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ronholm
Joined: 26 Jan 2007 Posts: 12111
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| Posted: Wed Feb 27, 2008 1:18 am Post subject: Re: OT: Selling Your Own Home |
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| Phil Smith wrote: | | WanMan wrote: | What's sparking this sale? Dallas that bad? Do I need to stay away from there?  |
Ferret,
I only owe $60k on the house, so have a lot of equity. I'd like to free that up to possibly buy a pawn shop. Owning a pawn shop has never been a goal in my life, but what I'm doing now for a living is getting pretty tuff, so a pawn shop is starting to look good to me.
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If you go this route PM me. I have a couple good friends that own profitable pawn shops. Although the "inventory" is seen as a major liability to both of them. They make money on the stuff. but they would rather not have to sell it.
The money is made on the folks that use the Pawn shop as a cash loan. 15% goes a long way. And Joe had over 750,000 out in loans in the first year of his shop.
Strangely enough Joes full time job is a GM at a local carpet shop.
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drice1234
Joined: 07 Oct 2006 Posts: 1309 Location: Allen, Texas
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| Posted: Wed Feb 27, 2008 2:47 am Post subject: |
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I would just put a carpet allowance into the price. That way the new owners can pick out the carpet that they want
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CRT_Ben
Joined: 28 Aug 2006 Posts: 1684 Location: Northern Virginia
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| Posted: Wed Feb 27, 2008 3:11 am Post subject: |
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Hey Phil,
I checked out your website, it looks nice! I have two observations:
1. You need to get acreage up there - 103 X 67 requires effort on the part of a perspective buyer to turn that into acreage, even then, they have to guess on the unit - reasonable people would assume feet, but still.
2. I find the background distracting - I don't really have a useful suggestion for what to change it to, just throwing my opinion out there. Also I don't think you need the business tie-in when advertising the house, people might get confused.
Looks like a classy house, one that I wouldn't mind owning if you transplanted it to Northern Virginia Good luck with the sale.
Ben
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ronholm
Joined: 26 Jan 2007 Posts: 12111
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| Posted: Wed Feb 27, 2008 3:19 am Post subject: |
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| CRT_Ben wrote: | Hey Phil,
I checked out your website, it looks nice! I have two observations:
1. You need to get acreage up there - 103 X 67 requires effort on the part of a perspective buyer to turn that into acreage, even then, they have to guess on the unit - reasonable people would assume feet, but still.
2. I find the background distracting - I don't really have a useful suggestion for what to change it to, just throwing my opinion out there. Also I don't think you need the business tie-in when advertising the house, people might get confused.
Looks like a classy house, one that I wouldn't mind owning if you transplanted it to Northern Virginia Good luck with the sale.
Ben |
That and change "House" to Home.
_________________ Play stupid games, win stupid prizes
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JustGreg
Joined: 07 Mar 2006 Posts: 3098 Location: Kenosha, WI
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| Posted: Wed Feb 27, 2008 3:26 am Post subject: |
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Sounds like you don't have any hardwood hiding under your carpet either Phil. ALLLLLL the frigging houses on my block have hardwood under the carpeting...ME??? f*ck no. I lifted one corner of carpeting in every room after buying the house (the owners didn't know if it had hardwood or not as the house was a stepping stone purchase for them and they weren't around when they had the old ripped out and new installed) and nope...no hardwood. Figures.
Hey Phil...you ever think of buying a converted Quanset hut with a walkup apartment inside? I'm not even close to trying to be a smartass BTW. I'm serious. It sounds like it would fit your lifestyle. A regular house really doesn't sound like it's working out well for how active you are with an at home business. Just a thought.
Personally I wouldn't mind doing it myself. Especially up here where it snows so much. No ice dams backing up under the shingles and into the house. No snow to shovel off the roof (I could fix that by getting a gabled house instead of a ranch like I have now) Easy to heat. Hell, you can drive your car right in. I wonder if GovLiq has anything like that. Hmmmm.
