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Renter wants to buy home but feels he deserves a 6% discount since we aren't using a realtor??

A six % discount is $23,000 in equity that I feel he has done nothing to deserve.  I am willing to discount the selling price to save time and money of selling the house but should he get such a discount for doing nothing???  Thank you!

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April 01 - Palm Beach
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Answers (12)

Stage it. You have $400,000 in equity, and the difference between a vacant ghost house and a vibrant and well-decorated model home will cost you, what, $5000? The difference in value can be $25,000 or more in this price range.

Think about it. You'd spend $150 to detail a $5000 car for resale, but a $500,000 home, you wouldn't spend $5000?

 
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May 02
Profile picture for crgncg
We had a professional appraisal done and a Market Analysis done prior to offering the house to our renters.  We are still in talks but feel we will hold out and put it on the market with a realtor.  Now just need to figure out if we should sell it empty or stage it??? Lots of work and stress to sell a house.  Thank you all for your input.  Love reading all of your advice on Zillow.
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May 01
What did you wind up doing, crgncg?
 
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May 01
Profile picture for SteadyState
The market analysis suggestion is a red herring. When push comes to shove any buyer will be granted a loan that does not exceed the appraised value. So if I were in your shoes I would do the following:
1. Inform the owner that you will pay appraised value - X% (wetdawgs is right here - depending on the state of the market agents charge different rates; you need to find out the current average commission)
2. If the average agent commission is 6% you need to adjust the reduction based on the price and market conditions. If the market is hot - X = 3% (split the difference), if the market is cold   X = 5%. Work with the seller and come to a win-win situation without involving agents.

Once agents get involved it becomes a win win situation for the agents and neither the seller (he looses 6% to the agents) nor the buyer (he pays for the 6% the seller looses) wins.
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May 01
Being well informed in advance will save you the headaches of making costly mistakes in the future. Have you considered getting an appraisal done on your property or at a minimum a Comparative Market Analysis? These will provide you with the valuable information you need to make a sound decision before moving forward.  All the best!
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April 30
Thanks for posting your question on Zillow!

It's a seller's market, tell him to go & buy & rent somewhere else!
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April 01
Profile picture for wetdawgs
Say "thanks, but no thanks" and start interviewing agents.     If agents you are interviewing are charging 6%, perhaps split the difference so you both benefit but include the costs of selling (your attorney fees, and other seller costs) before you figure out what to split.

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April 01
My suggestion would be to contact a local realtor and have a market analysis of your property.  You also need to check on the tenant's ability to get a mortgage since you really could be wasting your time
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April 01
All FSBO buyers think they should get this savings and that is why many FSBO sellers don't net as much as they might have had they used a Realtor. Plus the headaches they would have saved themselves from.
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April 01
Profile picture for sunnyview
It's not really about the 6%, it's about what you want to net from the home sale. You don't have to give your renter a 6% discount, but maybe offer him a 2-3% discount for what you might have paid a buyer's agent alone or a flat fee agency. 

You are the owner so you set the price. It should be based on recent sales so that it can be supported by an appraisal when your buyer goes for financing.
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April 01
First of all, how do you know the price your tenant is willing to pay is the highest price the market will bear?  Our market in the Boston area is very hot so homes are selling above asking price very quickly when sellers use a realtor.  Unfortunately, I'm not sure of the market in Palm Beach, FL, right now.  My suggestion would be to contact a local realtor and have a market analysis of your property.  You also need to check on the tenant's ability to get a mortgage since you really could be wasting your time.  I would do so quickly or hire a realtor before you miss your market, however.  Aren't the snowbirds leaving soon, giving you less possibilities for selling your home?
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April 01

How confident are you in the price you are selling it at? What if appraisal comes back higher than the purchase price? I would not give 6%, but maybe 4% seems like a fair number. He wins and you win, but make sure you have the purchase price set right or you will have shot yourself in the foot!

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April 01
 
Related Questions
Renter wants to buy home but feels he deserves a 6% discount since we aren't using a realtor??
Profile picture for Mack McCoy
Latest answer by Mack McCoy
May 02 | 12 answers
  • Asked by crgncg
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