Sarah even did the walk through for us. So why go if you cant afford to buy? There are many different types of mortgages that a buyer can choose from and depending on the type of mortgage, a buyer can receive different percentages of seller concessions. If required to pay capital gain taxes, the amount will depend on your tax bracket. We would strongly recommend her to anyone in need of a qualified and personable real estate agent and we look forward to working with her again someday. We honestly could not be happier with the process and end result. Working with Lea was a pleasure. We will continue working with Lea as we search for our next cabin. She is very wise when it comes to selling and buying. Will it cause a ripple effect and bring in a wave of overheadpremium or higher buyer'spremium imposedby other auction houses? If you want results and and honest person to get them for you, I recommend Lea as one of north Idahos best. This ended up being a flawless process and a great place with a great deal. This being my first house purchase, Lea went far beyond her job title to make sure everything went as smooth as possible. Among many other efforts by Lea such as her extensive marketing, I believe that she is the reason our cabin soldand at full price! We were new to the Coeur dAlene area; we had a 1,001 questions ranging from neighborhoods to what are the best schools for my boys. Due to the fact that many homeowners dont realize this, asking about the costs of selling a home is one of the most frequently asked questions about selling a home. It makes my job much easier when I dont have to backpedal and explain to a seller why they are paying for specific things while we are reviewing a purchase contract. Lea was always available when we had questions and she was always a pleasure to work with! The calculation of Buyer's Premium and Overhead Premiumfor online sales willbe basedon thepricing structure of respective salesrooms, same as how they handlelive sales,except for selectedonline saleswhere no Buyers Premium ischarged. When figuring out the gains from a sale, its possible for a seller to use expenses such as home improvement projects as deductions. All rights reserved. Covered all the bases so no problems for us to deal with especially since we live out of state. Starting 1 August 2020, Sothebys will be implementing a new fee an Overhead Premium payable by all auction buyers in Sothebys global salesrooms and online sales. It was always pleasant dealing with Lea & she kept us informed every step of the way. She is a consummate professional. If you are unsure whether you will be required to pay capital gain taxes or not, you should consult with your accountant. Every step of the way she was there because, it seemed I always needed help. Lea was amazing. Post was not sent - check your email addresses! She also showed us many completed homes in areas we liked in the event we decided not to build. The deal ended with both parties being extremely happy with the final offer. Besides cost-cutting measures such as furloughs, pay freeze, layoffs and shifting more live sales online, they are alsofinding ways to increase revenue. Get the Gazette Morning Briefing newsletter: Copyright Metropress Ltd, (t/a Auction Technology Group) 2022, Greek, Roman, Egyptian & Other Antiquities, Sothebys introduces new fee on top of the hammer price and buyers premium. She remained professional and was very kind and patient with the whole thing. Sothebys last raised its buyers premium in February 2019 but the fact that the new overhead premium is a flat percentage and not part of the tiered fee structure means the overall fee increase is most notable at the top end. Depending on the warranty company and the size of a home, the cost of a home warranty will vary. My family had an incredible experience working with Lea Williams from Sothebys and I personally feel lucky to have her as a new friend and agent. In the movies, art auctions look like high-end carnival acts, with a sleazy barker/auctioneer keeping up a patter of I have $10 million, do I hear 20? and hapless innocents accidentally holding up paddles and bidding on works they cant remotely afford. After thoughtful planning for over a year, we were ready to pull the trigger on our move from North Dakota to Coeur dAlene, ID. We are a military family and were assigned to work with Lea through an USAA program. One of the costs of selling a home that some sellers may encounter are known as seller concessions. Its pretty well known that there are costs associated with buying a home, but the same cannot be said about the costs of selling a home. If youre selling a home and do not have a mortgage or home equity loans, this cost can be disregarded. Every step of the way, Lea was organized, thoughtful, and professional in her approach. For salesroom like Hong Kong where no local taxes areimposed, there will be no additional charges. Lea Williams is an excellent and dedicated real estate agent who is very knowledgeable about the real estate market in the Coeur dAlene and Northern Idaho areas. The cost of an instrument survey depends on several factors, including the amount of acreage and the topography of the land. Despite this long, tedious process, Lea never lost her enthusiasm to help us find that perfect place. Lea Williams was very helpful to me in my search for a new home. CEO Charles Stewart said: The art and luxury markets have proven to be incredibly resilient, and demand for quality across categories is unabated. To ensure you the best experience, we use cookies on our website for technical, analytical and marketing purposes. One of the most important things I appreciated about Lea was the fact that she was always accessible and kept in close contact throughout the selling process. Log in, This blog published under a Creative Commons license. From the first phone call returned within minutes of my initial inquiry to the final purchase document signing, Lea & Sarah were polished