I'd love to have the ability to throw it all on the line and depend on a home biz like you. You've got bigger cahones than I do my friend.
If you have alot of equity, find a large carpet installer that has no payment no interest for 2 years. Just before you sell, have new carpet put in and then after the signing pay the installer off with your equity check. I wouldn't put top of the line in tho.
Go with what the pro's say...inexpensive beige carpet with a high end pad so it's spungey (sp?) under their feet. Tactile is another tool in selling a house. It isn't all visual or baking cookies before a showing thing.
Me???...dutch oven pork roast. Bring on the carnivore house buyers!! An HT in the basement and a pork roast in the oven???...MAN PURCHASE!!! The wife won't stand a chance!
Good luck.
Greg
_________________ Greg
"Is it ignorance or apathy? Hey, I don't know and I don't care!" --Jimmy Buffett
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Phil Smith
Joined: 08 Mar 2006 Posts: 7717
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| Posted: Sat Mar 01, 2008 11:28 pm Post subject: Re: OT: Selling Your Own Home |
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| ronholm wrote: | | The money is made on the folks that use the Pawn shop as a cash loan. 15% goes a long way. And Joe had over 750,000 out in loans in the first year of his shop. |
The interest rate is a lot higher in Texas. If Joe owned a pawn shop in Dallas with $750K on the street, and had good retail sales, he'd be making about $150K gross profit a month, $90-100K net. Pawn shops like that are never for sale, but if one was, I would fetch several million dollars, and have no trouble finding a buyer.
I'm looking for a very small shop that has $50K or less on the street that I can buy for $150-200K. If I can eventually get the loan balance up to $100-$125K, it will make me a pretty good living. If not, it will still make me a modest living, but that's about it.
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Phil Smith
Joined: 08 Mar 2006 Posts: 7717
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| Posted: Sat Mar 01, 2008 11:30 pm Post subject: |
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| drice1234 wrote: | | I would just put a carpet allowance into the price. That way the new owners can pick out the carpet that they want |
I'll probably end up doing that. I think Mike's point is a house with bad carpet shows poorly, and that makes it a lot harder to sell. From what I've read he's right.
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Phil Smith
Joined: 08 Mar 2006 Posts: 7717
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| Posted: Sat Mar 01, 2008 11:54 pm Post subject: |
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| CRT_Ben wrote: | Hey Phil,
I checked out your website, it looks nice! I have two observations:
1. You need to get acreage up there - 103 X 67 requires effort on the part of a perspective buyer to turn that into acreage, even then, they have to guess on the unit - reasonable people would assume feet, but still.
2. I find the background distracting - I don't really have a useful suggestion for what to change it to, just throwing my opinion out there. Also I don't think you need the business tie-in when advertising the house, people might get confused.
Looks like a classy house, one that I wouldn't mind owning if you transplanted it to Northern Virginia Good luck with the sale.
Ben |
Thanks Ben! I started with my ebay template when creating the "house for sale" website, so my Dallas Music background was already there. I've never had a complaint about it being distracting, but I think you're right that it's not the right background for selling a house.
"You need to get acreage up there - 103 X 67 requires effort on the part of a perspective buyer to turn that into acreage..."
It's not only hard for the buyer. What about me?
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Phil Smith
Joined: 08 Mar 2006 Posts: 7717
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| Posted: Sun Mar 02, 2008 12:01 am Post subject: |
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| JustGreg wrote: | Sounds like you don't have any hardwood hiding under your carpet either Phil. ALLLLLL the frigging houses on my block have hardwood under the carpeting...ME??? f*ck no. I lifted one corner of carpeting in every room after buying the house (the owners didn't know if it had hardwood or not as the house was a stepping stone purchase for them and they weren't around when they had the old ripped out and new installed) and nope...no hardwood. Figures.
