Q: I have potential buyers who have expressed interest in my home prior to listing with an agent. What kind of terms should I expect, if I bring a buyer to purchase prior to, or after my listing contract is signed?
? Free2bme, Bellevue, NE
A: If you want to have an agent represent you in the transaction with this buyer, be sure to discuss with the agent prior to signing the listing agreement that you have a potential interested party and outline in the listing agreement what the expectation is IF that buyer makes an accepted offer. If you want to represent yourself and handle all the aspects of the transaction without an agent representing you, you should see if that buyer is serious enough to write an offer prior to you listing with an agent and putting the home on the open market. Usually a buyer that approaches an unrepresented seller is also looking for a deal, so you may not be getting a top dollar offer from them. Do your homework as to the market and disclosures/point of sale repairs required in your area.
Teri Andrews Murch is a Realtor? with Lyon Real Estate in Auburn, CA.
A: I presume that your question is ultimately about reducing the commission you might expect to pay. That is a matter of negotiation between you and the listing broker. Finding a buyer for your home is just one of many functions that listing brokers perform. In the context of the entire body of services that listing brokers provide, eliminating one function may not make a significant difference in the remaining terms of the listing contract. Some brokers offer a menu of services, allowing sellers to save money on the overall fee that they pay. It becomes a matter of what level of services you expect the listing broker to deliver. I suggest that you determine how serious the potential buyers are before you list. If they are serious about buying your home, you may not need to list with a broker. You can hire an attorney to handle the contract. Otherwise, interview at least three listing brokers and have a frank discussion with each about your expectations and how that will affect the terms of your entire agreement.
Phil Lunnon is a Realtor? with Lunnon Realty in Lakewood, CO.
A: I will help my clients set a purchase price through a market analysis. If my clients have an interested party (or parties) I ask them to have those buyers make a decision, usually within two weeks whether they are interested in making a purchase offer before we list the property. If the buyers do make an offer that is negotiated directly with the seller and I am not a party to the transaction. If an offer has not been received within that two week period and I list the property I would be owed a commission regardless of whether the seller brings the buyer or another agent. I do not take exclusions to the listing agreement.
Nancy Clark is a Realtor? with Prudential Snyder and Company Realtors in Ann Arbor, MI.
A: Dear Bellevue- Your Listing Agent should be happy to negotiate a fair fee for representing you if your potential Buyer follows through. Simply have your agent agree to the discounted fee and disclose the Buyer(s) names on the listing contract.
Good luck with your sale!
Larry Simons is a Realtor? with Century 21 Maselle & Associates in Flowood, MS
A: That is totally negotiable between your agent/their Broker and you, as long as you bring it up prior to signing the listing agreement. That exception will have to be written in as part of the listing agreement.
Please keep in mind that finding the buyer is only ONE part of your listing agent?s job. Once a contract is signed there are weeks of escrow before closing. These are the most challenging weeks, where lots of things can come up that may derail the sale. You want a capable real estate agent on your side during these weeks.
If your intention is to use the Listing agent to handle the transaction during the escrow period (if it is your buyer) then I encourage you to have an open dialogue with your agent about this. He or she will be able to tell you how the terms will be adjusted.
If you are not planning on using a Realtor during the escrow period then please find out prior to listing your home if the buyer that you have already spoken to is a ready, willing & able buyer. If they are then you can proceed forward without realtor assisstance. If they are hesitant, move on with your agent. Let her/him list your house and get it sold..that is the end result you want.
Good luck with your sale!
Melanie Atkinson is a Realtor? with Coldwell Banker Residential Real Estate in Tampa, FL.
A: Great Question.Terms could be the same if you ,request the Realtor to exclude this buyer from the listing contract for 10 days, 30 days etc.
Best Regards, Carol in Colts Neck, NJ
Carol Donatelli is a Realtor? with Robert DeFalco Realty in Colts Neck, NJ.
A: The best thing to do is present the names and some sort of identification telephone number, address to your selected Realtor.
Usually the listing agent of your home will exclude these buyers from your listing agreement for a set period of time.
This can be an excellent way for you to find out if the potential buyers that you have are actually serious. Tell them you are listing with an agent and the home will be offered on the MLS. One step further ? inform them they will have 60 days to work with you directly at a slightly reduced price or after that they will need to work thru your agent. and at that point you will be obligated to honor the terms of the listing agreement.
Lynn Walters is a Realtor? with Coldwell Banker Honig-Bell in Morris, IL.
A: I have run into this situation a number of times, and I have always offered to allow an exclusion in the listing. Basically, if the excluded potential buyers purchase the property I charge nothing. There are a few conditions to the exclusion. First, the potential buyers have to be specified by name. Second, there is a strict time period. I usually only allow them two weeks. If they are serious, they will take action and get an offer submitted. Finally, I will not take a commission as long as there is not another agent involved in the excluded sale. The reason for this last condition is that I would be obligated to pay that agent by virtue of my offering of compensation in the MLS. Since the buyer?s agent will be working through me, I will also expect to be compensated for my time. So, if you have an excluded party, make sure they are not going to show up with their own agent. It needs to be a true direct sale. By the way, not once has the excluded buyer ever put their money where their mouth is in my personal experience.
David Welch is a Realtor? with RE/MAX 200 Realty in Winter Park, FL.
A: Great question! In my experience (here in San Diego), typically you can work out an agreement when you negotiate the listing contract with your agent. It?s great that you?re helping to market the sale of your home, since the process really is a team effort. Too many times we see sellers completely detached from the selling process and the resulting lack of communication and understanding leads to frustration.
The wild card in this process is if the potential buyer is already working with an agent. If selling to them means splitting the commission with a buyers agent, there?s not much financial incentive for your listing agent to provide you any kind of discount ? it really just helps the home sell faster.
If the potential buyer can be represented by your agent as well (be sure to check your state?s laws on dual agency and possible conflicts of interest), you can definitely expect some kind of a reduced commission ? though it?s not always the case or directly proportional. Making sure things go smoothly for all parties is a lot of work no matter how many agents are involved.
Bottom line is that your Realtor should have the expertise needed to navigate what has become a more complex selling environment.
John Ruzicka is a Realtor? with The Real Estate Shoppe in La Mesa, CA.
A: It depends on what kind of an arrangement you have made with your Realtor. What kind of contract did you sign? ?.Dawn
Dawn Rivera is a Realtor? with Realty World-Viking Realty in Fremont, CA.
A: If you dont involve an real estate agent then you can expect to save the 6% standard commission. You will be trading off the expertise. If you bring the buyer after signing the listing agreement then the agent will handle all the negotiations and paperwork. If the buyer is willing to pay your price then the next item is terms: financing, closing date, inspection period time, etc. Keep closing within 60-90 days and make sure you dont move forward until you have a bona fide pre approval letter from buyer.
Aram Shah is a Realtor? with Florida Capital Realty in Doral, FL.
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