Real Estate

If I am selling a house for $35,000 and the buyer is getting a loan for $10,000 more ($45,000), which number should the agent commission fee be based off of? the $35k or $50k?

What regulation would I find this information? When I go back to the agent, I will need to site a good source. Saying I got it off "yahoo answers" doesn’t sound that good.

The commission is 6%, but that’s not really a factor in what I’m asking about in this question.

The commission is always based on the Sale price.

Always look at the agents listing agreement or ask the agent. Sometimes agents split the fee, sometimes the keep the whole fee. Some agents take 7%, some split that 7% with another agent and they each take 3.5%.

And in some cases, You can ask an agent to just not take their commission. I don’t know how but I have heard there are ways around it.

But if they helped sell the property, they should be paid because it’s the right thing to do.

The commission is based on the Sale price, but check with the agent.

Property is in first stage of Foreclosure.

Probably not. It is probably the amount of money that the loan is in arrears. Then you would have to finance the actual amount left on the loan. Now it could be a property tax forclosure inwhich case, the property could be owned outright by the owner but they owe 29,000 in taxes and you can buy the property simply by paying the owed taxes. It is something worth checking out.

I need to file a compliant about a realtor concerning his obligation to deliver an offer in a timely manner. I looked at the California Board of Realtors site, but could not find an appropriate form. Any ideas on the best way to proceed?

Contact the California Real Estate Commission.
Not sure the web address, but you should be able to google it!

Sorry, didn’t finish…They should have their phone number listed on their site, call them and tell them what your complaint is and they can help you from there to let you know what you need to do.

I only want to rent from a noteworthy realtor; like remax or century21. I need help on finding a good realtors. Thank you.

Some realtors deal in rental properties. Just call around and ask some of them. Also you can ask if they know any realtors that handle rent properties. Use the phone book to look for rental agencies, or try online.

As far as education goes…also, if you have experience in this area, please explain how to go about obtaining your license.

Thanx

Depends on the state. One tip I can provide you for any state is that you should look into who is hiring and who you want to work for ahead of time. They will usually have a real estate licensing school of their own. If you sign up with them, they pay for post exam costs such as the fingerprinting, application fee, etc.

I’ve been advertising my apartment to try to re-let it for a new 12 month lease in preparation for a relocation due to work. It has been going moderately well in that a lot of people have been interested and come by. But i found out the other day that when one couple i gave applications to went to turn them in to the realty company, they took them back to the building to show them other units and even offered them deals to cut the price. Now, clearly this is immoral, but does anyone who knows something about this type of thing know if it is illegal, and could i use it to negotiate breaking my lease?
I’ve been advertising my apartment to try to re-let it for a new 12 month lease in preparation for a relocation due to work. It has been going moderately well in that a lot of people have been interested and come by. But i found out the other day that when one couple i gave applications to went to turn them in to the realty company, they took them back to the building to show them other units and even offered them deals to cut the price. Now, clearly this is immoral, but does anyone who knows something about this type of thing know if it is illegal, and could i use it to negotiate breaking my lease?
EDIT:
In response to some of the answers, the couple told me *specifically* that the realty company tried to convince them to move into a different unit.
Also, how am I supposed to do the vetting when they require SS Card, copies of your DL, 2 pay stubs, etc.
This is for a *new* 12 month lease which will cancel my existing lease. I can’t act as a middle man between them and the owners.

Search your phonebook for local attorneys who SPECIALIZE (be sure of this, this is going to come down to specific laws, and other attorneys wont have as much experience) in Real Estate.

I have heard conflicting opinions on this. I am looking at selling my house and when I begin to pull comps of the houses sold in the area, how are foreclosures going to affect that price? I heard from a realestate agent that foreclosures are not suppose to affect active listings, while my bank (when I was going to refinance) used foreclosure listings when they pulled comps, which doesn’t seem exactly fair to me. Any info would be great. Thanks.

Your real estate agent is wrong. Foreclosures of similar properties in your area definitely affect your valuation and selling price. Stop to think about it. Why would a buyer pay YOUR asking price when he can go down the road and purchase a foreclosure for perhaps $20,000 less ?

Foreclosures which sell below the former (pre-foreclosure era) pricing definitely bring down the values of other properties in the area.

There is some land being sold next to where my husband grew up that is being sold through a federal bankruptcy court. I called a local real estate agent who made an offer to the listing agent. The listing agent called the attorney’s office who represents the bankruptcy court and they put my offer before a judge who accepted. I had to pay a "retainer" to show my good intentions ($500.00) and sign a contract which stated I would pay the rest within 30 days. They cashed my check, and I started all the loan paperwork and have paid a little over $800.00 in closing costs. All paperwork was to be completed (deed exchange, etc. ) tomorrow (two weeks earlier than my 30 days) and the real estate company called today and said the attorney’s office contacted them to say they have another offer and my only recourse is to bid higher. Apparently, I have no legal leg to stand on because the realty company did not ask for a letter of acceptance. Do I have any other recourse at all?

If I’m following this scenario correctly, it sounds as if the real estate agent was selling the property acting as an agent for the Trustee in Bankruptcy. If the Trustee retained ownership of the property on behalf of the bankrupt estate, it is entirely within the trustee’s power to void transactions for any reason, including failure to obtain proper documentation. It is also within the trustee’s authority to void a transaction in favor of another transaction that would result in more money to pay the bankrupt’s creditors.

If that’s the case here, you probably do not have recourse. However, if the real estate company was representing a foreclosing bank and not the trustee, you may have a claim for specific performance. It sounds to me, however, that the trustee retained the property for the benefit of the bankrupt estate.

I want to invest in realestate in India, opening a self directed IRA account here in the U.S. Is this possible?

Thanks for your help.

only in REITs…no other direct mechanism from an IRA account.

from?
It seems theyare affraid that they might have to give some back to those they take from and enslave with low wages .Seems like a man who can build along with others several homes a year should be able to own one .But conservatives continually force inflation up and cause the rise in realestate to make purchasing land more exspensive then the homes that go on them .
The ratio use to be 10% for the land and today it is over 50% .Conservative money movers and policy shappers are robbing the working man of security and prosperity in order to hoard millions in profits that should be taxed and returned in services to the working people who provide them .

If you have a pile of three boxes setting on the floor. The top box represents the rich the middle is the middle class and the bottom is the poor. The repuglicans feel that if you lift the top box that they others will follow and that is just not the case. In order to move the whole pile you have to lift from the bottom. It is that way in real life if you want to move the population you need to lift from the bottom. Everybody moves that way. As it is now under this criminal and corrupt administration they are doing everything they can to give to the rich at the expense of the poor. Every move that Bush has made has been for the betterment of the rich. This is why I will never vote for a repuglican, ever.