Hey Phil...you ever think of buying a converted Quanset hut with a walkup apartment inside? I'm not even close to trying to be a smartass BTW. I'm serious. It sounds like it would fit your lifestyle. A regular house really doesn't sound like it's working out well for how active you are with an at home business. Just a thought.
Personally I wouldn't mind doing it myself. Especially up here where it snows so much. No ice dams backing up under the shingles and into the house. No snow to shovel off the roof (I could fix that by getting a gabled house instead of a ranch like I have now) Easy to heat. Hell, you can drive your car right in. I wonder if GovLiq has anything like that. Hmmmm.
I'd love to have the ability to throw it all on the line and depend on a home biz like you. You've got bigger cahones than I do my friend.
If you have alot of equity, find a large carpet installer that has no payment no interest for 2 years. Just before you sell, have new carpet put in and then after the signing pay the installer off with your equity check. I wouldn't put top of the line in tho.
Go with what the pro's say...inexpensive beige carpet with a high end pad so it's spungey (sp?) under their feet. Tactile is another tool in selling a house. It isn't all visual or baking cookies before a showing thing.
Me???...dutch oven pork roast. Bring on the carnivore house buyers!! An HT in the basement and a pork roast in the oven???...MAN PURCHASE!!! The wife won't stand a chance!
Good luck.
Greg |
Greg,
I didn't know what a Quanset hut was. Well, I knew what it was, but didn't know what it was called.
You know, I'm weird enough that I could actually live something like that and be completely content. As long as it was comfortable on the inside and had all the normal amenities, I could care less what the outside looks like.
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garyfritz
Joined: 08 Apr 2006 Posts: 12088 Location: Fort Collins, CO
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| Posted: Sun Mar 02, 2008 1:40 am Post subject: |
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Might be tricky to fit a theater into one, though.
| Phil Smith wrote: | | Quote: | | "You need to get acreage up there - 103 X 67 requires effort on the part of a perspective buyer to turn that into acreage..." | It's not only hard for the buyer. What about me?  |
Google is your friend! Just enter "( 103 * 67 ) square feet in acres" into Google and out pops "0.158425161 acres"!
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Phil Smith
Joined: 08 Mar 2006 Posts: 7717
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| Posted: Sun Mar 02, 2008 7:26 pm Post subject: |
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Thanks Gary, but I have an irregular shaped lot (wider in the back than the front, as well as deeper on one side than the other), so I'm not sure .15 acres is it's true size. Even if it was, I don't think I'd mention it's acreage. 103 X 67 sounds already small (which it is). .15 acres sounds TINY!
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Phil Smith
Joined: 08 Mar 2006 Posts: 7717
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| Posted: Mon Mar 03, 2008 5:52 pm Post subject: |
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I finally got a good pic of my house. What do you think I should price it?
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drice1234
Joined: 07 Oct 2006 Posts: 1309 Location: Allen, Texas
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| Posted: Mon Mar 03, 2008 5:56 pm Post subject: |
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Hard to say. A multi-level with lakefront. I would start at 1.2 million
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HaydnG90
Joined: 22 May 2006 Posts: 1356
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| Posted: Mon Mar 03, 2008 6:07 pm Post subject: |
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The estate has its own wind powered turbine for generating electricity. Added value here and very green.
Last edited by HaydnG90 on Mon Mar 03, 2008 7:09 pm; edited 1 time in total
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rmcarthur
Joined: 03 Mar 2008 Posts: 7 Location: Chilliwack, BC Canada
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| Posted: Mon Mar 03, 2008 6:11 pm Post subject: |
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| Person99 wrote: | | First, let me say I think Real Estate agents are pretty much the most useless people in the world. In an Internet age, they add zero value. |
Wow! As a Realtor I find this quite insulting, an all-out insult to Realtors that read this forum all around the world. But I guess to someone not fully educated & trained in what it takes to sell a home for full market value and protect the sellers greatest asset in the process this is a common misunderstanding.
