Help, I need a Real...
 
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Help, I need a Real Estate agent on STT ASAP!

 
amanda4882
(@amanda4882)
Advanced Member

Hello all,
I need a good agent on STT.
I have identified a property and I have the seller ready to go. Unfourtunately we are both off island (seller & buyer) and need someone to assist us in completing the deal.
Please let me know if you know anyone who can help out.
Thanks,
Amanda and Jerry

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Topic starter Posted : August 22, 2007 8:21 pm
Onika
(@Onika)
Trusted Member

If you already have IDd a property and the seller has agreed to sell to you, why do you need a realtor?
You should just be retaining an attorney (who typically charges a flat fee for contract of sale, closing, etc.).
If I am not mistaken a realtor will take a chunk (read:percentage) from someone.
Also, you would typically need the assistance of an attorney in any event. Why pay double?

This is what we did.

Good luck!

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Posted : August 22, 2007 8:36 pm
amanda4882
(@amanda4882)
Advanced Member

I wasnt sure if I could do the deal without one. I assumed they would guide the whole process and make sure everything went smoothly.
Can I do this without one?

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Topic starter Posted : August 22, 2007 8:42 pm
robo841
(@robo841)
Advanced Member

I just sent you a PM

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Posted : August 22, 2007 8:47 pm
Onika
(@Onika)
Trusted Member

I am sure one of our skilled realtors will correct me (;)), but my understanding is that realtors connect buyers with sellers of properties. If you already have a seller of property you want to buy, I am not sure how necessary one is. That said, I don't want to suggest you shouldn't retain one and it may be beneficial when you are not on-island. Does that make sense?

As for my personal experience, I purchased my home directly from a seller. She did not want to lose $$ on a realtor's percentage. The sale was handled through her attorney (a friend of hers) and my attorney (my boss). Both parties would have required the services of an attorney regardless.

Hope that helps!

We have several realtors on the board and I am sure one of them will respond soon!

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Posted : August 22, 2007 8:53 pm
Captain Jay
(@Captain_Jay)
Advanced Member

I used to be a REALTOR, not on St Thomas. If you have come to basic terms then a good real estate attorney can draw up a sales agreement for a flat fee. If you want a local REALTOR to hand it then negotiate a small percentage for drawing up the paperwork, handling the inspections etc. 2 to 3 % to handle that end.
Jay

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Posted : August 22, 2007 9:17 pm
amanda4882
(@amanda4882)
Advanced Member

We are going to try and do it without an agent. As I understand it, I will need an attorney anyway so I will just go that route.
Thanks
Amanda

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Topic starter Posted : August 22, 2007 11:32 pm
Alexandra
(@Alexandra)
Trusted Member

Get the attorney's fee in writing first or his "contract" may wind up costing you more than paying a Realtor a small fee to assist with the coordination of paperwork and activities during the closing process. We don't have standard purchase and sale agreements in the USVI and I've seen some drawn up by attorneys who put hours and hours into trying to write a contract. At $275 per hour as some of them charge, that's killer.

Most Realtors have a form contract they use in their offices even if different offices have slightly different versions. There is no hourly cost to create a new contract this way. The attorney should have a flat fee for handling the balance of the closing process on your behalf. Also check to be sure the attorney you select is familiar with real estate closings. Not all of them work in this industry regularly and you don't need a newbie if you and the seller are both off-island and not on top of things personally.

If you were on STX I'd help you myself or send you to a couple of less expensive attorneys who do a lot of real estate work. I just don't know who to recommend on STT.

Good Luck!

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Posted : August 23, 2007 12:51 am
Jules
(@Jules)
Trusted Member

I've used David Nichols (attorney, STT) twice for closings. He might be a good attorney to use for your situation.

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Posted : August 23, 2007 9:59 pm
East Ender
(@east-ender)
Expert

I second David. And his wife, Rosie, is a realtor if you think you need one! 😉

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Posted : August 23, 2007 10:09 pm
glynnswife
(@glynnswife)
Advanced Member

I agree that Dave Nichols is a great attorney. If you are financing the lot you will have to pay for the bank's attorney. I have had several customer (yes, I'm a realtor) who did not hire an attorney but used the bank's attorney. Something a realtor can do for you is to give you comparables so you know that the price you are paying is what the lot is worth. You can pay for an appraisal and if you are financing the lot you will have to pay for an appraisal but the appraisal is not done until you have negotiated a price with the seller. If the appraisal comes in lower than the contracted price you will have to go to the negotiation table again.

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Posted : August 24, 2007 4:22 pm
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