Page 1 of 7 1 2 3 4 5 6 ... LastLast
Results 1 to 25 of 161
  1. #1
    Join Date
    Sep 2001
    Location
    The Cone of Uncertainty
    Posts
    46,975

    Real Estate Question

    So last year we tried to sell our house. We had a listing with a realtor who seemed to do a good job and who we liked. We extended the listing 3 months but still no sale, and we let it expire last November 30. We decided to hang on to the place for a while and took it off the market.

    Yesterday we got a call from somebody who had seen it when it was for sale. They said they've spent all year looking for a place, have looked at a bunch, and decided our place is the one they want. They say they're going to make us an offer this week. They've made some effort on this, no idea how they got my wife's phone number but it wasn't with any of the material they would have seen from the Realtor, so we do expect an offer from them.

    Assuming they make the offer and we take it, what do we owe the Realtor? Full commission? Or is something less than that acceptable, considering the amount of time and the expired listing and all? Keeping in mind that this buyer found the place because of the Realtor's efforts, but also that she couldn't close a deal and we ended up carrying this place for another 9 months so far, at significant expense.

    Not trying to fuck anybody or get away with anything, on the other hand we don't want to give money away. What's the correct thing to do?

    edit: corrected listing expiration date to November 30
    Last edited by iceman; 08-25-2019 at 11:25 AM.

  2. #2
    Join Date
    Jul 2014
    Location
    TennesseeJed
    Posts
    9,432
    I don't feel you owe the realtor anything. It's not even on the market.

    You also don't have the offer yet.
    "I don't pretend to have all the answers, and I think there's something to be said for that" -One For The Road

    Brain dead and made of money.

  3. #3
    Join Date
    Jan 2008
    Location
    Big Sky/Moonlight Basin
    Posts
    9,586
    You don't owe that realtor anything.


    Sent from my iPhone using TGR Forums
    "Zee damn fat skis are ruining zee piste !" -Oscar Schevlin

    "Hike up your skirt and grow a dick you fucking crybaby" -what Bunion said to Harry at the top of The Headwaters

  4. #4
    Join Date
    Sep 2001
    Location
    The Cone of Uncertainty
    Posts
    46,975
    Quote Originally Posted by Bobby Stainless View Post
    You also don't have the offer yet.
    Yea it's definitely all hypothetical at this point, just been thinking about it since the phone call yesterday.

  5. #5
    Join Date
    Jan 2017
    Location
    on the banks of Fish Creek
    Posts
    1,349
    Listing is expired, contract fulfilled. You owe nothing.....

  6. #6
    Join Date
    Dec 2016
    Posts
    1,139

    Real Estate Question

    Your answer is probably within the listing contract. Generally commission for 6 mos post expiration if buyers awareness is generated by realtors efforts > ie marketing listing publicly. Could be smart to cut agent 2% to extract a higher number from buyer than if you weren’t represented plus they handle transaction/inspection response. Im seeing buyers target agent-less sellers to gain upper hand in my market.

  7. #7
    Join Date
    Sep 2001
    Location
    The Cone of Uncertainty
    Posts
    46,975
    Yeah I need to find the listing contract for sure if this goes forward. Unfortunately I'm 500 miles away from where it is at the moment.

  8. #8
    Join Date
    Sep 2005
    Location
    Wasatch Back: 7000'
    Posts
    8,788
    CL is correct. 6 months post listing expiration usually warrants commission being paid for realtor if original knowledge/interest in property is generated or occurs during listing. However, if offer/signed contract occurs after that 6 months grace period, you have a better chance of not owing a commission. Dec. to Aug. is 8 months. Do you need a closing attorney in MD.? If so, ask him/her the question. Real estate laws/regs. vary greatly by State.

    Look for a clause like this:
    Click image for larger version. 

