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pumpkinmom
LIF Adult
Member since 5/12 2911 total posts
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if a house is listed with an agent
And then someone in the family wants to buy it, do you still have to pay commission?
House isn't listed yet, but will be soon. I just found out its going for sale and no one else in the family knows yet...
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Posted 12/9/16 9:19 PM  |
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Prudential Douglas Elliman Real Estate
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19458 total posts
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Re: if a house is listed with an agent
Have they signed with the agent? I would tell the agent at they are selling with the family to see if they would agree, but if the seller and the agent have a contract you may be SOL.
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| Posted 12/9/16 10:09 PM |
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pumpkinmom
LIF Adult
Member since 5/12 2911 total posts
Name:
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if a house is listed with an agent
They did not sign anything yet, but also haven't told family it's going to be for sale. I just found out tonight when I was talking to them about something else :( it would be nice to keep it in the family if anyone is interested.
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| Posted 12/10/16 12:10 AM |
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MrsG823
Just call me Mommy.
Member since 1/11 5570 total posts
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if a house is listed with an agent
Generallly, once you sign with an agent you have to pay the agent commission. If there is a chance a family member might be interested in the house the sellers should let them know before signing with an agent.
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| Posted 12/10/16 7:43 AM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
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if a house is listed with an agent
It depends on the terms of the contract with the agent. I believe most agreements require the commission be paid regardless of who finds the buyer. But there are some types of contracts that allow the seller to find a buyer without being obligated to pay the commission
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| Posted 12/10/16 11:00 AM |
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Re: if a house is listed with an agent
Sometimes -- if you know this is a possibility -- an agent may be willing to negotiate what's called "an exclusion." The agent MAY be willing to exclude a specific buyer from the contract (meaning you don't have to pay commission, or you can pay reduced commission) if that buyer decides to buy the home. But if someone is willing to entertain that, it's usually limited in duration (7 days, 10 days, etc.) -- not open-ended. When you think about it, an agent is working for you for free and doesn't get paid unless the home sells. So it's unfair to ask an agent (and the agent's company) to undertake the time and expense of marketing the home via online advertising, open houses, etc., if another buyer can come in at any time to buy the home and basically nullify the agent's contract.
It is far preferable (and simpler) to try to work things out with the family member prior to listing, and if you can't do that, or don't want to wait, then list it and be prepared to pay the realtor's fee for service. If maximizing your profits is a concern, you are going to be far better offer exposing your house to a broader market and letting the agent negotiate an arms'-length transaction for you. If you want a family member to have the home for other reasons (not having to do with money only), then you should just try to sell to that family member privately, without engaging the services of a realtor.
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| Posted 12/10/16 1:15 PM |
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pumpkinmom
LIF Adult
Member since 5/12 2911 total posts
Name:
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Re: if a house is listed with an agent
Posted by Century 21 Dallow - Christine Braun
Sometimes -- if you know this is a possibility -- an agent may be willing to negotiate what's called "an exclusion." The agent MAY be willing to exclude a specific buyer from the contract (meaning you don't have to pay commission, or you can pay reduced commission) if that buyer decides to buy the home. But if someone is willing to entertain that, it's usually limited in duration (7 days, 10 days, etc.) -- not open-ended. When you think about it, an agent is working for you for free and doesn't get paid unless the home sells. So it's unfair to ask an agent (and the agent's company) to undertake the time and expense of marketing the home via online advertising, open houses, etc., if another buyer can come in at any time to buy the home and basically nullify the agent's contract.
It is far preferable (and simpler) to try to work things out with the family member prior to listing, and if you can't do that, or don't want to wait, then list it and be prepared to pay the realtor's fee for service. If maximizing your profits is a concern, you are going to be far better offer exposing your house to a broader market and letting the agent negotiate an arms'-length transaction for you. If you want a family member to have the home for other reasons (not having to do with money only), then you should just try to sell to that family member privately, without engaging the services of a realtor.
Thank you. That's pretty much what I thought. So strange that there was zero communication. I'm guessing they were approached by a realtor after the owner's very recent passing. The house might sell very quickly since there is almost nothing for sale in the area.
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| Posted 12/10/16 3:53 PM |
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