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I own a house, first one ever. If I sell it through a real estate business, do I need cash on hand?

 
Anonymous Coward
User ID: 33382182
Canada
01/31/2013 09:42 AM
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I own a house, first one ever. If I sell it through a real estate business, do I need cash on hand?
I'm broke and want to sell my house; do I need money to sell my home? Or can the revenues from selling it in the end be agreed on paying the feeds once all is done?

Know what I'm saying? Or am I fucked and looking at foreclosure?
WindyMind

User ID: 26518293
United States
01/31/2013 09:43 AM

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Re: I own a house, first one ever. If I sell it through a real estate business, do I need cash on hand?
Get a good real estate agent. You don't pay them anything the buyer does. Pretty sure.
Anonymous Coward (OP)
User ID: 33382182
Canada
01/31/2013 09:47 AM
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Re: I own a house, first one ever. If I sell it through a real estate business, do I need cash on hand?
Get a good real estate agent. You don't pay them anything the buyer does. Pretty sure.
 Quoting: WindyMind


Another thing, I owe like 2,000 on property taxes, once the buyers know this, are they going to run the other way? Or will the real estate agent just tell them the seller has agreed to pay for taxes apon sale of the property because of the financial circumstances?
Anonymous Coward
User ID: 29749468
United States
01/31/2013 09:51 AM
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Re: I own a house, first one ever. If I sell it through a real estate business, do I need cash on hand?
seller pays and pays big. Usually 6%, 3 to each agent buyers and sellers agent. You can try and many times successfully talk them down to 4%. They will take it out of your proceeds unless you owe more than you can sell it for. If that is the case, they will ask for a check from you at closing. I sold a house I built in 2004 because we had to move out of state and I had to write a $400 check at closing. We lost all our downpayment money paying the realtor fees. Find a good agent!
Useless Cookie Eater

User ID: 29696048
United States
01/31/2013 09:53 AM

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Re: I own a house, first one ever. If I sell it through a real estate business, do I need cash on hand?
I'm broke and want to sell my house; do I need money to sell my home? Or can the revenues from selling it in the end be agreed on paying the feeds once all is done?

Know what I'm saying? Or am I fucked and looking at foreclosure?
 Quoting: Anonymous Coward 33382182


Is there any equity in the house?
If not...you won't get any deals.
Anonymous Coward
User ID: 29749468
United States
01/31/2013 10:00 AM
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Re: I own a house, first one ever. If I sell it through a real estate business, do I need cash on hand?
I don't know anything about this myself so I cannot give you personally information. We are looking for a house in NC right now and there are a ton of rent to own companies. I don't know if they buy the house from you or if you sign a contract with them but you will get higher that normal rent for some months in a promise to purchase. You can also rent to own yourself asking for a decent size downpayment, rent for a year or 2 requiring the renter to purchase. You might need a lawyer for this, I would bet the contracts would be available online somewhere since it is so popular right now. You risk the renter backing out but if you ask for a non refundable large deposit what did you really lose. Please educate yourself on these things, I know very little about it.
Anonymous Coward
User ID: 5120451
United States
01/31/2013 10:06 AM
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Re: I own a house, first one ever. If I sell it through a real estate business, do I need cash on hand?
I don't know anything about this myself so I cannot give you personally information. We are looking for a house in NC right now and there are a ton of rent to own companies. I don't know if they buy the house from you or if you sign a contract with them but you will get higher that normal rent for some months in a promise to purchase. You can also rent to own yourself asking for a decent size downpayment, rent for a year or 2 requiring the renter to purchase. You might need a lawyer for this, I would bet the contracts would be available online somewhere since it is so popular right now. You risk the renter backing out but if you ask for a non refundable large deposit what did you really lose. Please educate yourself on these things, I know very little about it.
 Quoting: Anonymous Coward 29749468


Not to be nosy what part of NC?
Anonymous Coward
User ID: 24061376
United States
01/31/2013 10:15 AM
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Re: I own a house, first one ever. If I sell it through a real estate business, do I need cash on hand?
I'm a real estate attorney.

If you use an agent, you will sign a contract for them to sell your home. You will pay a commission.

If a buyer is also represented, then the agents split the commission.

The commission comes out of the seller proceeds at closing.

You pay attorney fees, taxes owed, mortgage, etc., out of the closing proceeds. If you have judgments against you, those will need to be paid as well so free and clear title can pass.

Whatever is left over is yours.

If the sales price does not cover all of these items, then you have to pay them out of pocket. If you don't have the money, then the deal cannot be done. If the buyer really wants the house, the buyer can pay any other expenses to get the deal done.

If you are selling for less than the mortgage, your lender will have to approve the short sale prior to closing.

Good luck.
Anonymous Coward
User ID: 24061376
United States
01/31/2013 10:17 AM
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Re: I own a house, first one ever. If I sell it through a real estate business, do I need cash on hand?
A good real estate agent can handle all of this for you and advise you. Your attorney will also take care of it.

Please seek the advice of counsel.
INK3

User ID: 33388001
United States
01/31/2013 10:21 AM
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Re: I own a house, first one ever. If I sell it through a real estate business, do I need cash on hand?
Get a good real estate agent. You don't pay them anything the buyer does. Pretty sure.
 Quoting: WindyMind


That may depend on where you live. In New Jersey (and most states), the agent works for the seller, and the commission comes from the sale of the house. In reality, most people include the price of commission in their house price, so (IMO), the buyer actually pays, but the agent has a fiduciary duty to the seller, not buyer.
"When tyrants tremble in their fear, and hear their death knell ringing,
When friends rejoice both far and near, how can I keep from singing"

page7
INK3

User ID: 33388001
United States
01/31/2013 10:22 AM
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Re: I own a house, first one ever. If I sell it through a real estate business, do I need cash on hand?
I'm a real estate attorney.

If you use an agent, you will sign a contract for them to sell your home. You will pay a commission.

If a buyer is also represented, then the agents split the commission.

The commission comes out of the seller proceeds at closing.

You pay attorney fees, taxes owed, mortgage, etc., out of the closing proceeds. If you have judgments against you, those will need to be paid as well so free and clear title can pass.

Whatever is left over is yours.

If the sales price does not cover all of these items, then you have to pay them out of pocket. If you don't have the money, then the deal cannot be done. If the buyer really wants the house, the buyer can pay any other expenses to get the deal done.

If you are selling for less than the mortgage, your lender will have to approve the short sale prior to closing.

Good luck.
 Quoting: Anonymous Coward 24061376


From what I recall, the buyer can have their "own" agent, ie, a buyer's agent, if not the agent still represents the seller, and yes the agents can split the commission, but it comes from the seller.
"When tyrants tremble in their fear, and hear their death knell ringing,
When friends rejoice both far and near, how can I keep from singing"

page7
WindyMind

User ID: 26518293
United States
01/31/2013 11:05 AM

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Re: I own a house, first one ever. If I sell it through a real estate business, do I need cash on hand?
I forgot, yes my realtor received a commission.
Anonymous Coward
User ID: 31537700
United Kingdom
01/31/2013 11:30 AM
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Re: I own a house, first one ever. If I sell it through a real estate business, do I need cash on hand?
Are American property laws similar to Canadian ones? the reason I mention this is that even in the UK English property laws are different from Scottish ones and the wrong advice could be costly.

If it is not possible in Canada to sell a property without money up front perhaps you get a bridging type loan that would cover the costs of the sale and be repaid out of any equity you have in the property?

Anyway.. hope you find a way... regards and best wishes

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