My brother and I just recently inherited from our dad and mom a large amount of rental properties, a couple residential properties, commercial buildings and a couple vacant lots. But we inherited no cash. That was actually embezzled by our sister (long story).
There is some money owed. To another beneficiary, our attorney, a couple old credit card bills, etc. (only 1 small mortgage of $50,000 on 9 properties). We have been going back and forth about selling the family home. I know it will sell quick and a great price.
We have been getting ready to sell it for about a year. During this time I've been dealing with a couple (that work for one of the bigger agencies). They have been great and given us a lot of information on selling the house and what we may want to buy next.
Then more recently a really good friend of mine introduced me to a lady who has a lot of experience in real estate and is also big on banking and she has a lot of resources. So I like both the agents and not sure who to pick to list the house. I almost think I might have to flip a coin?
What do I need to ask each of them? I am not sure what commissions are and I don't understand points or what an agent needs to do for paperwork and escrow. Would love to hear your suggestions. Thanks again.
Do some research and you should find quickly who are the top agents/brokeragefirms in your area.
Average total commission you should pay is around 6%.
Also be prepared to pay 3%-6% of buyers closing cost.
I can ask my agent/partner to search the two agents' transaction records in the MLS (for the past few years). I would need the names or properties that each have sold/buy though. I'm not sure if the forum is a good way to do that....
If you have the list, you can check their sales records yourself and see the photos they took for that property (tells you if they actually care if your house is sold), whether it was mostly sold up or bid down. Where they mostly operate, etc.
PS: I'm an investor in LA/LB area.
Sheri - send me a Private message (PM) and I'll share the name of the agent that selsl most all my probate and trust properties. Include you email address so I can connect the two of you.
I don't know know of your specific powers however you would be wise to eliminate all agent candidates who don't demonstrate lots of soecific experience with probate and specifically, court-confirmed sales. This reduces your list down to a small handful and the best candidates will be experienced, effective, known by and have influence with the courts. My guy works primarily with private professional fiduciaries (I'm administrator of at least four different estates in the greater L.A. Area right now).
Btw, I've been a licensed CA RE broker for several decades but never list and sell my own properties as I'm much too busy doing more interesting and profitable deals.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing