Buying Real Estate, and Other Housing Thoughts

[VAgirl]

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I think I did a poor job explaining my situation. I'm the seller. 🙂 I am trying to figure out whether or not my agent (the seller's agent) would have me sign a document that says that he/she gets 6%, regardless of whether or not there is a buyer's agent. So my question is, does the seller (me) pay 6% regardless of whether or not the buyer has an agent? I think the answer to this is yes, I just couldn't find good confirmation online. Thanks.

 

[runnerDC]

yep, i think i understood your question but didn't understand how a transaction would go forward if your buyer had no representation. in the houses we bought and sold, that's never happened.

but the main answer to your question will come from the paperwork you signed when you hired your agent. there was a clause somewhere in there as to how the commission is handled. so your agent should be the best one to explain this to you.

I think I did a poor job explaining my situation. I'm the seller. 🙂 I am trying to figure out whether or not my agent (the seller's agent) would have me sign a document that says that he/she gets 6%, regardless of whether or not there is a buyer's agent. So my question is, does the seller (me) pay 6% regardless of whether or not the buyer has an agent? I think the answer to this is yes, I just couldn't find good confirmation online. Thanks.

 

[catlover]

If the buyer comes without an agent, basically they will be 'represented' by your agent, who will write up their offer, etc. I believe in Colorado, anyway, they may then become a 'transactional' agent, who basically just does the paperwork. I think that may depend upon the laws in your state. Regardless, I believe you will be paying the full commission unless you agree otherwise (the agent is kind of doing both sets of jobs - both the buy side and the sell side).

I think I did a poor job explaining my situation. I'm the seller. 🙂 I am trying to figure out whether or not my agent (the seller's agent) would have me sign a document that says that he/she gets 6%, regardless of whether or not there is a buyer's agent. So my question is, does the seller (me) pay 6% regardless of whether or not the buyer has an agent? I think the answer to this is yes, I just couldn't find good confirmation online. Thanks.

 

[VetMed555]

VAgirl, I don't know how helpful this is, but our SELLER does not have an agent, so she is only paying 2.5% to OUR agent (buyer's), even though our agent is helping both parties.

 

[Rebeki]

VAgirl, I don't know how helpful this is, but our SELLER does not have an agent, so she is only paying 2.5% to OUR agent (buyer's), even though our agent is helping both parties.

It sounds like you are buying a home that was for sale by owner.

VAGirl - You will pay the same commission say 6% whether there are one or two agents involved. Even if you think you may save money by not listing with an agent, I would not recommend selling on your own. I am biased as my hubby is an agent 🙄 I guess it depends on how much time/money you want to spend. Agents alleviate you from making appointments and doing open houses. They can also show your home when you are unavailable. Also, they will be able to pre-qualify people before they bring them into your home and will spend the money on any advertising. Finally, one of the biggest things they can do is get your home on MLS. All right, off my soapbox now🙂

 

[VAgirl]

I have no intention of selling my house without an agent. 🙂 Even if I would consider it at any time, I wouldn't in this market!

My situation is that I am getting ready to sign with an agent (haven't signed yet) but have a coworker who might be interested in buying my place. So I was trying to figure out whether or not I could/should sign with the agent before the coworker tells me his final opinion on interested vs. not interested. Just trying to understand the ramifications of it all.

Thanks for the info, guys.

 

[critterfixer]

I have no intention of selling my house without an agent. 🙂 Even if I would consider it at any time, I wouldn't in this market!

My situation is that I am getting ready to sign with an agent (haven't signed yet) but have a coworker who might be interested in buying my place. So I was trying to figure out whether or not I could/should sign with the agent before the coworker tells me his final opinion on interested vs. not interested. Just trying to understand the ramifications of it all.

Thanks for the info, guys.

I don't know about your state, but here you would be able to sign with the agent but write in an exclusion for your coworker. This would allow you to sell to your coworker without paying commission to the agent, but any and all other potential buyers would be considered commission-worthy, even if you find them yourself.