Name:	Screen Shot 2019-08-25 at 8.23.07 AM.png 
Views:	132 
Size:	368.0 KB 
ID:	292250
    “A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both.”
    ― Milton Friedman

  9. #9
    Join Date
    Apr 2010
    Location
    8,750'
    Posts
    294
    It's called the Holdover period and each Realtor will specify a different amount of time from 30-90 to 180 days after the listing period. Read your contract and just be honest with your Realtor. All depends on your relationship as to how they may handle it. Note: I practice in Colorado and every state is different. Good luck!

    Sent from my moto x4 using Tapatalk

  10. #10
    Join Date
    Sep 2005
    Location
    Wasatch Back: 7000'
    Posts
    8,788
    Typical Utah language:
    Click image for larger version. 

Name:	Screen Shot 2019-08-25 at 8.33.01 AM.png 
Views:	128 
Size:	61.1 KB 
ID:	292252
    “A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both.”
    ― Milton Friedman

  11. #11
    Join Date
    Oct 2008
    Location
    Colorado
    Posts
    2,734
    First there is the legal language pertaining to holdover.

    Second, did this buyer find it because of the previous listing?



    Sent from my iPhone using TGR Forums
    Quote Originally Posted by Benny Profane View Post
    Keystone is fucking lame. But, deadly.

  12. #12
    Join Date
    Jan 2008
    Location
    truckee
    Posts
    10,818
    Reading the contract language it seems to me, as a layman, that the agent has to do more than just list the property. Sounds like they have to have had some interaction with the prospective buyer while the listing contract was in force.

  13. #13
    Join Date
    Jan 2010
    Location
    2 hours from anything
    Posts
    7,976
    Quote Originally Posted by CascadeLuke View Post
    Could be smart to cut agent 2% to extract a higher number from buyer than if you weren’t represented plus they handle transaction/inspection response. Im seeing buyers target agent-less sellers to gain upper hand in my market.
    This is definitely the worst advice here, unless you are completely incompetent. Then you may need your hand held for the low low fee of $20k.

  14. #14
    Join Date
    Mar 2008
    Location
    the ham
    Posts
    6,260
    Quote Originally Posted by old goat View Post
    Reading the contract language it seems to me, as a layman, that the agent has to do more than just list the property. Sounds like they have to have had some interaction with the prospective buyer while the listing contract was in force.
    If they attended an open house, they did. Even if there was no actual interaction.

    In this state (presumably others as well) the listing agent has an electronic record of every time the lockbox was opened, and the agent showing the property will leave their info - usually in the form of a business card, but sometimes a text message - so it wouldn't be difficult to figure out if these prospective buyers were shown the house when it was under the listing agreement. Well, except for the time factor.

    But last December was more than 180 days ago.

  15. #15
    Join Date
    Sep 2001
    Location
    The Cone of Uncertainty
    Posts
    46,975
    Quote Originally Posted by Kinnikinnick View Post
    Second, did this buyer find it because of the previous listing?

    Yes. They came and saw it while it was listed, and not at an open house, it was an appointment and the realtor met them at the house. Possibly more than once, but I'm not sure about that. Not sure if they had a buyer's broker working for them at the time.

    My wife has remnded me that the listing expired November 30, not in December. And it's almost September, so pretty much 10 months have gone by since the listing expired.

  16. #16
    Join Date
    Sep 2010
    Location
    Shuswap Highlands
    Posts
    2,337
    Maybe an opportunity to approach your old agent and negotiate a rate for them to process the transaction? Might be a middle ground win for both.

  17. #17
    Join Date
    Jan 2006
    Location
    Dreamland
    Posts
    896
    As stated above, if the buyer did not find out about your property until after the Listing Agreement expired then the realtor has no claim to a commission. Do not ask your realtor. Cite the language of the Listing Agreement and tell him/her you are just notifying them as a courtesy that you are selling the property. You don't want to be in a situation of them finding out and raising the issue later when you have already spent the money. If there is going to be a dispute then get it on the table as soon as possible.

    If you get sideways with the realtor you can still close on the sale and have the title company/closing agent escrow the amount in dispute. That way it will not screw up the sale. So you would get most of the money while you continue to argue over the commission. The key is the terms of the escrow agreement. I suggest you talk to an attorney about that issue.
    Gravity Junkie

    How can you be in two places at once when you're not anywhere at all?

