Real estate question and answer thread

[JordanLotoski]

If you'd like to know anything about the market in Calgary, what a house sold for, approx value of your home..or any other real estate related question post in here and I will be happy to help you as best as i can.

[prae]

you should probably lay out some ground rules for this subforum... are your FS threads a free-for-all and we can post whatever, or will they be moderated like the Marketplace???

[turbotrip]

How much commission do you charge and is it negotiable?

EDIT: And could you also tell me approx. value for 145 Covebrook Place NE & 95 Panora Close NW?

thanks

[JordanLotoski]

the forum is for me to post homea and condo for sale..i ask anyone wanting to post FS threads to use the marketplace....

[Redlyne_mr2]

Do you have any inner city listings?

[JordanLotoski]

^^ Right now i dont....What are you looking for?

[Redlyne_mr2]

core, garrison woods, marda loop, killarney .. sw mainly

[yellowsnow]

Do you think real estate prices will continue to decline this year? i'm thinking of selling my place next year

[topmade]

We want to build a new house maybe next year. What's the market going to look like for buyers/sellers?

[JordanLotoski]

Originally posted by yellowsnow
Do you think real estate prices will continue to decline this year? i'm thinking of selling my place next year

I wish i had a crystal ball! As for my opinion, we might get 1-2 percent decrease before the end of the year...I still think the unique, and well located homes will continue to be a hot item as always..if your looking to buy id say do it before January 14th or so...Market trend shows that even in a softer market thats when your gonna start to see the market heat up....Best deals uasually are around December. as for sellers, I think there is about 6-7 weeks before the market really dies...then middle of January it picks up....as much as it can anyways...i think 09 will be a pretty flat year.

If your buying and selling in the same market its all relative...wether your home is worth 1 dollar or 1,000,000 you have to replace it with something else..

Hope that helped!

[JordanLotoski]

Originally posted by topmade
We want to build a new house maybe next year. What's the market going to look like for buyers/sellers?

If your planing on building in a crazy market like this....plan your possession...most buyers get in the showhome and get so excited that they are buying a new house they dont think about possession times..which in this market can be killer....best possession for a new home would be may or june...you can list your home in Feb, and hopefully have it sold within 30-60 days...Worst time for a possession would be january or October...you would be forced to sell in somewhat of a slower time (as per market trend)

Then again if you have a really unique product with a great location at a great price you'll be ok...If you are going to build give yourself a buffer of about 50k..for worst case situations

What builders and areas are you looking at purchasing a home in?

[JordanLotoski]

Originally posted by Redlyne_mr2
core, garrison woods, marda loop, killarney .. sw mainly

Check PM

[Heff]

Hey Jordan,

I'm looking for an estimated street value for the house at 339 Woodfield Pl. S.W.

Its my mom's home. She's 75 and starting to think a town-house condo would be a good change - less physical upkeep required on the exterior and easier maintenance.

Ideally we'd like something that has a lower street value than her house on Woodfield Pl. so that she wouldn't incur any financial deficit in the sale and move. We'd also prefer a garage (though attached is not a requriement.) To be truly fussy, we'd prefer a ground floor main-floor without a stairway walkup to the living areas and a third-floor sleeping arrangement.

Our ideal locations for such a condo would likely be in the deep South West. We'd probably consider Woodbine/Woodlands, Evergreen, Shawnessey, Bridlewood, etc. Possibly Braeside and Cedarbrae.

The other consideration is that she may not be quite ready to sell, but some hard information would definitely help her to make up her mind.

This request should be considered a speculative look to give her some options to think about. She may or may not sell this year and in fact may not sell until next spring/summer - if she does decide to make the move.

Thanks!

[JordanLotoski]

Check PM Heff

[Kloubek]

Hey Miwyfshot,

I trust you will give me an honest answer here, rather than try to save face for your industry.

So, my theory for saving money when buying a house is to contact the Realtor for the sellers directly. When making an offer, I mention that as I have no Realtor representing me that I should be able to save the commission which would typically be paid to my own Realtor, if I had one.

So my questions are these:
1) Is there any rule against a selling Realtor accepting this?
2) If there IS a rule, is it that the selling Realtor is obligated to get BOTH commissions?
3) What is the typical commision % again?
4) Is there any way for me to guarantee that the Realtor translates my plan to the owner as opposed to simply trying to gobble up both commissions? I am wary of this, since there is typically little or no communication from the buyer to the seller directly.

