Jump to content

OT: Need a real estate agent's help


Svi

Recommended Posts

  • Members

Okay here's the deal-

 

We've had a house up on the market since February 6th. It's in a very desirable neighborhood geared toward older folks. We had an offer and a contract two weeks after it was put up. It was on contingency that the buyer sold their house. 3 months later, before we were supposed to close, they backed out bc they couldn't sell their house. We were still confident this house would sell.

 

Still....nothing. So we decided to go with an older, more experienced agent that lives in the subdivision that specializes in that particular subdivision. The first agent is a friend of ours (never, ever hire a friend!). We finally told her last month she had until July 31 to sell the house or we were going with someone else. Then we felt bad, and we dropped the price 10,000 and gave her until August 15. Well, today is August 14 and she just called me to let me know that she has an offer coming in-based on contingency. We told her we will not take a contingent offer, but she feels she can get a contract without a contingent offer in a few days. We were going to end the listing with her August 15 (tomorrow). Not only that, we already interview and signed the contract listing with the new agent to go into effect Friday. The new agent already gave us a ton of staging ideas and we're having the house painted and some landscaping done (Saturday).

 

Our friend wants us to put in a stipulation in the new agent's contract that if so and so people make an offer, then she gets the commission. The new agent won't do it. I don't want our friend to get screwed out of commission!

 

The old agent says it happens all the time, the new agent says she's full of it.

 

Real estate agents (and I know there are some of you)...what do you think????????

 

HELP!!!!!!!!!!!!!!!!!!!!

Link to comment
Share on other sites

  • Members

Did your friend actually do anything to deserve a commission? So far, it sounds to me like the new agent you found has already done alot more than your friend did.

 

Now, if the people who buy the house were originally referred by your friend, but the new agent is currently selling the house, I think they split the commission.

 

My father-in-law is a realtor and he has had to split commissions before. I could have him call you and give some advice since he would be completely impartial if you would like.

 

 

Sorry I couldn't be more helpful.

Link to comment
Share on other sites

  • Members

 

Did your friend actually do anything to deserve a commission? So far, it sounds to me like the new agent you found has already done alot more than your friend did.


Now, if the people who buy the house were originally referred by your friend, but the new agent is currently selling the house, I think they split the commission.


My father-in-law is a realtor and he has had to split commissions before. I could have him call you and give some advice since he would be completely impartial if you would like.



Sorry I couldn't be more helpful.

 

 

She's had the listing for the past 6 months, and has marketed like crazy (out of her own pocket). She's had a lot of open houses and the times she couldn't have one she paid another agent to run one for her. The people who want to put this offer in came through an open house last week on her marketing and she's been dealing with their agent trying to get them to make a move. She finally did.

 

What I'm worried about is having to pay commission to three agents. The buyers agent, our current agent who's contract has not expired and the new agent who's contract will go into effect at the end of the week. Of course, if there is a contract by tomorrow before our friend's contract expires, there is nothing to worry about.

Link to comment
Share on other sites

  • Members

Firstly, anyone can become an "area expert" in about an hour, there's no black magic to it, it's just a matter of knowing what kind of houses are in the area, (builder, age, etc...), what the schools are all about, past neighborhood sales, things like that. Area expert is little more than a buzz word aimed at hooking local sellers.

 

That being said, if you do put some kind of stipulation in the contract that will allow your "friend" to grab a commission, this new agent is going to question your devotion to her in a big way -- I'd have a really hard time representing a buyer who wanted to go with multiple agents. Choose one and stick with them. You want your agent's full attention and effort, letting them know that they may not get the sale will probably reduce their devotion to you. Besides, if this other person is really your friend, they're going to want what's best for you.

 

One more thing, any agent can sell any house in a single day, it's all about the price point. Sounds like this new agent is being smart about raising your price point. Go with the new guy and dump your friend.

Link to comment
Share on other sites

  • Members

 

I think you told me and i forgot, but where are you guys moving to?

 

 

We're not selling our condo. It's Andy's parent's house-they passed away in December and January. We would have kept the house for ourselves, but that's a little weird.

 

When we do buy a house, it'll probably be next summer and in Palatine or Lake Zurich.

Link to comment
Share on other sites

  • CMS Author

I've sold and bought several houses over the years, and this is how the sale contracts were written (in NY, NJ and PA)....

 

If anyone brought in by the old agent buys the house after the contract expired (typically within x months of expiration, check your contract), the old agent gets the commish. She did the work to get those people in, and is entitled to that protection. Other than that, she's entitled to nothing else once the contract expires.

Link to comment
Share on other sites

  • Members

I don't know where you are. I'm an agent licensed in Georgia, so my advice would be Georgia specific (although probably applies most places).

 

I think you probably do owe something to your old agent (the friend). I wouldn't worry too much about the new agent. He/she wants the listing so will put up with a lot. A way to force the issue would be to sign a non-exclusive listing contract with the new agent, stipulating that once a reasonable time has passed, you will do a terminate and release and re-list with an exclusive right to sell contract (the type that you no doubt have already signed with the new agent).

 

You have to remember that it's your house and you can market it how you like. The new agent has the choice to go along with it, or walk away. Rarely will we walk away :thu:.

 

I know that doing this for your friend will involve a lot of paperwork (executing a terminate and release on the contract you've just signed, signing a new non-exclusive, then doing another T&R and signing a fresh exclusive contract), but it'll be the fairest way all round, IMO.

 

Of course, if I was the new agent, and being presented with the above, I'd just give in and put the requested stipulation in the contract.

 

Alan.

Link to comment
Share on other sites

  • Members

 


Of course, if I was the new agent, and being presented with the above, I'd just give in and put the requested stipulation in the contract.

 

I'm not all that active any more but I still have my license. Not sure that I'd take the listing unless the other agent was out of the picture. If they've already got buyers, let's see 'em. If not, get out of the way. How many times have you heard, "I'll be faxing you an offer at 5:00!", only to have no offer show up? I'll represent a buyer who doesn't want to go exclusive way before I'll do that with a seller. Out here in CA, I really haven't even heard of multiple selling agents, it's always only one. If another agent has the listing or, if our time is up, we very politely get out of the way. It's one of the very, very few professional courtesies in this business that are extended without hesitation. Things differ from state to state though.

Link to comment
Share on other sites

  • Members

I put a house up on Feb. 1st and sold it in five weeks. I used the agent that has sold the most houses in the Lake County year after year. Everyone else is a wannabe. I lucked out because there were about 6-8 weeks in the spring where the housing market looked like it was bottoming out.

 

Be ready to come down in price or keep it. You could be creative and try rent to own and other things, too.

Link to comment
Share on other sites

  • Members

I know that bridge loans are evaporating because sales of homes are taking longer than the customary 60 days a bridge covers.

 

Contingent offers are the only other option once bridge loans are gone - unless you limit yourself to first time buyers, or the non-cash-strapped.

 

....we're selling and re-buying right now

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

×
×
  • Create New...