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The Lounge>Selling a house
Bugeater 01:28 AM 02-07-2019
Is fucking maddening. It's nothing but a goddamn string of useless fucking people with their hands out wanting money.

Seller's agent: Try to get you to underprice your home for a quick, easy sale. Not good at keeping you informed.

Buyers agent: Sit around and wait for a buyer to find something they like online, and go unlock a fucking door for them.

Home inspectors: Biggest fucking sham ever. OH WE PROTECT THE BUYER. Yeah just the dumbass lazy buyers who aren't capable of walking around a house and spotting obvious defects on their own. Mostly a way to extort more money from the seller after a deal has been made.

And the closing costs...title fee escrow fee tax stamp blah blah blah what in the earthly fuck is all this shit?

$205,000 house....$25,000 just GONE off the top.

Hopefully I'll die in the next house we buy so I don't ever have to go through this shit again.
[Reply]
D2112 06:56 AM 02-07-2019
Originally Posted by LoneWolf:
Buy a better house. Or piss your money away on rent. Your call.
Yeah lol piss my money on rent. My house is paid off. I pay over $12,000 a year in property taxes where I live. The plan is to sell and move to another state with a lower cost of living. And not own another house.
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Bugeater 07:01 AM 02-07-2019
Originally Posted by displacedinMN:
I got mad at "the seller pays the closing costs for the buyer"

Really???? This happened a lot during the housing bust. But now????
Houses here are going site unseen. If the demand is so high, why do I need an incentive for someone else to buy my home?
Yep, I got stung for $5000 on that. Apparently "that's just how it works" now. The goddamn realtor commission already comes out of my proceeds, now that too? I suppose as long as I get that when I buy the next place it's a big whatever, but I don't understand why it costs that much to close on a house. It's a fucking racket.
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IowaHawkeyeChief 07:05 AM 02-07-2019
You should have sold it yourself. I have sold several houses for myself and helped my family sell theirs, and it's not very difficult. I may start with by getting an appraisal about $350, if I don't think there are enough comparisons online. I then listed the house on craigslist, facebook and zillow. I completed the required state disclosure and printed copies along with a "flyer" on the house and make them available at a scheduled open house with signs at the main street and arteries leading to the house. These costs about $50. If your house is priced correctly you will have lots of activity. I made it clear to realtors that I would pay 2.5% if they sold the house. However, if folks would come and ask if they needed a realtor, I would say it was up to them, but I would negotiate a better deal without a realtor because I wouldn't be paying any fees. I would also give them a print off listing what they would need to do if they weren't using a realtor... which is not much. Most of it is done by the mortgage company. I also offer a home warranty for 12 months that covers all major mechanicals and appliances. This is approx. $450. It has worked great. The biggest reason is you don't pay 7% fees to realtors. You negotiate the sale prices by 2-3% if necessary. This actually makes the end appraisal by the lender more likely to cover the purchase price and make it easier for the down payment by the buyer. There are plenty of free forms, or cheap forms for the offer to purchase, and contracts to purchase. It is not nearly as daunting as folks think. On a $200,000 you can easily save $10000-$15000k.
[Reply]
Bugeater 07:08 AM 02-07-2019
Originally Posted by LoneWolf:
$205,000 house and your fees were over 12% of the value of the home? You got fucked right in the ass.
Ok, I miscalculated, only $21.5k

11,500 realtor commission
5,000 buyer closing costs
2,000 bullshit from the home inspection that I'm not allowed to fix myself
2,000 seller closing costs
1,000 prorated property taxes