  18. #18
    Join Date
    Sep 2001
    Location
    The Cone of Uncertainty
    Posts
    46,975
    Quote Originally Posted by Mudfoot View Post
    As stated above, if the buyer did not find out about your property until after the Listing Agreement expired...
    I've tried to be clear here. They definitely saw it because of the listing and came to see it while the listing was still in place.

    However, then they vanished for about a year until yesterday.

    The house is still on Zillow and Trulia (shown as "off market" on both, but the pics on those sites are the ones the realtor's photographer took).

  19. #19
    Join Date
    Sep 2005
    Location
    Wasatch Back: 7000'
    Posts
    8,788
    The biggest factor in the equation is 10 months after expiration. CHACHING!!!
    “A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both.”
    ― Milton Friedman

  20. #20
    Join Date
    Mar 2008
    Location
    northern BC
    Posts
    18,000
    You might buy the listing agent dinner but as long as you have no legal obligation you don't have to pay them (duh)

    if you legally DO have to pay them let the RE agent earn their commish and have them do all the foot work to make the sale go thru
    Lee Lau - xxx-er is the laziest Asian canuck I know

  21. #21
    Join Date
    Mar 2009
    Posts
    1,337
    I would so nothing unless the agent is a personal friend. Sell the house private party and make sure you have enough money available of the listing agent makes a legal claim against you. I think 10 months past expiration is enough time to save yourself some dough. You might pad the sales price by 3-4 % for the potential commission.

  22. #22
    Join Date
    Oct 2015
    Posts
    1,060
    If the contract requires you to pay them I would make them do all the home selling negotiating, inspection and closing bullshit.

    If not and you need to have a future relationship with the realtor then it might make sense to give them something. Otherwise, realtors operate on commission, which means they get paid for closing deals, not failing to close deals.

  23. #23
    Join Date
    Jan 2008
    Location
    truckee
    Posts
    10,818
    I like the idea of negotiating a deal with the realtor to handle the sale and closing with this particular buyer, if they are truly interested. In my experience with a half dozen real estate transactions most of the work is after the buyer submits they're first offer.
    My guess is that the buyers waited in part because with the house off the market they think they can get the house for less because you aren't paying a commission.

    Or you could give the realtor a 6 pack of their favorite IPA

  24. #24
    Join Date
    Feb 2009
    Location
    On Vacation for the Duration
    Posts
    11,239
    Another ethical obligation v legal obligation dilemma. Should the well off compensate the working man for labor and costs incurred? Did the agent show up in a Camry, Lexus or a Bentley?

    For me it would depend on the agent and our relationship. Did the agent put enough time and money into selling of just put it on the MSL and wait for the phone to ring? Did they keep bring unqualified tire kickers or bona fide shoppers? Did you price the home above what the agent recommended and that's why it didn't sell? Was it a "Unique" house that was worth the asking price but tough to market with a normal 180 day sales cycle? Do you want to do the work to complete the sale? Is the new buyer looking for a discount?

    When I asked the question to my agent about my house selling after the listing expired to someone who had seen it his answer was "You don't have to, but something to cover costs would be nice." My agent was a broker and owned the agency. And had been one of my eagle scouts. The house was "unique" and when we relisted with him, I ended up selling it for him to folks who had made a low ball and only offer we got the previous year. I'd actually had shown them the property the first time they saw the place. I was selling a back yard on 5 acres with a house attached and 10 minutes from a Wegmans. Not a 4 br, 2000 sg ft Colonial with 1 & 1/2 bath.
    A few people feel the rain. Most people just get wet.

  25. #25
    Join Date
    Mar 2008
    Location
    northern BC
    Posts
    18,000
    In a FSBO deal with no RE agent once I agreed on price with the vendor I had the Lawyer handle the entire sale so he wrote the sales agreement and did the whole transaction beginning to end = no fuckups

    Coincidentally that lawyer texted me today wanting a consult on leaking fishing waders
    Lee Lau - xxx-er is the laziest Asian canuck I know

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •