# need to bounce this off someone



## nancy237 (May 29, 2008)

My husband and I bought our dream land in Va last April. It is 40 rolling acres with a nice pond, 2 pastures (11 acres combined) nestled in a nice hardwood border. Good road frontage. We paid 130 K . He passed away this March and I need to sell it to help buy a small house. I was going to list it for 150 and try to sell it myself. The realtor that sold it to me offered to reduce his commission to 8 % which would be 12 K . So I am about to send him an email that asks him if he will list it at 160 K to allow me to get almost $ 150 after paying commisions.
My thought is that by using a realtor my chances of selling even if its 10K more are greater than "for sale by owner"

Would love input..Its such a shame to have to sell our retirement dream land.

I do wonder if i should try a few months with a sign and free advertising at 150 but then I would have to show it & figure out the paperwork.


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## Wylie Kyote (Dec 1, 2009)

Hi Nancy 237. Property is in a real low curve right now. List it here, other free web sites and local notice boards with pictures and what you think is a reasonable price. It could save you thousands. You will still have to pay someone for the conveyancing.

Wylie


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## tarbe (Apr 7, 2007)

Sorry to hear this Nancy.

Seems to me 8% is way high for a commission on raw land. 

I would suggest shopping around. I would think you might be able to find a realtor that would handle the listing for a lower fee.

Best to you!

Tim


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## oregon woodsmok (Dec 19, 2010)

8 % commission is a lot. Have you talked to several real estate agents. Just because you bought the house from that one doesn't mean you have to sell the house through him.


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## RonM (Jan 6, 2008)

Where are you located in Va and what is the hunting like there.?


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## Rocktown Gal (Feb 19, 2008)

Where in Virginia is the property located?


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## cortinacreek (Jun 1, 2011)

I'm a real estate agent in CA and have been for many years...8% commission in a HOT market is an oddity...in this kind of market: unheard of. The value of a property is not set by the Seller it is set by what a Buyer is willing to pay. You need an agent to let you know what your property will sell for. They only make money if it sells...not if it sits on the market. You need to be honest and realistic...if your property was valued at $130,000 less than 7 years ago, it is not worth more now...sorry, but that's the market right now, your land is most likely worth less...much less. Lenders are not *giving away* money...it's not that easy to buy a house. You have to have EXCELLENT credit, an EXCELLENT job and EXCELLENT job history...not much of that going around. Gosh I sound like a Debbie Downer...but there are so many forclosed properties available in the US...no one needs to pay much for their dream property if they have the money and/or the credit...


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## nancy237 (May 29, 2008)

The realtor told me 10 % was the standard raw land commission but he would give me 8 %. I told him I thought land commision would be less than house commision and he said it was more because of the time it takes to show.
I am so glad learn that I need to check around about that. I usually double check stuff but I just figured it was standard like the house % is.

I may just advertise for 6 months in as many free places as i can find.

The land is 10 minutes above Chase City, 30 minutes below Farmville,
about 30 minutes from Kerr Lake. Its sits right at the headwaters of Meherrin River.

Lots of Deer, Turkey, Quail. Bear have been seen at the adjoining property.

Thanks for the input. I really miss discussing things like this with my hubby.


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## cortinacreek (Jun 1, 2011)

Land commission is different...here in Northern California it's 8. I sold lots of farm land and most of the agents around here got 6...I had developer contacts and a hard fought good reputation so I charged more. It's tough in the industry now and I've semi-retired and just take care of the garden, manage a Farmers Market and I'm a substitute school cook...funny how the economy changes things. I'm not complaining...my husband farms and we are more than comfortable. But I must say...a few years ago the real estate business in my neck of the woods was on fire. Please find an agent you trust and don't try to do this on your own. With land deals you have wells, septics, zoning, mineral/water rights, and perculation issues...it's best to leave it up to the experts...be strong and make your agent earn their commission ask questions and don't allow anyone to *blow* you off. There were many times I was out in the field digging leach lines or septics out...locating buried oil tanks...paying for surveys..get the picture...too much for one person. Usually you need an "old-timer" that's been in the business forever...I was lucky I married into a family that settled in the area during the Gold Rush...they knew and were related to everybody.


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## nancy237 (May 29, 2008)

Cortina..what about raw land.
No wells, septic..

One perk spot.

When we bought it other than having an attorney do the closing it was 
very simple.. Good survey was done last year.


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## cortinacreek (Jun 1, 2011)

If you feel confident you can handle your transactions then go for it. Sometimes *professional* buyers can be a pain and it's easier to have an agent deal with them. But, you could go ahead and give it a few months on your own and if it doesn't work out get yourself an agent. I still wouldn't pay more than 8% for a commission. Dig out the paperwork from your purchase and use that as a template. You should advertise on every homesteading/back to the land site you can find. Good luck. You'll do fine.


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## Pony (Jan 6, 2003)

I agree that 8% commission in this market is darned near obscene.

That said, the price for raw land around here (in a depressed rural area) is actually going UP because of investors looking for a commodity that won't lose value. Raw land is the big money maker: They ain't makin' any more of it, there are lots of yuppie "hunters" who will pay ridiculous amounts of money to hunt, etc.

Cover your rear end, make sure you have an established, experienced real estate attorney in your corner for you. 

Don't feel pressured to sell. Sometimes, it's best to sit on a "bird in the hand" when the markets are iffy.


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## cortinacreek (Jun 1, 2011)

Pony said:


> I agree that 8% commission in this market is darned near obscene.
> 
> That said, the price for raw land around here (in a depressed rural area) is actually going UP because of investors looking for a commodity that won't lose value. Raw land is the big money maker: They ain't makin' any more of it, there are lots of yuppie "hunters" who will pay ridiculous amounts of money to hunt, etc.
> 
> ...


I agree 100%!


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## mountainwmn (Sep 11, 2009)

Over here houses are 6% commission, raw land is 10%. You can usually get your realtor to list it for less, but then other realtors are reluctant to show it. It's all about the money for them and in our area land is sitting and sitting. I sold my property for about half of what it was appraised at 4 years ago. I prefer to use a realtor, but I have used the same one for years and I like to work with her. It's worth my peace of mind to pay her a commission...and she works hard for me. It doesn't hurt to list it yourself, unless you're in a hurry, but I think you may have a hard time selling it for that much more than you paid for it a year ago. But pricing it is part of what the realtor should be doing for you.


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## francismilker (Jan 12, 2006)

I'm so sorry for your loss and even more so that some real estate agent is trying to take advantage of you. I just called a friend to double check before I done the typing, and she said average is 6% and it doesn't vary much state by state for raw land.


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