professionals. After our extremely bad experience buying our home, we were nervous and worried about having to deal with Realtors again. We had to drive her crazy looking at so many properties. In addition to the sales price, Sothebys charges a commission known as a buyers premium of 20 percent on the first $100,000 and 12 percent on the rest. Looking forward to your study of these questions. The auction house saidon its website that the fee is an allocation of the overhead costs relating to our facilities, property handling and other administrative expenses, and reflects the increasing costs associated with delivering great service and experiences in a highly competitive marketplace. The Overhead Premium will be applicable to all live auctions that take place on or after 1 August and any online auction that close after that date. Lea helped us out a lot. Lea was very knowledgeable throughout the entire home buying/building process. Sarah made up a beautiful folder for each one with more information about it than we could digest. Recently while selling a home, a review of the title discovered that there was an outstanding mortgage that was never satisfied from the owner previous to the seller. She is extremely knowledgeable, positive, and responsive to her clients. She worked hard for us to get us into our new home in an extremely short amount of time. Looking forward to moving back home and with Leas help finding a home that matches our family. The fee will be 1% of the hammer price. We truly felt like we were in Leas top priority throughout our entire sale. Her responsiveness and follow up were impressive. It did not publish information relating to profit or how the period compared to the previous year. It was a fun/great experience all thanks to Lea Williams. Keep in mind that some of the costs of selling a home that are discussed below may not apply to all home sellers. When selling a home, you need to realize that the balance of an existing mortgage or equity loan may not be the payoff amount. She made our move from one state to another a seamless transition. A superlative rating was well-earned by each of these women. There are tons of reasons why home buyers have home inspections and a variety of other inspections. You kept me up to date as the process went forward and always promptly returned my calls as I had questions and comments. Her knowledge of the area and willingness to show us a variety of homes made finding the perfect home a breeze. One of the most important questions to ask real estate agents when selling a home relates to the brokerage fees they charge. Lea was easy to reach and kept us in the loop with everything. We felt that Lea had both parties in their best interest. Lea came to us via a personal letter seeking a listing of our home. Its very important that if youre thinking about selling your home, you understand what the costs of selling a home are and also why youre paying them. After spending two years with two other realtors, we were fortunate to meet Lea. Our first moment of wow was after seeing the professional pictures taken. Bonus Explainer: In 2001, Sothebys executives were convicted of having colluded with Christies to fix prices. Communication was always prompt and we were always kept up to date on everything going on. The two-day sale of Impressionist and Modern art, which finished up last night, was watched by overflow crowds and brought in more than $300 million. We plan on using Lea again since she is so successful in handling business & we dont have to worry about anything. This seemingly reckless indulgence is permitted by the auction houses because lots are sold as is and potential bidders need to be able to examine the work closely for defects that may detract from its value. In the majority of real estate transactions, a seller is responsible for paying the costs of real estate commissions. I believe that we found the best REALTOR for us. Of course, for those with no interest in art, auctions offer the malicious pleasure of watching the equivalent of a small nations GDP being traded for some colored oils on cloth. Anytime a piece of real estate is transferred, a title search will be completed. Both Overhead Premium and Buyers Premium rates exclude local taxes and any applicable artists resale right. Leas response was head and shoulders above in thoroughness and content. ea and her team were the best from start to finish. Since the whole appeal of auctions is their transparency, how did the auction houses do it? Lea managed the ensuing bidding process and relationship between the ultimate buyer and seller very professionally. The letter was the most professional we had seen so we arranged a meeting. Many home warranties will provide coverage for the seller while the home is listed for sale on many of the major components of a home such as the HVAC systems, electrical systems, and plumbing systems. Lea was at every showing and all potential buyers had been qualified. If you would like to make a quick sale, call Lea Williams of Tomlinson Sothebys. Thus, Google shares will be allocated at the lowest price that will allow all the shares to be sold: Anyone who bid above that level will get it at that set price, while anyone who bid below it will be out of luck. You are the consummate real estate professional and will be given all referrals by anyone looking to find a fantastic Realtor. Listen to what they say and check out their background. What actually happens at an art auction? Lea is very professional and personable. The whole task and underlying process appeared to be daunting, prior to Lea entering the picture. Lea was always understanding of our situation and very patient in listening to our ideas and answering our questions. She was the only REALTOR who kept us advised and made a genuine effort to market our home. Thank You, Lea! All contents 2022 The Slate Group LLC. The sale price and the amount of the other costs of selling a home need to be less than the payoff