Q: A Realtor with a national company left a flyer looking for property in our area for specific buyer. We are interested but want to make sure we sign the correct agreement to allow showing to only one potential buyer without further obligations. The one page form she offered is entitled ?exclusive listing contract? specifying a fee of 3% for a term of 60 days after showing. It reads ?authorizes xyz as agent on an exclusive basis to use their efforts in securing a purchaser for the property located at ?at a listing price of?including a Realtor?s commission of 3% of the selling price for a period of 60 days from date owner agrees to allow buyers to view the property.? Is 3% and 60 days reasonable in this situation? Should I add words to limit contract to this one buyer? This is not the Realtor we would use if she wasn?t looking for a property for an existing buyer (she?s out of our immediate area). Thank you for your help.
?Safe Not Sorry, Beaver, PA
A: A non-exclusive/open listing would allow you to pay the Realtor who brings the buyer. I would always act ethically and pay the professional for their work. I do not like such agreements since my efforts are not protected if someone else tells someone that the home is available and they do not get compensation. It takes al lot of resources to work to sell a home/find a home for a buyer. I also would not take a listing for 60 days. In such a listing, you will owe the Listing Broker and Selling Broker a commission unless you negotiate otherwise.
Nancy Gastel is a Realtor? with Nancy Gastel Realty in Marietta, GA
A: That agent is asking you for an exclusive listing for 60 days. That means that anyone who wants to buy it must go through her, and you will be obligated to pay her fee. Even if you sell it to your Mother. If this is not what you want, I would not sign it. She can bring her one buyer for a one time showing with your permission and she can get her commission from her buyer.
Joan Flood is a Realtor? with Dagmer Chew HomeStead Real Estate Co in Cape May, NJ.
A: The contract as you?ve described would give the agent the right to exclusively market the home, to any and all buyers, for the term you state. I would certainly ask for the agent to include verbiage that limits the contract to the sale to that specific buyer, and within a certain time-frame. The time-frame you mention, 60 days, may be a bit long and unnecessary if the buyer is motivated and ready to purchase. I would ask to cap it at 30 days. Lastly, there should be a better form available through the REALTOR association in your area. The listing contract form will most likely designate her as your agent, so she will then be representing both the purchaser and the seller. In Chicago/Illinois, we have a For Sale By Owner agreement that we use when representing a purchaser on the sale of a home that is either not listed, or is listed FSBO. This form clearly delineates the agency relationships, and states that the agent does not represent the seller, but the seller will provide an agreed-upon fee.
I don?t want to make judgments without seeing the actual document, so some or all of my commentary may not apply. But in your situation and with your desire (to not use this agent as a listing agent) an exclusive listing contract, especially without designating a specific buyer or buyers, is not the form that should be used in this case.
Lastly, I would recommend running the agreement or contract by a real estate attorney. Depending on law in your state, you may need one for a real estate transaction anyway, were you to sell your home. A RE attorney will be able to quickly scan the document and advise you appropriately.
Kevin Van Eck is a Realtor? with @Properties in Chicago, IL.
A: Although it is not a good idea to answer this type of question without looking at the contract, you might just put in bold letters at the end and before the signatures: NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, the sellers are not engaging the agent for anything other than showing the property to John Doe [fill in name of buyer]. Or, better yet, hire an attorney to mark up the agreement to fix other issues that are no doubt in there.
Linda Walters is a Realtor? with Sage Realty LLC in Wayne, PA.
A: The Realtor should have a form specifically for the purpose of showing a For Sale By Owner. It would be to show the potential buyer she/he may have and what commission you would pay the broker should that buyer submit an offer. What she is offering to have you sign is a traditional listing agreement, to which you would have to agree to. The agent may be using a tactic to get listings but may not actually have a buyer. If you are considering selling, I would strongly suggest having a listing agent so you are represented during the transaction.
Roxanne Calloway is a Realtor? with Long & Foster Real Estate Inc in Crofton, MD.
A: Without seeing the full contract, it appears that you are signing an exclusive listing contract for 60 days and any number of buyers. If it is designated for one specific buyer it should name this one buyer and be a one party. If you have another agent that you trust. Call them. If this agent really has a buyer interested she will still work with a listing agent that you choose and trust. You need to be properly represented.
Carrie Abfall is a Realtor? with RE/MAX Real Estate Professionals in Columbus, IN.
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