Quote:
Originally Posted by Biggd
When you're buying a property the seller is paying the commission, it comes off the sale price. It's only worth what it's sells for so if the seller doesn't want to pay a sales commission what makes you think that he wants to give that savings to you. I could never figure this out? "it will probably save him 18 to 20K", that's not your savings.
Usually property that is being sold by owner is priced too high that's why they are selling it on their own.
What I've found as a buying is to look at property that has been on the market for a long time because it is priced too high and make a, take it or leave it offer, that you feel the property is worth. Why do you care if the seller has to pay a commission? That's not your problem.
I could be wrong but I doubt Island property is in big demand so I think you are always in a buyers market.
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If a property is worth $350k (keep in mind appraisals come into play when financing) and a seller would have to pay $20k in commission to sell with a broker then yes, a private sale at $350k does save them money....
I am NOT trying to capitalize on a private sale by trying to save myself money by a seller not having to pay a commission. I am trying to possibly find something before it hits the market to beat the feeding frenzy going on. You are incorrect, there is huge demand on the islands right now as there was last season and inventory is low. Sellers are getting multiple offers on properties. Take a look on island real estate and see how many are under contract, some for big money. The ones that aren't are either high up with lots of stairs which doesn't work for everyone, are grossly overpriced, or need a ton of work/ have issues.
We lost one already in a 3 way bidding war. The fsbo on rattlesnake has multiple offers, and I know of another that has multiple bids right now after being listed for a VERY short period of time.
It is a sellers market all around.