I'll still agree with "fucked in the ass" though.
[Reply]
Bugeater 07:11 AM 02-07-2019
Originally Posted by IowaHawkeyeChief:
You should have sold it yourself. I have sold several houses for myself and helped my family sell theirs, and it's not very difficult. I may start with by getting an appraisal about $350, if I don't think there are enough comparisons online. I then listed the house on craigslist, facebook and zillow. I completed the required state disclosure and printed copies along with a "flyer" on the house and make them available at a scheduled open house with signs at the main street and arteries leading to the house. These costs about $50. If your house is priced correctly you will have lots of activity. I made it clear to realtors that I would pay 2.5% if they sold the house. However, if folks would come and ask if they needed a realtor, I would say it was up to them, but I would negotiate a better deal without a realtor because I wouldn't be paying any fees. I would also give them a print off listing what they would need to do if they weren't using a realtor... which is not much. Most of it is done by the mortgage company. I also offer a home warranty for 12 months that covers all major mechanicals and appliances. This is approx. $450. It has worked great. The biggest reason is you don't pay 7% fees to realtors. You negotiate the sale prices by 2-3% if necessary. This actually makes the end appraisal by the lender more likely to cover the purchase price and make it easier for the down payment by the buyer. There are plenty of free forms, or cheap forms for the offer to purchase, and contracts to purchase. It is not nearly as daunting as folks think. On a $200,000 you can easily save $10000-$15000k.
I considered it but the Mrs was dead set against it. Well the place ended up selling in 4 days and I could have saved some money if my realtor would have been better at informing me about certain things. I feel like I did pretty much sell it on my own.
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MIAdragon 07:11 AM 02-07-2019
Just paid 27k in closing, laughable or cryable or both.
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Bob Dole 07:12 AM 02-07-2019
Originally Posted by Bugeater:
Yep, I got stung for $5000 on that. Apparently "that's just how it works" now. The goddamn realtor commission already comes out of my proceeds, now that too? I suppose as long as I get that when I buy the next place it's a big whatever, but I don't understand why it costs that much to close on a house. It's a ****ing racket.
I bought my place without any agent of any sort. All the shit is available online and it cost me $25 to file the deed.
[Reply]
IowaHawkeyeChief 07:16 AM 02-07-2019
Originally Posted by Bob Dole:
I bought my place without any agent of any sort. All the shit is available online and it cost me $25 to file the deed.
I did the same with a cash purchase, and if you are selling, the mortgage company does this for the buyer, if they aren't paying cash.
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Bugeater 07:18 AM 02-07-2019
Originally Posted by D2112:
Yeah lol piss my money on rent. My house is paid off. I pay over $12,000 a year in property taxes where I live. The plan is to sell and move to another state with a lower cost of living. And not own another house.
This experience sure as hell makes renting sound like an attractive option. After the fees and other bullshit, plus paying off our 25k HELOC for renovations, we're walking away with a whopping 40k more than we paid for it 20 goddamn years ago.
[Reply]
IowaHawkeyeChief 07:18 AM 02-07-2019
Originally Posted by Bugeater:
Ok, I miscalculated, only $21.5k

11,500 realtor commission
5,000 buyer closing costs
2,000 bullshit from the home inspection that I'm not allowed to fix myself
2,000 seller closing costs
1,000 prorated property taxes

I'll still agree with "****ed in the ass" though.
The only way I would sell the house and pay buyers closing cost, which must include origination in your calculations, is if it was priced into the total purchase price. Basically you were giving the buyer an extra $5000 discount. If you sold it in 4 days, this was most likely not necessary as you seem to acknowledge. Next time, if there is one, you will save some money!
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Bugeater 07:21 AM 02-07-2019
Originally Posted by MIAdragon:
Just paid 27k in closing, laughable or cryable or both.
That's the thing, the midwest is the cheapest market there is for housing. I can't imagine the ass raping people get in other markets. Yeesh.
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JimNasium 07:22 AM 02-07-2019
I’m almost certain that the Jesuits ha e something to do with this.
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Bugeater 07:26 AM 02-07-2019
Originally Posted by IowaHawkeyeChief:
The only way I would sell the house and pay buyers closing cost, which must include origination in your calculations, is if it was priced into the total purchase price. Basically you were giving the buyer an extra $5000 discount. If you sold it in 4 days, this was most likely not necessary as you seem to acknowledge. Next time, if there is one, you will save some money!
And there's the problem right there. This is the first time I ever sold a house, I have 0 experience with it. So I counted on the realtor to properly advise me throughout the process. When it was all said and done, I realized all she cared about was getting the sale done quickly. Yeah, it was a learning experience, but learning after the fact with this much money at stake doesn't do me a damn bit of good.
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HemiEd 07:32 AM 02-07-2019
Originally Posted by D2112:
Yeah lol piss my money on rent. My house is paid off. I pay over $12,000 a year in property taxes where I live. The plan is to sell and move to another state with a lower cost of living. And not own another house.
That is just crazy, similar to what we had in Illinois.

When we were ready to retire from there and sell our home, I put it out in the listing that I would pay a $2000 bonus, if sold in the first 30 days. MLS said that was against their rules, but the word was already out. :-)

I was thrilled to pay it when it happened, and felt like I was being released from prison.
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HemiEd 07:37 AM 02-07-2019
Originally Posted by JimNasium:
Iím almost certain that the Jesuits ha e something to do with this.
:-)
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