amounts, otherwise, you may need to come up with money at closing or potentially may need to consider a short sale. We had property listed with Lea when my husband asked for a divorce. While Sarah was our primary contact she made it clear that she was working with Lea and used her as an expert resource. We are from out of state and were lucky enough to find her. Lea went above and beyond to make this completely effortless for us, including coming to our hometown for closing documents. Lea was always available and made invaluable suggestions throughout the negotiation process that helped strengthen our negotiating position. Working with Lea was a pleasure. Leas expertise was evident in every step of the transaction to purchase a new home. And although driven by necessity, its clear that our clients interest and confidence in technology has fundamentally changed.. Lea Williams was referred to us from a friend and we couldnt have been happier! We will be certain to call Lea as we trust her and have confidence in her. So whats the difference? She proved to be very knowledgeable about the market in our particular area and provided excellent market exposure for our home. We are delighted to recommend Lea Williams as a realtor extraordinary. This had to be rectified before the buyers lender would accept the title and release the funds to the buyer to be able to purchase the home. Seller concessions in real estate allow a seller to contribute money towards a buyers closing expenses and down payment. Lea is a professional that should be the standard for the industry. If youre selling your home and file your taxes as a single, capital gain taxes are not required on any amount under $250,000. The cost of a home warranty for a single family home that is under 2,500 square feet is around $500. My husband and I were referred to Lea by a local real estate agent for the sale of our cabin in Idaho. Whatever questions I had , she was always there with an answer and if she did not know the answer, she researched it until she found the answer. The purpose of an instrument survey is to show the various improvements on a piece of land such as a garage or the home itself. I will immediately recommend her to anyone looking to buy or sell as she has become a member of my family. A 6% brokerage fee on a $500,000 sale would be $30,000 in commissions, so knowing exactly what real estate marketing strategies the agent is going to use is critical. She made what could have been a stressful situation a positive experience. Simply put, generally speaking, the newly-added Overhead Premium is similar to a 1% increase in Buyers Premium. A top real estate agent will provide you with what is called a sellers net sheet so that you can see what the potential costs are to selling your home. I am convinced that without her help we would not have been able to negotiate the complex process nor would we have been in as strong a negotiating position. And no one can buy accidentally: Potential bidders must register beforehand (and show proof of assets, if the lot is particularly expensive). In a Dutch auction, bidders get only one chance to name their price, rather than the multiple-bid laddering that happens with an English auction. Thanks Lea! This is supposed to prevent the huge run-up in price on the first day of trading that used to characterize Internet IPOs, most of which were sold using an English auction. Museums and prominent collectors often prefer to bid anonymously by phone or leave a maximum bid with an auction house representative because a sign of their interest could drive up the price. We finally landed on a Condo and made the purchase site unseen and only relying on the pictures and the trust in Sarah and lea that it was a great place. Sothebys is now a private company following its purchase by telecoms businessman Patrick Drahi in 2019 and does not have to reveal its performance publicly. The instrument survey is one of the costs of selling a home that the majority of sellers will cover. 3. he Overhead Premium is a separate fee from Buyers Premium, which will both be included in. 221 E Sherman Ave Coeur D Alene, ID 83814. Lea was always thoughtful in her approach, very responsive and we never felt rushed over that 4 week period. So glad that we went through the process with her. Thank You. The general cost of an instrument survey in the North Idaho area ranges between $400 $600. I cant stress enough for anyone who is looking for a realtor in Coeur D Alene that you better contact Lea Williams and Sarah Griffin for the best experience and professional care you would want. Its important that when selling a home you determine whether offering a home warranty is worth it or not. In addition, many of the most serious bidders arent even present at the time of the auction. She simply took the time to understand my familys needs, she developed a comprehensive plan and we literally spent the next 4 weeks identifying the right house for our family. Our experience with Lea, as an agent, places her with the top agents in North Idaho. The power of Asia, combined with the sophistication of established collectors and the appetite of new clients, was central to our success over the past seven months, and particularly since March. There are three noteworthy points regarding the implementation of the new fee. Capital gain taxes require a seller to pay taxes if they sell their home for a substantial amount more than they purchased their home for, but there are exclusions. Her expertise, knowledge and personal connections proved to be very valuable. By understanding the costs of selling a home that are listed below, you greatly reduce the chances that you will be shocked when reviewing a closing statement. Outstanding in all aspects of taking care of business. She is our first and only recommendation to anyone looking to buy or sell a home in the area. On May 5, one of the last great private art collections went up for auction at Sothebys, where in seven minutes of