Posted by Bronchick on December 22, 1998 at 21:37:58:
What I think A. Miller meant was that the agent does not get 6% of the sales price - if you are selling on an owner-carry basis and are receiving 10-15% down, you may not want to give up half the cash to an agent. Since the deal is not contingent upon financing and closes faster, it would not be out of line to ask the agent to take a discount on his usual fee.
LAND CONTRACT - Posted by Jiair Cash
Posted by Jiair Cash on December 22, 1998 at 13:27:27:
I’m about to enter into a contract for deed on a realtors listing located from the MLS. Before going ahead on this contract what are some of the things to consider and be carefull of??
Re: LAND CONTRACT - Posted by A Miller
Posted by A Miller on December 22, 1998 at 14:41:10:
Use a Real Estate attorney. I never go through a listing agent. You want your own representative.
Make sure the listing agent doesn`t get the whole 6%.
Re: LAND CONTRACT - Posted by Reif
Posted by Reif on December 22, 1998 at 22:40:11:
Is a lawyer a requirement on a contract for deed, or is it overkill if you have a ‘standard form?’
AMiller, I think you said you are in San Diego. If so, do you have a good RE lawyer to recommend? I think I’ll be selling on a contract for deed next month (first one) and I think I maybe should get some help.
Thanks,
Reif
Re: LAND CONTRACT - Posted by justin
Posted by justin on December 22, 1998 at 18:18:35:
Jiair, A. Miller could not be more wrong. Use the agent along with a good lawyer and the agent earns the 6%. Would you work all week and then accept only half a pay check? Justin
Re: LAND CONTRACT - Posted by A Miller
Posted by A Miller on December 23, 1998 at 12:53:51:
Im in Long Beach-So Cal. Id recommend calling a good
escrow company in your area and ask them for the attorney they use. Ive good ones that way. Also an attorney is licensed to do real estate and can take part or all of the other 3% commission on a real estate deal. Get him to take a fee for his service and rebate the rest to you. If you do a big deal with a lot of commission involved its not real smart to let a listing agent take 6% on
the deal.
After awhile when you have a lot of deals under your
belt you`ll probably deal on a fee basis with a lot of
agents.