[5-DayForum] 5 day in tennessee

[alankellock at aol.com]

Bill:



The real estate contract between the buyer and the seller does not include closing costs other than sales commissions because those costs are?levied by third parties such as the title company, the mortgage broker, the mortgage lender, state and local governments, the insurance carrier and lawyers.? The amount of these costs are usually not?even known at the time the buyer and seller sign the contract, but such third parties are not party to that contract in any case so there fees wouldn't belong there.

I've been to hundreds of closings in my area, and have never seen a seller be oblivious to these closing costs.? A trial settlement statement is sent to the buyer and seller from 1 to 7 days before the closing for their review of and comment about all these costs.? When the actual closing begins, the closing agent goes over each line item cost in the buyer's column and then does the same with the seller.? If both parties are in agreement with all the numbers, then each is asked to sign the settlement statement before the closing goes any further.? I don't know what happens in other states, but in Florida, you can't have?much more full disclosure than that.

Alan Kellock
RE Broker
Boca Raton, FL



-----Original Message-----
From: Bill Effros <bill at effros.com>
To: How To Sell Your Home in 5-Days <5-dayforum at mailman.howtosellyourhomein5days.com>
Sent: Sun, 4 Nov 2007 12:13 pm
Subject: Re: [5-DayForum] 5 day in tennessee




James,

The biggest advantage is 5-Day Expertise brought to the table.  Beyond 
that, most experience with traditional selling techniques is a 
disadvantage.  They want you to fail, and will repeatedly tell you why 
what you propose won't work.

Many closing costs are often not covered as part of traditional sales 
contracts.  Look at your contract.  Since most people typically fail to 
do this, they are often surprised at the number and amount of payments 
they are required to sign off on at the closing.  Most sellers just sign 
papers and never notice that they amount they actually put into their 
pockets is substantially less than the selling price less 6% to the 
broker.  If costs mentioned on this Forum are not specifically mentioned 
as covered in the contract, ask your broker to provide a full accounting 
of costs not covered.  They are required to provide this information.

In your case, you want to get completely out of your contract, and you 
want to be able to sell to people who may have seen your home previously 
without making any payment to the broker.  Ask your broker if any of 
these people is willing to make an offer for your home, right now, 
before you run your 5-Day Sale.  If you get a good offer, take it.  If 
not, sever your ties with your broker, and pay closing fees only to the 
people who perform the services.

Bill Effros

James Judd wrote:
> Bill,
> thanks for the reply.
>
> could you elaborate on how helpful a broker can be.
>
> the normal 5 day uses a closing agent/attorney to
> close the sale.
>
> if I retained my current agent, who is a broker, at
> 3%, would that cost cover the closing agent as well? 
> if not, what would be the advantage to retaining the
> broker?
>
> thanks again
>
>
>
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