10K listing

General Real Estate Investing
1

Hi all,
I’ve been browsing houses (SFR and duplexes) on sites like realtor.com and similar just to explore my market while I prepare to buy an investment property (need to close on a new primary residence before I risk anything affecting my credit - that’s my “excuse” for inaction right now, as other threads have addressed recently ::slight_smile: ).

I’ve noticed some properties say “10K listing” in the comments section. What does this mean?

Thanks.

2

Howdy TJGirl:

I would use 24K if it were my listing if they are talking about gold as 10K is low gold content. This could be what is meant but only a guess.

3

tedjr,
Thanks for the reply, but I still don’t understand?
What do you mean by gold, or gold content? Gold content in what?

Here are a couple examples that I could find quickly, but I’ve seen it a fair number of other places.
http://www.cohomefinder.com/p/80005/15025.htm
http://www.coloproperty.com/Reports/index.cfm?Action=DetailReport&MLSNumber=458462

Thanks again! :slight_smile:

4

Howdy TJGirl:

24K gold is pure gold. 14K is what most jewelry is made of. 10K is low grad jewelry. Since you are in Colorado they may be using this as saying it is like finding a 10K gold nugget in the pan when sifting thru the silt in a river bed. I do not know if that is it exactly Only a guess.

5

i would call the agent and ask them what they mean. its doesn’t seem like a commonly used adjective.

6

Thanks for all the responses. I think I found out what it is. I found this description on a website:

How It Works
The cost for homeowners to participate in the 10K Award Program is small in relation to the substantial benefit they receive. Sellers agree to pay a fee at their home’s closing, in addition to the regular commission. After 48 residential listings in the 10K program are sold and closed, a drawing is held to award $10,000 of the accumulated funds to an eligible agent.
Any agent who sells at least one of the 48 participating 10K listings is eligible to win the $10,000. By selling more than one 10K listing for any single drawing, agents substantially increase the odds of winning. One winning associate who sold three 10K listings within one round of awards, said “I’m totally sold and totally support this program. I go out of my way to show a 10K home!”

Interesting idea. Good to know about as a buyer, too, so I can appropriately weigh whatever my agent says about a “10K listing” I look at.

TJ Girl
:slight_smile:

7

Yea, I am so glad to hear that Real Estate agents like to work hard finding homes for their clients when it suits them.

The other day a RE agent here said and I quote:

“What? This owner is only paying 2%. God. I would not have even showed this property to my client if I knew that. What a waste of my time.”

This was from a bigger RE agent here (IE billboards, ads, etc).

Funny how someone who does not own the property and is not putting up the cash to buy it is so concerned with me, myself, and I. How about the people who actually COUNT in the transaction?

So I guess if I want to sell a property, I better pay full commission lol

8

here in CA 2% is pretty much standard. i listed my house with 3% to buyers agent and i got an offer in 4 days. right now for comparables the DOM is about 62 and climbing.

so any extra $$ you throw the buyers agent’s way definitely helps.

9

If I had a 62 dom here I would sell a bunch of houses! we are at 120-200 in some area’s that is why colorado has that darn 10k award like they say though 10% of the realtors make 90% of the money! that is why 10k sounds like lotto winnings to the other 90%!

10

well the 62 DOM used to 22 days just 2 years ago.
i bought this property 2 years ago and the seller had me commit to a 21 day escrow with a $600 penalty for overshoot!