intense bidding a Rose Period Picasso became the most expensive painting ever sold at auction. Second wow was the signage and beautiful brochures that were at the cabin. In some othersalesrooms, buyers need to take local taxes into consideration, depending onthe artcategories and local government policies. We now have a realtor for life for all our needs. For example, if a buyer is going to be getting an FHA loan, they are able to receive a seller concession up to 6% of the purchase price of the home. Since we live so many miles from the property, it was necessary to have someone like you represent us in its sale. Sothebys has introduced a new fee called an Overhead Premium that is payable by all auction buyers across its salerooms and online auctions globally. Her knowledge and experience helped us find the right house, and her tough negotiation skills helped us afford it. By continuing to browse our site, you are agreeing to our use of cookies. As one of the top Realtors in North Idaho, I find it extremely important to explain to a seller upfront what the potential costs of selling a home could be. Depending on the amount of profit a seller makes on the sale of their home will determine whether or not they will be required to pay capital gain taxes. Keep in mind that some of the costs cannot be predicted, such as repairs from various inspections. The cost of a title search in the Greater Rochester NY area is between $400 $600, depending on a variety of circumstances. Additionally, an instrument survey shows any variances on a property as well as any boundary line encroachments. She knew our property. Paying off existing mortgages and/or equity loans on a home are often the biggest cost of selling a home. I would highly recommend Lea without hesitation. Lea handled the sale of our property with precision detail. House hunting on the Internet initially looks great, but you really need a Real Estate Professional that has your back, can negotiate a good deal and can protect you from trouble. She was available to us by email, phone and text and always responded promptly. She coordinated all the moving parts and made everything go smoothly from start to finish. I had attempted to sell our house twice before so had some basis for comparison of realtors. There are so many REALTORS to choose from, how do you pick the right one? Slate is published by The Slate Group, a Graham Holdings Company. Finally, we did find it thanks to Lea! All turned out to ring true. It isnt always the best decision for a seller to hire the agent who offers the lowest percentage or amount of commission as this agent may not provide a level of service that is required to get a home sold in the shortest amount of time and for top dollar. We chose Coeur D Alene and we lucky enough to get to work with Lea Williams and her awesome partner Sarah Griffin. Lea quickly earned our respect and trust as she took the time to listen and understand our specific requirements. Because the pre-auction viewings afford a rare opportunity to fondle great works of art. Good luck, but whatever you do, interview Lea Williams. Since real estate commissions are negotiable, its very important that you understand before signing a listing agreement that you know what the percentage or dollar amount will be for the commissions. Though we were out of town for most of the process, she made sure we were constantly updated on the progress of the sale. Its the fifth time that the auction house has increased the buyers fees between2015 and2020. When selling a home, a seller has the option to offer prospective buyers a home warranty. As a deployed Soldier, it was a blessing to have an agent like Lea who took care of my wife and kids while I was away both times. Her knowledge of the local market was instrumental in helping us find our dream home. It is feasible that there will be no additional costs from various inspections, however, its important to be aware of the potential additional costs of selling a home that can arise from inspections being completed on your home. She goes out of her way to cover all aspects of a sale. In a statement, the auction house said the new premium is to cover the overhead costs relating to our facilities, property handling and other administrative expenses, and reflects the increasing costs associated with delivering great service and experiences in a highly competitive marketplace. Lea was very patient and never gave up on us. She understands buyers and sellers, and she followed up on all showing. If the final price fails to reach the reserve, the lot remains unsold. As transplants to Northern Idaho, my husband & I needed more info than a local buyer, but Lea & Sarah were always available for any question. Our sale was under $100k but she made us feel like we were buying a million dollar mansion. Bonus Bonus Explainer: The Sothebys bidding system is known as an English auction, while Google announced last week that its initial public offering will be done through a Dutch auction. One of the worse feelings for a home seller is to find out they have to fork up a couple thousand dollars for closing expenses that they had no idea existed. When you do, you will come to the same conclusion that we didLea Williams. She was always encouraging and upbeat while at the same time making sure we were realistic about what to expect given the market situation. There is something to this: Tyler Cowen, in his book on arts funding, Good and Plenty, argues something along these, Book Diary May 19 Desires about desires, nudges, merit goods again, duties and commitments, Book Diary May 13 Can a Neoliberal support public funding for the arts? Dealt directly with our property management team so everything went smoothly. Simply put, generally speaking, the newly-added Overhead Premium is similar to a 1% increase in Buyers Premium. Another potential cost of selling a home are repairs that are negotiated as a result of various inspections of a home. Terms like perfectionism (used