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First Time Selling a House

Old 10-16-2016, 01:19 PM
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Default First Time Selling a House

Need the forums help so I don't get screwed! Anyway it's my mother's home, she is ill and is now living with us.The home is a 2/2/1 1000sqft home and she still owes about half of what the loan was for. In St Pete FL.
I have a friend of a friend that offered to sell it and she said she might already have a buyer. I don't really know what the house is worth, but the house next door which is a 3/2 same sqft but has a pool just sold for 180,000.
Should I get it appraised? How much does it cost to sell the home? If it sells can i ask for some days to get my moms stuff out it?
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Old 10-16-2016, 01:21 PM
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Even if it sells you will usually have 30 to 60 days until it closes unless its a cash quick close sale, even then you will have time to move your things out. You are going to have to pay the agent commission at minimum so if that is 5% of $180k that is $9,000 right there....

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Old 10-16-2016, 01:31 PM
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Originally Posted by JJ LYNN View Post
Need the forums help so I don't get screwed! Anyway it's my mother's home, she is ill and is now living with us.The home is a 2/2/1 1000sqft home and she still owes about half of what the loan was for. In St Pete FL.
I have a friend of a friend that offered to sell it and she said she might already have a buyer. I don't really know what the house is worth, but the house next door which is a 3/2 same sqft but has a pool just sold for 180,000.
Should I get it appraised? How much does it cost to sell the home? If it sells can i ask for some days to get my moms stuff out it?
Yes, of course you can have all the time you need to get your moms stuff out.
You need a real estate pro to help you through the process. Don't try and save a buck and lose the farm (figure of speech).

Perhaps someone here on THT will recommend a good real estate agent for you in your area.

We have used the same agent for our last 3 houses, great person who we trust very much. I don't mind paying the commission if I'm getting what I pay for.

Also post this in the Florida section and ask for a referral to a good real estate agent
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Old 10-16-2016, 01:37 PM
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good advice ^

1: hire a good real estate person
2: appraisal:
3: sit back and let them do the work
4: I will be praying for your mom
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Old 10-16-2016, 01:38 PM
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> I have a friend of a friend that offered to sell it and she said she might already have a buyer.

Who is the friend? A realtor? A common tactic for getting people to sign a listing agreement is "I have a buyer" and then whoops that doesn't work out but they got you in the listing.

Find a realtor that works in the area of the home. Drive around, or look online and see what the name of said realtor is. They will know that market the best.

Ask them for a competitive market analysis, and what they think you should sell your home for. With the CMA it should show you homes for sale, pending and recently sold as comparables.

Remember that's all an opinion. CMA is only as good (or honest) as the person putting it together because each house is different and the comps wont be apples to apples. Different lot sizes, different age of materials (roof, interior like kitchen, the tile, etc) pool or no, garage or no, traffic quantity on the street, etc.

Typical commission is 6%. 2.5% to each agent 1% to the brokerage. You can negotiate that down, but a good realtor usually won't. If they list the % lower to the buyer's agent they have no incentive to show the house compared to others.

The house next door - same age of interior? Remodeled? Garage? Roof age? Mechanicals updated? Etc.

PM me the address and the house next door's address and I will do some unofficial (I am not a realtor, but bought and sold approx 15 homes)

You can negotiate a rent back period, but most likely you want to get the stuff out of the house now if you plan to sell it. Why give away the $?

Get everything out of the house that you can now if you plan to sell. All the knick-knacks and all that stuff. Staging the house properly will help you sell it faster, and possibly for more - up to 5-8% more based on some sources.
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Old 10-16-2016, 01:45 PM
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Just a side note, if this friend of a friend has it "sold" you need to ask them what they want for the work they did. Also if you hire a realtor tell them if person "X,Y, or Z" buys the home they are out of any sales commission, period.

You don't need a real estate professional but if not going with one I'd say to get a lawyer since you have doubts about the process. A lawyer shouldn't cost more then 1K IMO for a sale.
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Old 10-16-2016, 01:47 PM
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Originally Posted by crazybeard View Post
> I have a friend of a friend that offered to sell it and she said she might already have a buyer.

Who is the friend? A realtor? A common tactic for getting people to sign a listing agreement is "I have a buyer" and then whoops that doesn't work out but they got you in the listing.

Find a realtor that works in the area of the home. Drive around, or look online and see what the name of said realtor is. They will know that market the best.
.
Yes she has been a realtor is this area for at least the 15 years I've known her. She has retired-young so she must be good at what she did. She said she was going to do comps in the area tomorrow. I will PM you.
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Old 10-16-2016, 01:55 PM
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Zillow will get you close as to what's it's worth.

Do you live nearby her home? IF so put a for sale by owner sign up and list it for free on zillow and skip the realtor BS/games/lies/comissions for turning a key/locked in cotracts/kickbacks/underpricing/etc.