I will not go into the reasons why having a Realtor (in Canada) is important such as Error and Ommisions Insurance, MLS advertising, knowledge of the Legalities involved in the sale of property, knowledge in performing property price assessments, staging a home, writing legal and binding contract of purchase and sales, experience in negotiating maximum price for your home, ethics etc., etc. etc.
This list could go on for pages.
Realtors are Professionals and deserve a little more respect than than Person99's comment (as does any person), but he may feel the same way about lawyers and doctors or any other profession he does not understand.
Now that I have got that off my chest, a few tips to the original poster.
In a sellers market you may have less of an issue finding a buyer for your home but in a buyers market when the market is flooded with homes for sale, ask yourself what is making yours stand out? What kind of advertising are you going to do? Here in Canada if it is not sold by a Realtor it will not be on the MLS or in the local Real Estate paper and this significantly limits your exposure. The internet is great but how will they find it on the internet?
I would also replace the carpet beforehand if it needs to be done, buyers do not want to hear about your good intentions, first impressions are everything and many potential buyers will not be able to see pass the bad carpet even if you plan to replace it.
Remember, the longer your home stays on the market the less likely you will get top dollar for it, it will become stigmatized and buyers will wonder what's wrong with it and why hasn't it sold.
Others here have also made some very good suggestions.
If you plan to sell it yourself, as many have done before, be prepared for a lot of hard work and educating yourself as Wallace said above. It can be done but there are a lot of risks involved, some people enjoy the process and others would rather just have someone else take the risk, hold the open houses, write the contracts, have the showings, deal with the buyers etc., etc. for them. Either way good luck with the sale of your home.
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kal Forum Administrator
Joined: 06 Mar 2006 Posts: 18114 Location: Ottawa, Canada
TV/Projector: JVC DLA-NZ7
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| Posted: Mon Mar 03, 2008 6:25 pm Post subject: |
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| rmcarthur wrote: | | Person99 wrote: | | First, let me say I think Real Estate agents are pretty much the most useless people in the world. In an Internet age, they add zero value. |
Wow! As a Realtor I find this quite insulting, an all-out insult to Realtors that read this forum all around the world. But I guess to someone not fully educated & trained in what it takes to sell a home for full market value and protect the sellers greatest asset in the process this is a common misunderstanding.
I will not go into the reasons why having a Realtor (in Canada) is important such as Error and Ommisions Insurance, MLS advertising, knowledge of the Legalities involved in the sale of property, knowledge in performing property price assessments, staging a home, writing legal and binding contract of purchase and sales, experience in negotiating maximum price for your home, ethics etc., etc. etc.
This list could go on for pages. |
I understand what you're saying but as a Canadian myself, living in a market where good houses are selling themselves in hours and for $500-600K, why give 20-50K or more of that to a realtor when little work needs to be done? My parents just sold their house a couple of years ago for around that price range in an area that is in extreme demand. They didn't use a realtor but instead used Grape Vine (a sell-it-yourself service) and got a good lawyer who knows real estate and paid him $1000-2000 or whatever.
Nothing wrong with paying a realtor for working on selling your house when it's not an easy sale but houses that used to sell for $150-200K 10-20 years ago are now selling for 3 times as much. People are also flipping houses faster and moving more often so a lot of the houses are single owner, almost new, zero issues. Is the realtor really working 3 times harder and deserves that flat rate percentage cut when it's a sellers market out there??
Realtor rates are negotiable of course. If I was selling and wanted to use a realtor and knew I had a house that would sell easily in a hot market, I'd go for a fixed fee instead of a percentage and just offer the realtor a flat fee. But not likely, I'd probably do it myself and get a good real estate lawyer for the legal stuff.
What the usual realtor percentage rate these days? 5%? 10%? On a 500K house that sells quick and easy that's 25 - 50K for what amounts to a few days work!
Last I checked the realtor is not in any way legally responsible for the sale - if something goes wrong or they make a mistake, they are not responsible (Realtors don't have liability insurance do they?).