Thanks for your time.

[ZorroAMG]

Commission is only paid to the selling realtor BY the seller. When there are two realtors involved, the commission is typically split in two. You won't save any money and only sometimes will the seller be able to get a commission reduction from their realtor if there is no buyers realtor.

As a buyer, you are out of luck...it's not your call to reduce sale price based on commission. Offer lower and see if they take it.

Correct me if I'm wrong Jordan.

[Kloubek]

Originally posted by ZorroAMG

As a buyer, you are out of luck...it's not your call to reduce sale price based on commission. Offer lower and see if they take it.

Correct me if I'm wrong Jordan.

So do the real estate rules dictate that the agent for the seller MUST collect what would would otherwise have been given to the buyer's agent? Is it his/her call whether or not he/she wishes to relenquish some of the commission?

PS: To clear up any confusion, I am NOT suggesting I contact the seller directly. I realize that would be against the rules/law. I am indeed talking about speaking directly to the seller's agent, to ensure he/she is paid his/her half of the commission. (at least)

[prae]

Originally posted by Kloubek



So do the real estate rules dictate that the agent for the seller MUST collect what would would otherwise have been given to the buyer's agent? Is it his/her call whether or not he/she wishes to relenquish some of the commission?

PS: To clear up any confusion, I am NOT suggesting I contact the seller directly. I realize that would be against the rules/law. I am indeed talking about speaking directly to the seller's agent, to ensure he/she is paid his/her half of the commission. (at least)

you'll find most arent interested in dual agency, and look down upon the practice.

[ZorroAMG]

Originally posted by Kloubek



So do the real estate rules dictate that the agent for the seller MUST collect what would would otherwise have been given to the buyer's agent? Is it his/her call whether or not he/she wishes to relenquish some of the commission?

Commission amounts aren't regulated or set in stone, they are what the market pays for the services. That being said, it's still up to the realtor to decide what commission they charge and whether or not they'll discount for being the only realtor in a transaction

[JordanLotoski]

Originally posted by Kloubek
Hey Miwyfshot,

I trust you will give me an honest answer here, rather than try to save face for your industry.

So, my theory for saving money when buying a house is to contact the Realtor for the sellers directly. When making an offer, I mention that as I have no Realtor representing me that I should be able to save the commission which would typically be paid to my own Realtor, if I had one.

So my questions are these:
1) Is there any rule against a selling Realtor accepting this?
2) If there IS a rule, is it that the selling Realtor is obligated to get BOTH commissions?
3) What is the typical commision % again?
4) Is there any way for me to guarantee that the Realtor translates my plan to the owner as opposed to simply trying to gobble up both commissions? I am wary of this, since there is typically little or no communication from the buyer to the seller directly.

Thanks for your time.

answers

1. its all upto the selling agent..I have dome it in the past on certian deals..at the end of the day if i have to move my clients home and take one commission then so be it.

2. If the agent decides to take both commissions that up to the agent...90% of the time i do..iam not working for a buyer and a seller, so twice the work.

3. 7%100k 3% Balance (which gets split between 2 agents, keep in mind alot of the time the listing agent will give a reduced commission to the seller)

4. If the agent is agreeance wo giving up half their commission to you, most of the time its worked into the price...so if they price is accepted at 400k and say theres 10k in commission then an amendment would be done to reduce the selling commission to 0 and reduce the selling price to 390k

Most agents wont do it....its like you going in to your job tomorrow and your boss saying look we are gonna have to get you to also do this..which is 50% more work..and we are not paying for it.

Like i said...i have done it in the past....will i do it for every deal..NO. I will do it if my clients are in a situation were they must sell or they will be in some sort of financial trouble (ie..carring 2 homes)

Hope that helped...

KEEP THIS IN MIND ALSO....If you approach a realtor like that and want to get into dual agency to save a few bucks....9 times out of 10 the agent wont be working for you...so your gonna pay more in the end..you wanna save money on house? work with an experianced realtor to get you the best price

Talk to TICTACTOE2004.....i just got a home for home list was 558,800..he got it for 520,000