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Posted: 8/10/2005 7:17:52 PM EDT
[Last Edit: 8/10/2005 7:18:21 PM EDT by motown_steve]
Here's my situation:

I own a house in Metro Detroit. I have moved to the great state of Tejas, and I intend to live the rest of my life south of Amarillo, West of Shreveport, LS, East of Clovis, NM and north of the Rio Grande.

I owe $147,000 and change on the joint in MI. The market is in near shambles. I've found an agent that will take 5% to list the joint. From what she is telling me (and others as well) I have to be prepared to take a couple grand to closing to dump the place. If I list at $160,000 and sell at $158,000 then when you figure in comission I'll about break even. Since I'm in a position where I have to either sell at a loss or break even, I was thing about trying my luck with a real estate broker.

My logic is this: If he buys my house at what I owe, then he can flip it at $158,000 or even $156,000 (priced VERY competitivly for that market) and walk away with 8 to 10 Grand, and I'm out from under.

What do y'all think? Am I high on drugs?
Link Posted: 8/10/2005 9:23:15 PM EDT
the contract is everything. if you breakeven in both cases-dump it. the broker has to pay the buyers' agent their half, so don't appear too desperate.
Link Posted: 8/10/2005 10:35:10 PM EDT
The broker doesn't have to pay anybody if he keeps it as a pocket listing (that's what I'd do). I'm a real estate broker and land developer. I buy homes from folks all the time. Its obvious that I wouldn't do so if it wern't beneficial to me. Usually I can help someone get out of a house that may otherwise loose it to the bank, so their happy. I get it at a decent deal that I can then fix what's needed and sell it to a buyer myself, having to pay no comission to anyone. Usually nets me around 15-20k for my trouble.
If you have any RE questions, IM me and I"ll do what I can.
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