Home Sellers Options when house isn’t selling

(Jeff) In this video we will be talking about Home Sellers and their options when their house is not selling in this changed market.

(Jeff) Hey, it’s Jeff Chubb I am a retired investment banker turned real estate agent that has sold more then a 1,000 homes and am here with (Sammy) and I am Sammy Illiopoulos, I am one of the top 300 loan officers in the United States and work with Guaranteed Rate. 

(Sammy) Jeff, the market has changed a lot in the last 6 months of 2022. Seller’s went from being at the party and having an amazing time to well… Having the dreaded next day hangover. 

(Jeff) Sammy, it’s true. Sellers are having to adapt to the new marketplace. It’s a market where buyers hold the upper hand in a lot of cases. 

(Sammy) I was reading an article about how seller’s are starting to have to toss in the Kitchen sink and more in order to get their house sold. Jeff, what has your experience been? 

(Jeff) The market has definitely slowed. What I am seeing is that the homes that are in good condition and priced right are selling. The ones that are overpriced and not in the greatest of conditions are either sitting or selling at BIG discounts. 

(Sammy) That makes sense as the article I was reading mentioned that 42% of recent sellers have offered at least one concession to home buyers. 

(Jeff) Sammy, that is a great point and what we are going to talk about. What are those concessions that sellers are offering and what are...

3 Options A Divorcing Couple Has & the 7 Things You Must Know When Selling a House as part of a Divorce

The 3 Options when getting a Divorce and a house is involved:

• If you do not want to sell, you have the option of possibly buying out your partner’s legal interest and keeping the home.

• You could negotiate to occupy the home for a period of time. This would typically be an option if children are involved.

• Sell the house and move on. This way, both parties receive a fair share that could be invested in new properties.

7 Must Knows When Getting a Divorce & Selling a House

1. Pick an Agent who is objectively qualified in Divorce Sales

It is worth the time to find an agent who specializes in working with separating couples as this situation can present a unique set of challenges. In many cases when working with a divorcing couple, a real estate agent will double as a mediator. 

You need to find an agent that both can trust and feel comfortable with. An agent where neither person feels that the agent is on the other person’s “side”. It is always recommended to pick a fair and neutral Realtor rather than hiring a family friend or mutual acquaintance. Picking an agent where there is no connection will help build each individual's trust that their personal situation is not getting back to their personal sphere. 

It is always recommended that both parties be present for any listing interviews. It is important that the divorcing couple understand that their agent represents both of them equally. Oftentimes when one party selects...

Top 3 Reasons Selling House During a Divorce is Worth It

Selling the marital home is often one of the first thoughts that come to mind during a divorce. It’s not only for emotional reasons that people sell but also for legal reasons. Undeniably, selling house during a divorce can be a very stressful experience, but it can be worth it. 

In this article, we’ll take a look at why people sell their houses during divorce, the benefits and best ways to do it, and the necessary help you need to make the entire process as painless as possible.

What if I don’t want to sell?

That’s a fair statement. You’ve made memories in your house, and for many, that’s hard to let go of. But, who gets the house in a divorce? Most couples who divorce go through one of three scenarios:

1. First off, if you do not want to sell, you have the option of possibly buying out your partner’s legal interest and keep the home.

2. Secondly, you could negotiate to occupy the home for a period of time. This would typically be an option if children are involved.

3. Lastly, it may be necessary to sell and move on. This way, both parties receive a fair share that could be invested in new properties.

Deciding to sell your house is a very personal decision, but knowing the benefits of selling could help you make a decision. Let’s look at some of the reasons selling could be to your benefit.

1. Legal Reasons Selling House During a Divorce is Worth it

Divorce can be peaceful and reasonable when the parties are capable of dealing with each other. Unfortunately, this...

Met with a Realtor, What’s next?

While it isn’t actually the hardest step of the home selling process, calling a real estate agent is often the most prolonged! It’s tough for many as they “know” what they need to get done, but it’s never easy hearing it. I feel the same way when I go to my Doctor! I know she is going to say I am overweight… I don’t need hear it!

So, what’s next? You have met with an agent and you want to move forward with the process.

Step 1: Selecting Your Agent - Let the agent know that you would like to work with them (If you haven’t already done so in the appointment). Real Estate Agents are a lot of things… But mind readers we are not!

Step 2: Choose Your Marketing Package - Generally, after you have acknowledged that you would like to move forward, you will select the marketing program and commission structure that work best for you (Here is an example of our Fee Structure).

Step 3: Sign the Listing Agreement – This is an important step as it solidifies the relationship between you and your Broker. At this point, the agent is contractually required to work for you and to always have your best interests at heart. They may also start spending some of your marketing budget with pre-marketing as well as hiring a stager for a staging consultation.

Step 4: Recalculate Your Net Proceeds - Once you have that, you will want to go over how much it costs to sell a house (Click here to see the breakdown of expenses) with...

How much does it cost to sell a house? This is a question we get a lot! Selling a home in Massachusetts does have some fixed costs, but many of them are variable based on the specific situation of the seller. Below is a breakdown on the expenses of selling a home.

Click here to get a copy of our Blank Seller Net Proceeds Sheet

Loan Payoff: The first expense to be calculated is the loan payoff and pay off any equity lines that a homeowner may have. This expense is a variable expense that changes with each homeowner. Some homeowners may not have a mortgage.

Real Estate Commissions: The Commission owed to Real Estate agents is broken down as two separate fees. Most people when selling their home consider them one, however this is incorrect as the fee is broken down with a portion going towards the Marketing Fee as well as the Co-Broker Fee. By law, the seller pays the total fee to the broker they have retained to represent them in the sale of the property who then in turns pays the other brokerage for their representation of the buyer.

The marketing fee is the portion of the commission that is paid to the seller’s broker. This fee compensates the brokerage representing the seller for their marketing expenses, negotiation expertise and time spent managing the transaction.

The Co-Broke fee is what is paid to the brokerage that is representing the buyer. This brokerage is being compensated for introducing the buyer to the property and managing the transaction.

It is against the law for a Real Estate Agent to say that the Standard Commission charged is X. It is also against the law for two agents to discuss commission structures charged to other competing agents in other brokerages.

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