It's obvious that the market's changing as there are more and more 'sell it yourself' services out there now as the flat percentage fees charged by realtors are too expensive for most people.
Kal
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Ridebreck
Joined: 08 Mar 2006 Posts: 943 Location: Colorado Springs, CO
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| Posted: Mon Mar 03, 2008 6:31 pm Post subject: |
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| Phil Smith wrote: | I didn't know what a Quanset hut was. Well, I knew what it was, but didn't know what it was called.
You know, I'm weird enough that I could actually live something like that and be completely content. As long as it was comfortable on the inside and had all the normal amenities, I could care less what the outside looks like. |
You could always consult with Mark on how to mount your G-70 in one now that he's got the truss hung for his twin 9500's.
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kal Forum Administrator
Joined: 06 Mar 2006 Posts: 18114 Location: Ottawa, Canada
TV/Projector: JVC DLA-NZ7
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| Posted: Mon Mar 03, 2008 6:43 pm Post subject: |
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I have to mention another pet peeve of mine. My wife and I bought our house and 2000 and spent a lot of time on the MLS.CA (multiple listing services) web site looking at pictures of homes. I've probably looked at pictures litterally 400-500 homes online in the last 7 years.
Not one of the realtors knows how the first thing about photography. Other than a few expensive multi-million dollar homes where they use a pro photographer, none of the pictures do anything right. My parents had a few realtors come in at first and take photos of their house for them. I was disgusted at the results. Right from the stupid $100 point and shoot camera (without wide angle) with flash blowing everything out, to the composition they used.
I redid all the shots for my parents when they sold and interest picked up immediately.
For the fees that real estate people charge, they should spend $1000 on a nice SLR and get a few hours of lessons to understand the difference between ISO, f-stop, and shutter speed. Throw in some lessons on composition and lighting and before you know it, you're not that far off from shooting pictures that look like something out of architectural digest or canada house and home like this:
(The nice furniture helps too but just spending 30 seconds to understand how lighting works does wonders)
Seriously. It's not hard to do. You can do this with a $400 Canon Digital Rebel SLR as long as you KNOW what you're doing and stop using the @#$@&$@ built in flash!
And yes, you can take a shot with a window in it and bright sunlight outdoors. Expose for the inside of the house - don't let the silly point and shoot camera do auto-exposure and expose for the brightest object ( the window ) making the rest of the picture dark. The end result will be a nice shoot with the window nice and white just like you see in the fancy magazines.
I'm sick of seeing bad shots like these: (all taken from MLS by realtors)
My grandma used to take off-center shots like this of her ceiling as well:
This one has so much potential. But the realtor selling this $700K house can't even hold the camera steady let alone notice that the picture's fuzzy and redo it (doesn't really matter though, the composition's boring):
These were just the first random pictures I came across in MLS.CA - I didn't even have to search.
Kal
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Phil Smith
Joined: 08 Mar 2006 Posts: 7717
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| Posted: Mon Mar 03, 2008 7:06 pm Post subject: |
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I think one of the problems is your typical digital camera zoom doesn't go very wide. I started to take interior pics of my house and my Nikon 995. It was immediately obvious that it wouldn't zoom wide enough. I borrowed a friend's D70 with an 18-70mm zoom, and it's a big improvement.
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kal Forum Administrator
Joined: 06 Mar 2006 Posts: 18114 Location: Ottawa, Canada
TV/Projector: JVC DLA-NZ7
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| Posted: Mon Mar 03, 2008 7:14 pm Post subject: |
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| Phil Smith wrote: | | I think one of the problems is your typical digital camera zoom doesn't go very wide. I started to take interior pics of my house and my Nikon 995. It was immediately obvious that it wouldn't zoom wide enough. I borrowed a friend's D70 with an 18-70mm zoom, and it's a big improvement. |
Yup. That's lesson #1.
Kal
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