Not every property owner can wait out a down market before selling. Keep track of sales and how long the houses take to sell. Before you decide, you may wish to have your real estate professional prepare a revised estimate of the net cash proceeds you will receive on completion of the sale, based on the sale price and financing arrangements stated in the offer. So, if the seller has been making their payments all along, but now needs to sell the property, a phone call to the lender will be fruitless. No matter whether you are buying your first home or want to invest in properties with the intention of selling them later, you need to double check the initial steps.
As the seller, you will be asked to agree to pay this commission as a fee for their services. In those rare cases where a brokerage can act for both the buyer and the seller, with their agreement, the nature of the relationship created by contract is one of dual agency. Buyers can also use concessions as a bargaining tool in a buyer’s market, or to offset the cost of having to make a higher offer to compete in a seller’s market. In the case of a short sale, the commission of the agent will be included as a part of closing costs.
It seems to make sense, given that 40 percent of sale-by-owner transactions in 2011 involved buyers already known to the seller prior to the sale. Because of the complicated paper works and transaction involved in these complicated engagements, sellers are often at risk for lawsuits. Not everyone has the time, or finance to sell their houses in the traditional way. Pay attention to how agents answer questions such as “why is the owner selling?”, “how negotiable are they on price?” and “how long has the property been on the market?” This will give you a sense of how agents might field these tricky questions regarding your property.
It helps if you consult with a licensed real estate broker – the Philippines has recently increased the penalty for scrupulous real estate agents and there had been so many bad stories about them that acquiring the services of a real estate broker is a must – especially if you’re unsure of the authenticity of a Philippine Real Estate Property. Jason also receives significant attention within the real estate community and beyond; as a star of the hit Netflix show Selling Sunset featuring his brokerage and agents as they sell luxury homes to their affluent and celebrity clients.
Around half (50%) of the 7% on the 1st $100,000 and 2.5% on the balance is payable to a buyers agent who brings the seller an offer that completes at the Land Titles Office. In a real estate transaction, the nature of the relationship that is created between the buyer or seller and the real estate brokerage, including the real estate professional, is important. With the seller’s permission, a lock-box is placed on homes that are occupied, and after arranging an appointment with the homeowner, agents can show the home to prospective buyers.