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Author: rbg4410 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127801  
Subject: incentive to sell home Date: 4/26/2007 11:25 AM
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We are in Texas. We've had our home listed thru an realtor agent for the past 7 months. (We've had 2 offers, but couldnt come to agreement.) Our current agreement with our real estate brokerage is that we will pay 6% (3% to our listing brokerage and 3% to the buyers agent).

Since our agreement expires soon, we are considering using a service that lists our home on MLS (for approx $500), paying the buyer's agent 3% (this is standard in Tx), and offering a bonus to the buyer's agent of $10,000 to $15,000. Our hope is that this will incentivize agents to show/sell our home.

Any opinions on if this will help sell our home?
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Author: sndkman One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 103763 of 127801
Subject: Re: incentive to sell home Date: 4/26/2007 11:44 AM
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"...and offering a bonus to the buyer's agent of $10,000 to $15,000. Our hope is that this will incentivize agents to show/sell our home."

This sounds like going overboard to me. At least you should attach some conditions to this, like they sell it for asking price within 30 days, or put a sliding scale in place that reduces the bonus over a certain time period. Agents are so hungry these days', I wouldn't worry about adding a bonus to the 3%

Just one fools opinion ....


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Author: bogwan Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 103775 of 127801
Subject: Re: incentive to sell home Date: 4/26/2007 12:28 PM
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I think it would be unethical/illegal for a buyers agent to accept money from a seller. If you have the numbers of the people who viewed your house, call them and ask them why it did not sell.

My ignorant opinion is that if your house is not selling it is because the house is priced too high (lower it), buyers cannot get financing (offer seller financing if you dare), the first impression from standing outside and entering is bad (spend a couple of bucks fixing this).

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Author: StBridgit Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 103812 of 127801
Subject: Re: incentive to sell home Date: 4/26/2007 6:18 PM
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Hmmm.

Your statement, "We've had 2 offers, but couldn't come to agreement," bothers me.

What is the average time on the market for houses similiar to yours in your neighborhood? Has yours been on the market longer than that? If so, you have to ask yourselves (as in, you, the homeowners, and also your RE agent) honestly, why is that the case?

When you say, you couldn't come to agreement, what do you mean by that? They weren't willing to meet your price? They couldn't close fast enough? They were unqualified buyers? They were demanding some expensive fixes to your house that you weren't willing to pay?

Without further information, it's impossible to say whether your strategy of incentivizing buyers agents would work to sell your house. I think, if it's a case of a problem with the house itself, you would be significantly better off fixing the problem(s) with that money. If it's a case of a problem with your pricing expectations, then you need to get realistic about what price the market will actually support for a house like yours, in similiar condition, in your area. Speaking as someone who has been there, done that, and bought the t-shirt, I can tell you that you do NOT want to have your house listed for far longer than other houses in your area, as this sends a major red flag to buyers & their agents before they even set foot in your house, and it automatically lowers the offer price below what the going rate is.

If you post some more information, maybe the board will be better able to help you figure out how to sell this house quicker.

StB.

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Author: MaestroCindi Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 103827 of 127801
Subject: Re: incentive to sell home Date: 4/27/2007 9:32 PM
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Lower your selling price to the buyer.

Real estate agents don't really "sell" your house. What they do is facilitate the sales transaction. If buyers aren't interested in your house, there's no transaction to facilitate.

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