Finding your own buyer (agents, commission, contract, Realtor)
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My sister listed her house 4 months ago and hasn't had one buyer look at it. She lives in NEPA. The realtor did not list it on Craigslist so I mentioned it to her that she should. We put an ad on Craigslist and 2 days later there is someone who wants to see it and possibly make an offer.
Should the realtor split the commission since you found the buyer or do they have the right to all of the commission? The commission is 6%.
My sister listed her house 4 months ago and hasn't had one buyer look at it. She lives in NEPA. The realtor did not list it on Craigslist so I mentioned it to her that she should. We put an ad on Craigslist and 2 days later there is someone who wants to see it and possibly make an offer.
Should the realtor split the commission since you found the buyer or do they have the right to all of the commission? The commission is 6%.
Becky, first and foremost, as despicable as it may seem, Sis likely signed an exclusive right to sell listing agreement. Craigslist is full of fraudulent buyers and sellers. Not to say even 1 in 100 are bad, but there are bad people that the Realtor will now need to filter out.
If you wish, for certain have that conversation with your agent about the situation. You may want to include the broker if the agent is not the managing broker.
You found someone who may want to look and may want to make an offer? Is the person a qualified buyer? You've got a lot of variables here.
Aside from that, the answer is in your contract. Secondly, if it's been that long with no showings from agents then the house is probably overpriced. If it's overpriced and you sell it, would the house even appraise?
You found someone who may want to look and may want to make an offer? Is the person a qualified buyer? You've got a lot of variables here.
Aside from that, the answer is in your contract. Secondly, if it's been that long with no showings from agents then the house is probably overpriced. If it's overpriced and you sell it, would the house even appraise?
The buyer is qualified. They just lowered it $10K. I hope it appraises.
Typically you can only split the commission with another licensed real estate agent. Typically you pay the full commission no matter where the buyer comes from.
Read your contract, the answer is in there. There is no standard contract, and we can't guess what your sister signed.
how much is the house?
how has the Buyer shown they are qualified?
does the Buyer have an agent?
I should probably try Craigslist again, just because in theory times change. But 2+ years ago when I put listings on Craigslist, it was not only worthless, but what activity did occur was 95% spam/fraud. And could continue for MONTHS after a home sold.
90%+ of Buyers use a Realtor. So clearly, 90% of Buyers aren't using Craigslist to find their home. Of the 10%, half or more are not arms length transactions ... meaning the chances of a real, but random, buyer is less than 5%. The qualified Buyer could have found the (would have found) home through "normal" and above board channels.
Heck, you might be really lucky. This Buyer might actually be a fool and pay full market value with no Realtor to protect his interests - part him from his money and be glad a shot in the dark Hail mary worked.
4 months and not a single person even came to see the house? Then suddenly, one week on Craig's List and you have a potential buyer? That's just weird. I know the price was lowered $10,000, but unless that's a huge % of the listing price, that's not much to explain 4 months of not one single person or agent seeing the house.
Other than being over-priced, is there anything else about the house? In the boonies? A major fix-it-upper? Anything?
my condo is listed, and I can cancel anytime, as long as it is not in escrow. I'm sure they would sue me if I tried to pull a fast one, though. I was reading advice on hiring a listing agent, and one of the things was that a good LA will let you fire them at any time....and they can fire you, too.
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