in your first essay in this series,) externalities (used in the second essay) and paternalism (used, Public art is not affected by supply and demand, but the performing arts are. The house was marketed right away with great photos and many r/e websites and I got an offer quickly. She knows the changing market very well and had the experience to sell my house quickly and professionally. Moving to Idaho brought its own challenges as we searched the web and spent countless hours looking for an area, a community and a home we could call our own. As the spread of COVID-19 continues to impact global business, auction houses are trying all means possible to cope with financial difficulties. She did anamazing job getting pictures that made our home attractive, and had it listed and sold within a month. First and foremost, brokerage fees, which are frequently referred to as real estate commissions, are negotiable. We highly recommend Lea to anyone planning to purchase real estate in the North Idaho area! But at Sothebys and Christies, the only accurate part of that image is the paddles. Sorry, your blog cannot share posts by email. Again, offering a home warranty is one of the optional costs of selling a home, so its important to weigh the benefits and drawbacks of offering it. With Lea on our side, she managed to make a short sale move along as swiftly as any other real estate transaction. I cannot express how thankful we were to have her in our corner. One of the most important things to do before selling a home is to find out what the payoff balances are on any mortgages or loans. The photographers she hired did an outstanding job promoting the property. Lea Williams is an exceptional agent and an absolute pleasure to work with. the final price realised. 2. She was successful and we couldnt recommend her more highly. The Overhead Premium is a separate fee from Buyers Premium, which will both be included in the final price realised. We were very nervous first time home buyers. We were selling our home due to job relocation and had lots of stressful things going on. We have had Lea help us out on two separate occasions. I highly recommend Lea! Lea was extremely responsive and we never had to worry if she was going to follow-through with what she said she was going to do. I would recommend her highly. Thanks to Lea and Sarah for all you do. By colluding on the commission paid by the seller, which is, of course, where the auction house makes its money. The purpose of a title search is to ensure the seller has the right to transfer ownership of the property and also discover whether there are any claims, errors, assessments, debts, or other restrictions to the property. Updated, Book Diary April 27 Arts Funding and Welfarism, Merit Goods, Who Cares if you Listen?, and a first look at Perfectionism. 1. If you are a prospective home buyer who is relocating to the Coeur dAlene area, I highly recommend Lea Williams. Costs of Selling a HomeMany homeowners who are thinking about selling their home dont realize there are specific costs of selling a home. She made sure the buyer was serious and qualified and saw the deal close within a reasonable time frame. The service and expert, professional care we were given was way beyond expectations. The peace of mind that this offers a seller can be worth offering the home warranty alone. It was a true pleasure working with you to sell my condo at Twin Lakes Village. As a result, our property sold very quickly. My husband and I highly recommend Lea Williams for any real estate needs. For your easy reference, The Value has created two tables illustratingupdates on Sothebys fees. My wife and I were trying to buy a summer home and eventually retire in it. I was in a meltdown and unfortunately I pulled Lea right into the middle of the drama. Below you will find out what the costs of selling a home are and why they are potentially incurred. There are 9 year-round opera houses, Neoliberalism holds that the market should be the ultimate arbiter of virtually all human endeavor. And, I might add, you were recommended by one of your former clients. We live in Arizona and the communication and follow up was great and this team of ladies never left us hanging. But what were the spectators watching? We worked with Sarah and Lea to complete the purchase of a home. My husband & I are elated with the service, style and talent of the duo Lea Williams & Sarah Griffin! In the 5 months we worked together, each of our numerous phone calls, emails & texts were addressed with patience, courtesy, expertise, insightful input and unrelenting pleasantness. Some sellers find it very difficult to contribute money towards a buyers closing expenses and down payment, however, without seller concessions it is possible a buyer may not be able to afford to buy a home and ultimately, the seller isnt able to sell their home. Leas promotional materials were outstanding. She was wonderful. Each work (or lot) has a reserve, which is the minimum price the owner will accept, and the auctioneer generally starts the bidding below that and moves the price up in regular increments, awarding the purchase to the highest bidder. As you can see from the above information, there are many costs of selling a home that you need to be aware of. She worked with us for nearly a year in our search for land on which to build a home. For example, if a seller bought their home for $150,000 and sells their home for $450,000 but put $100,000 towards improvement projects, their gain would be $200,000 which means they would be exempt from paying capital gain taxes. Lea is a truly professional real estate agent. She had strong opinions on staging and marketing the house and on price. When anything close to what we wanted was available they made sure we had all the information. Lea Williams is wonderful! Instrument Survey CostThe majority of mortgage companies will require an instrument survey to be completed prior to approving the funds to purchase a home.