Moira Woodrow: What are the terms required by the new rental management company? Do they require a certain level of credit for applicants? What about other issues; criminal background, pets, etc? Ultimately, sounds as though you are priced too high, you would have had nibbles otherwise.
Cuc Gire: Are your inlaws going to pay market value for the house? If so, the mortgage company may go along with it. Of course you can buy it from them - if they can give you a loan for the purchase. If not, 2 years out of BK, the same house you couldn't afford now, it's doubtful.
Mercedez Trabue: The rents are actually lower in that area & it one small street. Mine is the nicer one of all of them. I was getting $950 for the one the unit but tenants wanted an wanted an extension of 4 months so I went to $1,150 for the extension. The new agent had it at $1,175 & nothing so I switch agents and she went to $1,200. I told her just yesterday drop it to $1,150 what I am getti! ng for the other unit. I was using different agents with a big company & he went in the hospital....Show more
Magda Vandergriend: Commercial RE commission is 10% of the sales price.Capitol Gains is 16%, no of the sale, but the profit.Ask how many commercial listings of their own the agent has closed this year. Residential sales mean nothing here, differant ball game.The answer should be at least 4 for 2008, 6 if he is going for "in the passt year"
Merna Fauset: I am a Realtor, I am familiar with short sales and have accomplished a couple. I just read this today and the answer to your question is no you can't do that unless somehow your bank is not aware you are related to the buyer. See Following Link:http://www.news-press.com/apps/pbcs.dll/article?AI...
Cletus Makler: Sign a 60 day listing. If you are happy, renew it. If unhappy, it's over fast. The best agents will make you smile and they will sell your property quickly for a good price. Give them a ch! ance to impress you.
Alphonso Brake: Did it occur to you! that you might have purchased in an area where there are empty rentals all over? If you did your due diligence before you purchased, you would know that. If there are no qualified applicants, then there isn't much you can do except hold on to it until the supply and demand changes.
Lilli Kochel: Don't just pick any realtor. When you contact a realty company, list with a realtor that has the highest sales track record in the office. Some realtor agents will list the house or warehouse and sit back and let others do the work. You will probably have to list with a commercial realestate office. Ask the realtor what advertising they will be doing, how they will market your property. Ask what basis they are using to appraise your property. Real Estate fees are generally around 6-7%. Call different realtors to see what the rates are in your area. Don't list for over 180 days. You may even want to consider 90 days if you see the realtor has done little to sell yo! ur property. When you sign the agreement, you are locked into that agreement for the time duration. If you think you have a possible client to buy. Ask for an exemption, listing the clients name on the agreement. Good luck, and God bless.
Hipolito Rightmire: I"I've never dealt with a realtor before. How much commission do they get on a small warehouse? How much will the gov get for taxes? How can I be sure I'm getting a fair price for the property? Would I be better off renting it? I took care of my paralyzed husband for 8 years while running our business.He passed away and now I'm just tired but need the money to survive as I'm now not in the best of health. Will a realtor try to take advantage of my situation? What doe's signing with a realtor entail?
Felipa Nosis: Have never had a problem like this in 40 years. Maybe a month of not being vacant but not 3 months & now going in to the 4th month. Even though we went up $200 after the remodeling job. I wonde! r if it is because this agent is from a very small company?
Hilma! Pestano: You can claim a deduction on your property taxes???I figure this forum is a way more reliable source of legal information than any other site.
Julee Lanham: Sounds like the rent is still too high to me.
Sunshine Holets: One of my properties was empty a beautiful 3 bed in a lovely area for 3 months while I saw other similar properties being rented out and for more than I was asking, so I changed the agent and had it rented within 3 days and it has never been empty in the last 16yrs still using the same agent.So for me it was the agent not doing their job.
Mikel Bethay: See if you can put a section 8 family in or see if you can market it on Air BnB.
Elissa Curlin: The duck test:If it looks like a duck, quacks like a duck then it must be a duck.So if you do it in name only it is at best a sham at worst outright deliberate fraud. Can you think what what the penalties are for tax fraud.Here is a sample from the IRS web site:Any person who will! fully attempts to evade or defeat any tax imposed by this title or the payment thereof shall, in addition to other penalties provided by law, be guilty of a felony and, upon conviction thereof:Shall be imprisoned not more than 5 yearsOr fined not more than $250,000 for individuals ($500,000 for corporations)Or both, together with the costs of prosecution
Toshiko Reimers: We have recently filed bankruptcy and chose to keep our house. We did not sign no reaffirmation aggreement because we are not sure what are payment will jump up to once our ARM ends in May. I would like to know if we choose to do a short sale on our home can my in laws purchase this home from us and continue to let us live here? Do you think our mortgage company will allow this? We do not want to lose our home but like many others we are scared to death what our payment will be once this ARM loan adjusts. My in laws are very very credit worthy and would be willing to do this for us. We are just! not sure what the risks will be now and in the long run. Also would w! e be able to purchase this home back from them in about 1-2 years? Thank you in advance for all serious answers.
Bob Nakamoto: Is this a different property manager since the remodel? If yes, you may want to rethink that.You are also free to rethink the rent and qualification standards anytime you wish.
