to move. Hoping you get more only leads to frustration. I pass on a lot of listings because I don't price it where the seller wants it, I don't need any frustration. I give them a range they can expect based on recent sales and active comps and go from there.

If I see an empty house, I am low balling the hell out of it in this mkt.

Both great advice.

gjk5
10-25-2012, 21:36
Realtor in Salt Lake.

Furnished VS unfurnished depends on your market. In Utah selling furnished is extremely rare. In some upscale east coast markets it is more common. Generally the less in the house the better it shows. They want to imagine their stuff in the house, not yours. We usually stage a house only if it hasn't sold fast.

BTW I wouldn't take the listing if you were only going to give me 60 days. It can take 60 days just to get from offer, due diligence (inspections etc) financing, underwriting, closing and recording to possession. If 20-30 people see a house in 45 days and it hasn't sold, it's the price.

also great advice.

I would also throw out there that if you bought your home several or more years ago; do not automatically go back to your agent, interview/check out some.

Here's a hint: if your old agent is now selling homes AND working at Red Lobster, get another agent. Never hire a part time agent.

Batesmotel
10-25-2012, 21:45
Never hire a part time agent.

With very few exceptions a part timer is more concerned with their "day job" than real-estate. Sucks when you need documents RIGHT NOW and they are unavailable because their day shift hasn't ended.