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We found that agent-owned homes are put on the market at higher prices than non-agent-owned homes and have longer expected times-to-sale.1- Publishers note – because of historically low mortgage interest rates many homeowners have refinanced during the latter part of this time-period and may have gained market value information from the appraisal that was part of the process.
The purchaser agrees to make the decided upon payments for the property over time to the seller, who is required to hand over the physical manifestation of the deed to the property owner or purchaser when the entirety of the land covenant has been paid in full.
So you can either list your property on the MLS through a Flat Fee Agent and save the listing agent fee of 3% – please note the average home sale is approximately $270,000 so 3% is around $8,000.00 – or you can waste your time with virtually useless Open Houses, $10 signs and $200 in classified ads, most likely fail and then hire a your favorite Realtor and pay 6%.
As a covenant between the owner of the property in the state of Michigan and the buyer or purchaser of the aforementioned property, a land covenant in Michigan allows the transaction to take place for a pre-determined and specified monetary amount, in exchange for the possession to the land or home.