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Without a realtor I can not post an add in the MLS or on reator.com which I really need to sell this place. HelpUSell will do these things...based on their claims, they do just about everything a realtor will do, but without the commission fee...just a flat fee of $1995.00 Kinda sounds too good to be true, and you know what they say about that.
 

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Kristin, not sure how much I can help

as I have not used HelpUSell, but I see a lot of people in my area use it to try and sell their houses, and I have yet to see a sold sign in front of one of them. Like I said, take that for what it is worth (probably not much).

Good luck selling the condo.
 

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Discussion Starter #3
Realtors who sold units here before?

Hmmm. I'll keep doing research on them. In the meantime, anyone know how I can track down realtors who have sucessfully sold units on this property in the past?
 

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Bacon!
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We're gong to use them and they charge additional for MLS listings. I think it was around 500.00 but not sure. It will also cost you more if another realtor (not Help U Sell) sells your home that was listed on MLS. Talk to them, they were completely honest about the total costs in selling our joint. Our home is going for around 300,000 and will cost us 5,500 to sell if by MLS.
 

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Ridgetop said:
We're gong to use them and they charge additional for MLS listings. I think it was around 500.00 but not sure. It will also cost you more if another realtor (not Help U Sell) sells your home that was listed on MLS. Talk to them, they were completely honest about the total costs in selling our joint. Our home is going for around 300,000 and will cost us 5,500 to sell if by MLS.
That's cheap. Do they do all the contract work then? Have a representative at closing? Aren't most Realtor fees around 6%? That would make it about 18k for your place.

Don't just be lulled in by the low commission though. I was prepared to sell our last place for $400k, but the Realtor got $450 for it so I figured he earned his commission and I had nearly zero headaches that inevitably would have happened if I had sold on my own. There was a lot to selling a house I had no clue about and it might have gotten expensive had I not gone through a reputable realtor.

// No offense meant, but based on your past mistakes/bad luck that you've posted here I'd suggest the traditional route and just get a reputable Realtor to sell. Seems that every time you try and cut corners you get burned.
 

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Bacon!
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They're cheap, but they cover all the necessary services. They have become quite the selling power here in town. My parents used them to good effect. My only complaint is that they like to aggressively price homes to sell them fast to maintain volume. This can be good at times but sometimes the seller may not get quite as much as they could have if they held out. But, at the same time, we've got at least three homes that have been on the market for at least 6 months in our neighborhood due to overpricing. Trade offs I guess.
 

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Keep in mind you wil still have to pay the Buyers agent on top of that fee. There fee only includes their end. The normal 6% fee is split between the selling and buying agent. So if you sell through HelpUSell you will stil have to pay the buyers agent.
 

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FrontRanger said:
Keep in mind you wil still have to pay the Buyers agent on top of that fee. There fee only includes their end. The normal 6% fee is split between the selling and buying agent. So if you sell through HelpUSell you will stil have to pay the buyers agent.
which would bring the fee mentioned below up to about 14.5k...still a $3500 savings.
 

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Discussion Starter #9 (Edited)
No more LoneFrontRanger?

FrontRanger said:
Keep in mind you wil still have to pay the Buyers agent on top of that fee. There fee only includes their end. The normal 6% fee is split between the selling and buying agent. So if you sell through HelpUSell you will stil have to pay the buyers agent.
Are congratulations in order? Or is this someone else entirely? Yeah, I've kept that in mind. In IL, the sellers commission is 4% not 3%. Total commission is 7%. However, I still will probably go with a realtor if I can figure a way to find one that has sold property here before. At this point I'm wondering just how bad "bad" credit is. Here is what I'm looking at. I believe that 84,000 would be a very good offer, so...

84,000
-5,880 7%
--------
78,120
-1,500 closing costs
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76,620

81,500 payoff
76,620
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4,880 Check I write a closing

That is my best case senario. That cuts my savings in half and puts me in a rough position in the fall, with possibly no job.

If I keep the property on the market this summer and get no offers, don't have a job in the fall and go delinquent by 2 months, the bank will likely agree to a short sale, allowing me to break even. But that's risky too. I'd have to dry up my savings account...which I could do by paying off my car loan and paying a few other regular bills in advance.

Ethically, I'm having a little problem with the concept, but I'm tempted at the same time. Also, I'm not sure how bad this will be for my credit in the long run. I don't tend to be a person who relies heavily on my credit score, but its more important than it used to be. In the end, I save the $5,880, but I basically stick the bank with the loss. If you were in my shoes, would you do it?
 

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Kristin said:
In the end, I save the $5,880, but I basically stick the bank with the loss. If you were in my shoes, would you do it?
Hell no. Good credit is like gold these days. Unless you absolutely have to do it don't. It'll come back to bite you and in the long run cost you way more than $6 large I'm guessing.
 

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I don't know how it works in Illinois but in California original purchase money loans are non-recourse loans and refinancing or home equity loans are recourse loans. With a non-recourse loan you can turn the house over to the bank and you are relieved of your debt but they probably will trash your credit rating and it will take a long time for your credit rating to recover. With a recourse loan you can turn your house over to the bank, they will trash your credit rating then they can and probably will sue you for the difference between what you owe them and what the property is worth. It's important you find out if your loan(s) is recourse or non-recourse.

Regarding a short sale, even if the bank agrees to it they will try real hard to squeeze every dime they can out of you, go after as much of the realtor's commission as they can get and still ding your credit somewhat.

There aren't a lot of good options here.
 

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Kristen a cyclist friend of mine is a realtor here in Colorado and just sold my house. Feel free to email him and he should be able to give you some tips. Don't worry he won't try and get you as a client as he is only licensed in CO. :D

His name is Rick Carlson "rick (at) rickcarlsongroup.com"
 
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