You could also offer to pay a modest fee to the agent to handle all the paperwork in the event your coworker does make the purchase. Otherwise you are going to have to pay a real estate attorney. Because you definitely, definitely do not want to handle this without someone knowledgable of real estate law.

Does that answer your question?

 

[VAgirl]

I don't know about your state, but here you would be able to sign with the agent but write in an exclusion for your coworker. This would allow you to sell to your coworker without paying commission to the agent, but any and all other potential buyers would be considered commission-worthy, even if you find them yourself.

You could also offer to pay a modest fee to the agent to handle all the paperwork in the event your coworker does make the purchase. Otherwise you are going to have to pay a real estate attorney. Because you definitely, definitely do not want to handle this without someone knowledgable of real estate law.

Does that answer your question?

Yep. Thanks. 🙂

 

[lailanni]

Can you own property in one state, but be a resident in another state?

I'm looking at a mobile home in Moscow Idaho -- this place is only 8 miles away from the vet school in Washington. WSU is on the boarder with Moscow, Idaho - a much nicer town in my opinion.

I'm going to assume that I'm going to need to list my assets (the mobile home) when I fill out next year's FAFSA and what not. IF they see I have a MH in Idaho, how will that affect my residency status?

Would it be preferable to have the mobile home in my mom's name, not mine?

AGH, housing is turning out to be such a huge pain in the arse.

 

[fargeese]

Your principal residence does not affect FAFSA and it shouldn't matter to Fafsa where you live as long as it is not a rental or investment property.

Now, it might matter to your school, in which case I would call them and check. It might be of more help to your mom to have it in her name because you are not likely to need the deduction and she could benefit from it more than you can since I am assuming you are not going to make lots of money next year. This is assuming you take out a loan, rather than paying for it outright.

If Moscow is that close to the school, I doubt this will be the first time the question has been asked.

 

[projekt]

You can keep your principal residence "at home" with your parents or whatever, and just make Idaho your mailing address, because you are only in Idaho for school. Just register to vote absentee in Washington and leave everything else the same. For tax purposes, both your first and second homes count for the mortgage interest deduction. It might be more beneficial for your mom to buy it because she may be able to take a larger deduction on her taxes, the savings on which can help pay for vet school.

 

[EnviroVet]

Speaking of real estate, I am putting in an offer on a house today in Christiansburg (10 min from Va Tech campus). It has a pool, which I don't need, but how awesome is that! I love buying in the country, you can't buy a chicken shack in my town for what I am going to pay for this house.

So after lingering on this board for awhile, I'm finally posting : )

Fargeese, I'm going to be starting at VA Tech this fall and me and my soon-to-fiance are looking to buy a house (townhome or condo) in Christiansburg. We haven't contacted a realtor yet, but are in the process of trying to get a pre-approved mortage. Just wondering if you have any tips, insight, etc on house hunting in that area. Thanks!!

 

[fargeese]

I'll PM you the details of the market in Christiansburg. You may want to consider Blacksburg though if you have the $$ since it will be easiest to resell, I bought a home because the dogs need a yard.

My offer has been accepted at the Cburg house, so anyone know how to run a pool? I guess I'm going to figure out! I am very excited, I can't wait to close and rip up all the wall to wall carpeting to get to the hardwoods beneath. I am not so excited about getting down the 1972 wallpaper though, ugh.

 

[clawsbeatskin]

Pool party at fargeese's house!!! 😀

 

[twelvetigers]

Haha. Water, filter, chlorine, pH balance... skimmer? No, I know: POOL BOY. Oh yeah.

 

[fargeese]

Hello, that's what easily led undergrads are for!

I already have possible plans to let someone move into my basement for cheap in exchange for doing my yardwork and maintaining my pool. Now if I can convince him to wear a thong bathing suit and change his name to Raoul my pool boy fantasy will be complete!

Any applicants? Oh wait, I need to leave this forum to find men!

 

[twelvetigers]

LOL. How about Paulo? That one works too.