Maurice Breuning: i dunno
Bryant Pillitteri: My-in laws will do this as a short sale and yes will more then likely pay what the appraiser appraises it at. We owe more then what the house is worth right now.
Antonette Shappy: is this a new agent, one that you haven't used in 40 yrs, maybe that is the problem
Raye Tredennick: Hey Bubbas - This scenario will be very lender specific. You can call your lender and ask for "short sale" details and also ask who may or may not purchase the home from the lender. In your last question you want to know whether you may buy it back in 1-2 years? With a bankruptcy and a short sale on your credit you will be! limited on what you'll be able to qualify for. Most likely it will affect you for the next 7-10 years from the time of the short sale.You are fortunate to have good in-laws. Good luck with all of this.
Kaylee Schmittou: If you sell the house to your in-laws your mortgage goes away. There are very few loans that are assumable by the new owners. That means that when title transfers, the mortgage company will want the loan paid off in full. If your in-laws have enough money to buy your house outright that's fine. It's either that, or they will need to apply for a new mortgage.
Chet Nozick: How much commission? It is negotiable, on commercial it can range from 8% - 10%, depending on the listing price.Taxes? Will vary by area, there may be capital gains, transfer tax or other fees.Fair price? The Realtor should bring a CMA (competitive market analysis), which will show what similar properties have been listed or sold for. Renting it? If you want to deal wit! h it.Realtor take advantage? If they show you a CMA, you will know w! hat similar properties have sold for. You are the boss, you set the price. If you are concerned, do a short listing and if you are happy, relist.Signing with a Realtor will entail giving them permission to market the property for you and represent you in the sale.
Hermina Ketring: There are a few possibilities, the most obvious of which being that your rent is too high. Take a look at the qualifications you're looking for as well. If you're running credit/criminal background checks, make sure the criteria is realistic for your area. You may also want to take a look at who you have managing the property to get it rented out. Speaking as both a real estate agent and a property manager, I'd recommend going with someone who specializes in leasing and property management. Selling a house isn't the same as leasing a property. It requires a very different set of sales skills. If your agent isn't a property manager or lacks leasing experience, it might be time to find your! self a specialist.One final, super basic thing. Look into where and how this property is being marketed. If all your agent is doing is slapping a "for rent" sign in the front yard, your property may never get rented. There are TONS of free places to advertise and your agent should be posting on them regularly. Craigslist, Realtor.com, Oodle, Doorsteps, HotPads, and Trulia are all 100% free and easy to use. If you're not advertising on those sites regularly, you're missing out on renters....Show more
Rana Rudell: What's your question? Is your agent an issue? Is your rent comparable to other similar units? Did you make it too nice for the area and are trying to recover too many costs?
Margart Stimpert: This is interesting. We have had thirty years of a pretty robust rental market here- but your question reminds me things can change. I do not think it matters if the agent is with a large or small company- it does matter if the agent works well to get it rented. ! I agree that people that rent would often buy except that they have bad! credit- so you may be turning people down that you should be accepting. In our area we put all our rentals in the MLS and that feeds into dozens and dozens of web sites. The sign means a lot and results in a huge number of our calls. I would never use craigs list since so many scams on there....Show more
Dionna Doyel: whats your question
Roland Stampley: It is up to the bank to decide this one. Once your in-laws purchase the house, they can do what they want with it, including letting you live in it. The only stumbling block is the short sale. They may insist on getting the entire amount of the loan or they could refuse to close. If the bank thinks they can get more money by selling to someone else, they will forclose and sell the house to whoever will pay what they are asking.Another alternative is to ask your in-laws for help with the payments for a few years. Perhaps they will co-sign for you on a refinance.
Shamika Schools: You can relax and be a! ssured this will be a lot easier than you think. It's a realtor's job to make the process easy for you. That's why people use realtors instead of trying to sell it by themself.Any of the national name realtors will do. In fact, regardless of which realtor you sign with you're really getting all of them. Here's how it works.Almost all realtors belong to what is known as a Multi-List. It's a big pool of all the properties for sale in your area. When you list your property with a realtor your property goes into the Multi-List so other realtors from other offices will also try to find a buyer for you. It doesn't cost you anything extra for this. If another realtor finds your buyer, your realtor just shares his commission with that realtor. The advantage to you and the buyer is tremendous. You've actually got hundreds, if not thousands of people working for you to sell your home and a buyer can go to any realtor and see all the properties for sale, not just the ones listed throu! gh that realtor.Before you sign with a realtor they will do what is kno! wn as a CMA (Comparative Market Analysis). It's a fancy name for an appraisal. They're just not licensed appraisers so that can't call it an appraisal. In other words, they'll figure out what your property is worth and make a recommendation to you. Their fee is based on a percentage of the sales prices so they have no incentive to under value your property. Most people get CMAs from several realtors. It's your right to shop around.When shopping around give weight to the individual agent. Down the road you're going to be working closely with this person so make sure he/she is a good fit for you, personality wise.Don't be afraid to negotiate their fee when you shop around. Realtors are hungry right now and most will discount their fee without hesitation.A listing agreement basically does 3 things. It sets the price you're going to ask for your property, it specifies the fee you'll pay, usually a percentage of the final selling price, and it specifies how long you're going to ! give them to sell this property.