All Forum Posts by: Phil Z.

Thats a big mold problem and is extremely expensive to do properly.

Show him MLS sales sheets and explain why Zillow is not accurate.

If that second photo is a basement then it looks like it has mold.  You probably have to gut the entire basement and do some level of mold remediation.

Sounds like you need a better buyers list.  Find out who is actually buying and buying in that area.

This is what I believe your listing agent should be doing for you.

1. Complete a full Comparative Market Analysis to determine a fair market value and list price strategy.

2. Assist in preparing the home for sale. (i.e. Cleaning, Staging and Repair recommendations.)

3. Provide and/or assist in finding quality referrals as needed. (attorneys, contractors)

4. Prepare professional marketing materials

a. Professional Photography

b. Create a listing description that sells the home, location and/or lifestyle.

c. Professionally made flyers

d. Dedicated web address with HD Photos and/or extended property details.

5. Market the property for sale.

a. Listing on the proper MLS.

b. Syndication to all major real estate websites.

c. Direct Mail and Online marketing campaigns to target buyers and/or target market.

6. Orchestrate Showings  (i.e. Confirm appointments with other agents, and show to unrepresented buyers)

7.  Negotiate The Purchase Contract (Price and Terms) and Inspection Repair Reqests

8. Orchestrate the Inspection, Appraisal and Closing.

I think you have a traditional sellers mindset which is based on assumptions rather than experience.

1. List in the MLS and syndicate to other sites. Make sure the listing is complete, accurate and correct.

This is a given. And almost every MLS now syndicates to the major real estate sites.

2. Send mailers to near neighborhoods of similar houses letting them know that house is for sale.

This has a slim-to-none chance to sell your home.  This is used for the listing agent to build their brand and get more listings.

3. Make at least 1 or 2 open houses to drive traffic, and momentum to the sale.

Again, this has a slim-to-none chance to sell your home, and is used as a self-serving marketing technique for the listing agent to get more listings from nosy neighbors and unrepresented buyers who really aren't ready to buy (otherwise they would have an agent and wouldn't be floating around open houses).

4. Call buyer agents after each viewing to ask opinion from the viewers.

The CT MLS automatically sends an email to the buyers agent requesting feedback. This is definitely good to have. IF the MLS does not, then they should send an email. I think a phone call is not very efficient, especially if you have a lot of listings.

5. Review contracts/offers for correctness and to make sure there are no mistakes on them.

Sounds like you are looking for typos.  You're agent should be assisting you with a counter offer that includes price and terms.

6. Receive the appropriate compensation for his effort and even a little bonus if the agent got top market 100% listing price.

Obviously they will need to be compensated, and frankly the 'standard rate' is often not enough.

Figure 5% commission on a $200k deal: $10k

50/50 Split with the buyer broker - down to 2.5%: $5000

50/50 Split with their own broker - down to 1.25%: $2,500

$500 for photography and direct mail campaign: $2,000

.. at that rate I hope your agent is selling a house every 2 weeks.

Many locations want to know the name of the deceased, so you'll need to come up with a list of who has pasted and from which town.

As bill said, it wont affect the 70% but it will reduce your repair costs.  However, I would recommend paying yourself for the work that you do and so you should be paying the same, but making a bigger profit.

Also keep in mind that you may be able to go up to 75% depending on the price range, level of repairs needed and carrying costs associated with the deal (do you need to pay a full commission, using cash vs hard money, etc..)

Don't quote me on this, but I can almost guarantee that you will be allowed to do an inspection including pressure testing and de-winterization at the buyers expense.  That shouldn't be a significant holdup.

Buyer and Seller are supposed to sign the Purchase and Sale Agreement ("subject to Short Sale Approval") prior to submitting the offer to the bank.