Real Estate "Sell-by-Owner" Question (sale, condo, broker)

[cricky]

My condo is currently listed as an exclusive right to sell with a Broker. I have a colleague who is interested in buying my condo, without brokers involved. Does an Exclusive right to sell contract prevent me from doing this?

[ruski]

Originally Posted by cricky

My condo is currently listed as an exclusive right to sell with a Broker. I have a colleague who is interested in buying my condo, without brokers involved. Does an Exclusive right to sell contract prevent me from doing this?

You can sell, but your broker is still entitled to receive the commission.

[NowSoFlorida]

I would be worried as to why he wants to do it that way. I don't know if there are savings to him by doing it that way, but ask him and if there is offer him say 3% off the price or whatever is equivalent and fair if you want a quick sale and keep it thru the broker.

[cricky]

He just doesn't want to get his broker involved. He doesnt mind going through the selling broker, he just wants me to get the most out of the deal. I don't mind loosing the 3% to the selling broker, but would I be obligated to give the entire 6%?

[butercup]

There's actually a real estate section of these forums - general forums, not specific to the areas - if you go to the main CityDataForum page and scroll down pretty far. There's a specific sub-section in Real Estate titled Real Estate Professionals - they reply pretty quickly usually and there are a lot of realtors on there. I would make it clear that you are planning to use your selling broker and just want to figure out a way to negotiate the commission (they can be a little testy/protective of their profession) but they are very helpful!

[trekker954]

Originally Posted by butercup

There's actually a real estate section of these forums - general forums, not specific to the areas - if you go to the main CityDataForum page and scroll down pretty far. There's a specific sub-section in Real Estate titled Real Estate Professionals - they reply pretty quickly usually and there are a lot of realtors on there. I would make it clear that you are planning to use your selling broker and just want to figure out a way to negotiate the commission (they can be a little testy/protective of their profession) but they are very helpful!

Assuming the broker wasn't the person who showed your condo to your friend, can't you wait until your contract ends with the broker. This is why when I list a house I insist on a three month contract to see if I like what the realtor is doing or not and gives them incentive to sell the place quickly. Anyway, if you can wait until the contract ends, they you can do a sale by owner with no commission, but I believe you'll need a good real estate attorney

[rkumar3]

First thing is to read up your listing agreement. You may have a easy 'exit' clause... Also if you are in good terms with your realtor, talk to him about this and if he is professional and in it for the long haul. I would suggest offering him a reasonable 'commission' for his work and still keep him involved in the transaction until the transaction actually closes.

[gaash2]

Not sure. When does the contract expire? You can wait until then, or you can see if you can 'fire' your broker and then sell it to your friend. The 'right' thing to do is probably tell the broker and get them to cut their commission and at least you also save buyers agent piece.