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Finding own buyer / realtor contract
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Posted by cymraes (My Page) on Tue, Jul 20, 10 at 16:38
| We recently listed our farm for sale with a realtor. Prior to doing this, we listed it on some equine websites ourselves. Now I have someone seriously interested who contacted me from our own listing. I can't find anything in the realtor contract addressing this, so do we still have to pay her commission? She has not shown it yet at all. I was hoping maybe to negotiate a smaller percentage if she helped with the closing, but since we found our own buyer I don't feel we owe her the entire 5%. |
Follow-Up Postings:
RE: Finding own buyer / realtor contract
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| Read your contract carefully. Your agent is likely entitled to a full commission for any sale while the contract is in effect. |
RE: Finding own buyer / realtor contract
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| Count yourself lucky to get a quick sale & not have to handle the paperwork - if it even comes to that - it's not like they've made an offer. I think you can only exclude people you've actually shown it to prior to the contract & you probably would have to give a list of names up front for any kind of discount. |
RE: Finding own buyer / realtor contract
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| Unless you spelled this out in ADVANCE with your realtor, i think you are SOL |
RE: Finding own buyer / realtor contract
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| I'm not even going to worry about it until after they come to look, which isn't for 3 weeks as they are out of State. Our realtor did say she would negotiate the commission if that is what it takes to make a sale happen, so we may be able to get her down a percent or so. As guvnah said, we would be lucky to get a quick sale regardless. |
RE: Finding own buyer / realtor contract
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| It depends on the type of contract you have. Most likely its an Exclusive Right to sell and you would owe commission to the listing office no matter who finds the buyer. (Does your contract say Exclusive Right to sell, in this case you would owe the commission, if it says Exclusive Agency, you are able to sell on your own without paying the commission). If its ERTS, don't bother showing the potential buyer the house. Have a discussion with your agent about how this came about and negotiate the commission for this particular buyer. I'm sure she will negotiate her commission down since the property was just listed and she doesnt have a whole lot of time invested in it yet. Do not show the property to the buyer, let your agent handle it from the beginning. |
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