Real estate prices are on fire in that area. If it's a decent house in a decent area you'd sell it yourself quick and pocket an extra $12k. Just find a good local real estate attorney to handle the closing.
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Old 10-16-2016, 02:00 PM
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Originally Posted by bluffman2 View Post
good advice ^


4: I will be praying for your mom
Thanks she has cancer. And a I don't want to live mindset.
She was happy/healthy and working 6 months ago. Went in for removal of a mass near her ovaries(came back no-cancer) they saw some concern. Nicked both ureters, went septic, caught c-diff, couple months in hospital then could not shake c-diff back in hospital caught pneumonia. Took scan of her chest area and saw concern and found lung cancer. Tried to do treatment and made 1/2 of them but ended up with c-diff again. Back to hospital and been downhill since. We have hospice for about a 7-8 weeks.
Been a real freaking roller coaster ride.

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Old 10-16-2016, 02:00 PM
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I can pass along my agent's info to you. We have purchased two homes in Tampa and sold one of them. She lives in Seminole and was originally referred to us from a friend. She is awesome and is quick to point out B.S. from other agents/buyers. She looks out for you and is excellent in communicating everything. Email me at dinnibj0 at Gmail if interested.
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Old 10-16-2016, 02:02 PM
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Zillow and trulia are hit or miss. I wouldn't base anything serious on the value you get from them. But yes, they can give you an idea if you're curious. CMA is the first step before appraisal.

Appraisal is a double edge sword. I would not do one now before you have it in contract. If they're too low, you shoot yourself in the foot. Not to mention the buyer's lender will want one of their own.

Your appraiser will want to make you feel warm and fuzzy about the value now. It is many times used for insurance / to document value after remodel, but then your premium goes up.

If any realtor approached me with a buyer and I was happy with the deal, I'd say sure. Let's skip the listing agreement and go straight to a sales agreement. As she's representing both sides probably at that point then 4% might be fair for everyone.
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Old 10-16-2016, 02:11 PM
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Originally Posted by Lucky69 View Post
Zillow will get you close as to what's it's worth.

Do you live nearby her home? IF so put a for sale by owner sign up and list it for free on zillow and skip the realtor BS/games/lies/comissions for turning a key/locked in cotracts/kickbacks/underpricing/etc.

Real estate prices are on fire in that area. If it's a decent house in a decent area you'd sell it yourself quick and pocket an extra $12k. Just find a good local real estate attorney to handle the closing.
Just slammed with life right now. I would think it would take up a lot of my time.
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Old 10-16-2016, 02:16 PM
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CANCER sucks
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Old 10-16-2016, 02:18 PM
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Originally Posted by JJ LYNN View Post
Thanks she has cancer. And a I don't want to live mindset.
She was happy/healthy and working 6 months ago. Went in for removal of a mass near her ovaries(came back no-cancer) they saw some concern. Nicked both ureters, went septic, caught c-diff, couple months in hospital then could not shake c-diff back in hospital caught pneumonia. Took scan of her chest area and saw cocren and found lung cancer. Tried to do treatment and made 1/2 of them but ended up with c-diff again. Back to hospital and been downhill since. We have hospice for about a 7-8 weeks.
Been a real freaking roller coaster ride.
Hey, sorry about your mom. I will pray for her and you guys as well. I also added to the THT prayer list

If you want to discuss some other options besides western medical treatment, or just vent, PM me.
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Old 10-16-2016, 02:22 PM
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Do yourself a favor a get an agent. Anyone that tells you they are horrible and you don't need one has worked with a bad agent. They are worth every bit of the commission. Let them do the work and deal with it. Especially with your life being hectic right now.

Sorry to hear about your mother. Never fun.
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Old 10-16-2016, 02:33 PM
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Have 2 agents give you a market study of all closed sales, pending sales and current asking prices for comparable homes in your immediate market...

Then go from there..... Good luck .....
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Old 10-16-2016, 02:46 PM
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I am going to be meeting Ginny-friend-Realtor and see what she says tomorrow. I will let you know what she says. Thanks for the concern about my mother.
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Old 10-16-2016, 06:19 PM
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I'm so sorry for what you're going through. If your mom's time is short, I'd certainly say time is of the essence closing out the house sale--quick sale. It just puts more pressure on you than what's needed.

It's also time to get all her business affairs in order--wills, setting up beneficiaries on life insurance, putting your name on bank accounts.

If your mother doesn't own any real estate, there's no reason to probate any will.
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Old 10-17-2016, 06:50 AM
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I am assuming that you will inherit the house. Not sure of your immediate cash needs but have you considered keeping and renting? Until your mother passes the rent can go to help her out and then you. With 50% equity you can even borrow against it somewhat to fix it up if it needs updating.
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Old 10-17-2016, 07:07 AM
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One thing you may consider, if you are going to have to get the stuff out of the house at some point anyway, I would consider doing so before listing the house, especially if the furnishings and decorations are dated. If you have the budget to have someone to get in there an throw down a fresh coat of neutral paint, and clean everything good, that would also help max out the price. Even if you don't do any updates, just having it empty and clean will give it more of a "clean slate" appearance for the typical buyer. Other than the moving of the furniture, you should be able to spend 30 min - hour with a painter and let them handle the actual work, then follow up with a maid service for a 1 time deep clean.
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