Real estate General topic

[WinterDeere]

So, I would hate to navigate all this without a buyers agent. No idea how much work they do on a typical home, but she has had to get info many times from sellers agent that mortage company wanted.

Glad you made the right decision for you. But just to clarify my prior argument, when operating under dual agency, the seller's agent is your buyer's agent. So, that process of "getting info from sellers agent" would be even easier and quicker, as there would be no need for one agent to retrieve it from the other.

There's no right or wrong, and it may be that in your case, this was the better choice. In our case, shopping $1M properties, I just didn't feel like handing over an extra $30k to a second agent, when my real estate attorney could do the same thing and more for $2k. By "more", I mean that in our case the attorney got some expired zoning restrictions dropped from the deed, and also caught and fixed some incorrectly-filed surveys that created a conflict over the property boundaries in county records.

 

[paulsharvey]

It's been a Long time, but I did take a real estate class like 20-22 years ago, and it was one of the Key principles that it was a conflict of interest to represent both sides. Sure, you could absolutely get the listing, and sell; but you did Not represent the buyer. Yes, you had certain ethical lines; but you represented the interests of the seller. You couldn't hide certain things, you had to disclose known defects, ect.

I do think to some degree, the way a buyers agent works is kinda a conflict of intrest too; meaning the higher the sale price, the better for your intrest, but a low sale price is in the intrest of the buyer.

Things have changed a Lot. When you called a real estate agency, they basically could show you their listing's, and anything on the MLRS. If they sold their own listing's, that was 7% to them; if they sold from the MLRS, they got 3.5% and listing agency got 3.5%. Back then, a buyers agent wast really a thing. Sure, the agent still wanted to make a sale, or they didn't get paid, but they worked for the seller.

 

[paulsharvey]

Got a result from appraiser. He responded that the comparable the sellers agent sent were not valid. Although closer, they were in the neighboring county. So no change to the value. Not what I wanted to hear, but it is a result.

There is a Big difference between knowingly fianacing $13k over value, and paying $13k cash above value, for the privilege of financing the rest of it for 30 years.


Edit: this property's northern property line Is the county line, but I do somewhat agree that when you start comparing across the line, it might be apples vs oranges.

 

[paulsharvey]

Well, this is a tractor forum still, I think, so let's circle that back around. Happen to open FB Marketplace, and the very top item, a TYM 39hp cab. Hmm, is that the machine at sellers house. Yep, confirmed both b6 the equipment on the trailer, ready for sale, as well as the name.

It's frankly not a bad deal; $30k, TYM 394, 300 hrs, grapple, box blade, forks, bucket, disc, and bushhog, on a 30 ft equipment trailer. Not for me, but that's pretty reasonable with the extras. Oh, and it includes a hydralic log splitter too.View attachment 884304

 

[Jstpssng]

Well, this is a tractor forum still, I think, so let's circle that back around. Happen to open FB Marketplace, and the very top item, a TYM 39hp cab. Hmm, is that the machine at sellers house. Yep, confirmed both b6 the equipment on the trailer, ready for sale, as well as the name.

It's frankly not a bad deal; $30k, TYM 394, 300 hrs, grapple, box blade, forks, bucket, disc, and bushhog, on a 30 ft equipment trailer. Not for me, but that's pretty reasonable with the extras. Oh, and it includes a hydralic log splitter too.View attachment 884304

Talk about hijacking your own thread!!!
You are right, that'll make a pretty good deal for somebody.

 

[2manyrocks]

If the appraiser says it's $13k short, looks like the sellers and/or realtors might need to make more concessions to get the sale closed. What else can they do at this point if the appraiser isn't going to increase his appraisal?

 

[paulsharvey]

If the appraiser says it's $13k short, looks like the sellers and/or realtors might need to make more concessions to get the sale closed. What else can they do at this point if the appraiser isn't going to increase his appraisal?

It sounds like comes down to several options;
1) we fork out $13k in cash, and redo the paper work with a lower fianced amount to make mortgage company happy
2) they drop the price $13k, we redo paperwork and close at the lower ammount
3) something in the middle; like they come off the price by $10k, and we fork out $3k, redo paper work and close at lower number
4) everyone walks away; everyone spent some money, and everyone is mad
5) something creative I don't know about.

 

[2manyrocks]

With all the very recent stock market jitters, you'd think the sellers would be motivated to get this closed.

 

[paulsharvey]

With all the very recent stock market jitters, you'd think the sellers would be motivated to get this closed.

I saw in addition to the tractor and impliments, they are having an estate sale, with much of the furniture, misc tools, ect, that started Wednesday and runs through Saturday. All signs point to them actively finishing moving out as we speak/type. I told the wife, I think we don't offer any cash, if they are this far in, I could see them frustrated, but saying, fine, $13k less, and be done with it.

I also expect the real estate folks could pull a rabbit out of their butts, and come up with some solution I know nothing about.

 

[2manyrocks]

If there aren't any cash buyer offers, looks like everyone else would run into the same appraisal issue so isn't the seller faced with working out a deal at a lower price with you?