Commission on selling Land
onlygirlsmom
15 years ago
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lyfia
15 years agodevorah
15 years agoRelated Discussions
How much is land selling for in your area
Comments (36)Five years ago we paid $55K for a 3.8 acre lot 15 miles east of Austin, Tx. It is a flat (easily build-able) lot in a residential development with nice homes, reasonable deed restrictions, and city water tho we had to put in our own septic system. The property has lots of nice trees but no particular "view". A 2.0 acre lot in the same development (actually right around the corner from us) with very similar typography was just listed for sale at $106K! i.e, more than 3X as much per acre as we paid five years ago. Who knows if it will actually sell for that much. I'm hoping it won't b/c if it does, our taxing authority will use the sale as an excuse to raise our property taxes....See MoreMore difficult to sell 16 acres of land or a house?
Comments (2)In my area, 30 minutes from downtown Buffalo, acreage sells very well if it is priced right. Minimum lot size is 5 acres, I have 20 acres. I think it depends on where you are. Are people building, and are there many 16 acre sites or would this be more than one site?...See Morecommission % & housing prices
Comments (20)Posted by billl (My Page) on Mon, Dec 13, 10 at 9:08 "The RE system is a parasitic business." Well, by that logic, everything except the direct manufacturing of goods is a parasitic business. RE is essentially a service industry in transition. Just think about how you bought a house just 15 short years ago. The internet was still a baby. If you wanted to buy a house, you could either spend every waking moment driving around neighborhoods looking for signs, or you could pay a RE agent to compile a list of homes that meet your criteria and then get private, guided tours of them. Then the agent helps negotiate a price and coordinates all aspects of the sale. At that point, 6% seems like a pretty good deal. Now, the industry is in transition. The internet has created the belief that information should be available to anyone, at anytime, for little or no money. That is running head on into the reality that someone has a monopoly on that information via the MLS. That isn't a sustainable situation. Eventually, the rules off the business will change and a lot of the costs will be eliminated for the system. That doesn't mean the end of agents. It just means their costs will go down, so the final cost to consumers will go down. *********************************************** I disagree. RE is parasitic in the sense that in that 6%, there is so much beaurocracy and charges attached to that commission that the person doing the actual work is subjected to all these stupid laws,expenses, middlemen to the middlemen, and waiting for a tiny sliver of that commission check, which may never arrive. Most of these entities are NOT warranted. I would gladly consult and/or open door for a client. The attorney or title Company can draw up a contract.....DONE! I can be like an Accountant. A person comes to ME and "I" provide as much or as little service as they require for a fee paid at the time of the service!!!!!! But no, the RE industry grew LAWS, feet, legs, heads, all in the name of parasitically sponging off sellers and buyers. THE CONSUMER PAYS. Agents don't don't make that much after everybody is paid off (LOL- Sounds like the MAFIA). All that stuff is NOT necessary. Too many hands in the cookie jar. Streamline the money grubbers. I hope the MLS collapses. Someone still can have a central website for listings, and charge people , or their consultants for using it, without all the hoopla the MLS is attached to now....having to belong to all those boards, MLS, the fees, lockboxes. Then you have the games where some websites that allow agents to post listings and charge agents different prices depending if they work for a large comapany or a small one. There should be ONE FEE, and everybody should be allowed to post, agents and private sellers. IT's all fixed and controlled for the RE industry. Poor consumer cannot cut through the thicket. The RE lobbyists in Washington are doing a fabulous job. I've bought and sold my own houses without agents. I realize that some people may not know what to do. But if that is the case, they should be able to go to a "consultant" (not a con artist with six middlemen) who can charge them per activity, like an Accountant does. The rest of the industry needs to be dismantled, because the truth is that Buyers or Sellers are really NOT protected. All these stupid Ethics, continuing education, charges, whatever. It's all hogwash. Why a broker additionally to an agent? Why all the boards, MLS? The RE industry is piled high and deep. Realtors say or do what's necessary to make a sale. RE laws are made to protect the commission. Wooo, and there are lots of games there, too. I had to get this off my chest, because the truth is that if you try to buy or sell yourself, the agents will boycott you. The consumer is held hostage to utilize the services of this parasitic game. Just sayin....See MoreThinking of selling land with owner financing
Comments (14)If you sell with owner financing, you no longer own the property, you only own the mortgage with rights to foreclose. What would be the advantage to either party to instead form a land contract instead? In most states you can't simply repossess someone else's property in satisfaction of a lien on that property. You must go through the foreclosure process and first attempt a trustee sale or auction on the property. If the property sells at the auction you must submit a full accounting of money received, money owed and reasonable fees for the foreclosure process, some states will limit those fees to arms length fees only. There are strict timelines regarding disclosures and procedures when doing a foreclosure. Further, some states require you to show evidence of actively attempting to sell the property for an extended time. Most of these costs are lessened and the strict guidelines are relieved in a contract for deed (land contract). A "foreclosure" on for a land contract is essentially the same process as an eviction, which is much less costly and much more seller friendly. In many ways, a land contract is a lease with a bargain purchase option (of zero dollars). A buyer's interest in the property is protected by the contract he has with the seller rather than by the deed that is filed. So in most states you can simply repossess your own property (land contract). Land contracts are very safe for sellers and risky for buyers. As the seller has the deed, and the contract that transfers the rights and privileges of ownership are not recorded with the deed, the seller can use the property as collateral. In other words, they can get a loan and a lien on a property they don't really own anymore, because the protections afforded the buyer are not made part of the public record. ETA: I am oversimplifying this a bit to make it readable. There are some nuances to each that I glossed over, but the general idea is intact. ETA2: Edited for clarity...See MoreLinda
15 years agotriciae
15 years agoLinda
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15 years agoLinda
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15 years agoLinda
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