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We contacted a realtor to help us sell my father's house in Clearwater. She pulled some comps (pulled on the wrong house, but that's no problem--she still took the time to pull the comps), gave us a ball park estimate of what she would list the house for, wrote out a little estimate of her fees, and what my dad could expect at certain sales prices, and we're all good. My dad didn't sign a contract at that time. We have to do some repairs, the realtor referred us to a contractor, and told us we could sign the contract after the repairs are done. The contractor is great, gave us a good estimate and is due to come out next week. My brother is out of state, I am in another town, and our step sister, with whom my dad and his wife now live, is just a few miles from dad's house.
Today a neighbor contacted my step-sister and wanted to do a walk through with a friend who is really interested in the house, and my dad did the walk through. My step sister and her hubby were at work, so no one could go with my dad. The guy made an on the spot offer, pretty low, for the house as is, but it's an offer, and a starting place at least. The neighbor told us in advance his friend was going to make a low offer. My dad, who is 81 and pretty deaf, and definitely stressed about this whole situation, didn't do what I asked him to do, which is to ask the guy to put an offer in writing--that his children are dealing with it. If we can work it out, we're going to try to get this finalized. If we can't work it out, we will complete the repairs and list with the realtor.
My question is, what is our obligation to the realtor if this current offer goes through? Do we offer her some money for her time to date? We fully intended to list the house through her. We liked her and she was extremely helpful. What would a realtor expect to happen in this instance?
Last edited by carolac; 05-03-2008 at 04:37 PM..
Reason: typo
We contacted a realtor to help us sell my father's house in Clearwater. She pulled some comps (pulled on the wrong house, but that's no problem--she still took the time to pull the comps), gave us a ball park estimate of what she would list the house for, wrote out a little estimate of her fees, and what my dad could expect at certain sales prices, and we're all good. My dad didn't sign a contract at that time. We have to do some repairs, the realtor referred us to a contractor, and told us we could sign the contract after the repairs are done. The contractor is great, gave us a good estimate and is due to come out next week. My brother is out of state, I am in another town, and our step sister, with whom my dad and his wife now live, is just a few miles from dad's house.
Today a neighbor contacted my step-sister and wanted to do a walk through with a friend who is really interested in the house, and my dad did the walk through. My step sister and her hubby were at work, so no one could go with my dad. The guy made an on the spot offer, pretty low, for the house as is, but it's an offer, and a starting place at least. The neighbor told us in advance his friend was going to make a low offer. My dad, who is 81 and pretty deaf, and definitely stressed about this whole situation, didn't do what I asked him to do, which is to ask the guy to put an offer in writing--that his children are dealing with it. If we can work it out, we're going to try to get this finalized. If we can't work it out, we will complete the repairs and list with the realtor.
My question is, what is our obligation to the realtor if this current offer goes through? Do we offer her some money for her time to date? We fully intended to list the house through her. We liked her and she was extremely helpful. What would a realtor expect to happen in this instance?
YOu don't OWE her anything at this point, and I doubt whe would expect anything. If you want to ask her for continued assistance as you negotiate the deal, she may be amenable to that. But only if you need the assistance. She understands that this is how it works sometimes. I'm sure she'll appreciate that you speak well of her, and will offer her name up should anyone ever mention that they are in need of a real estate agent.
For the record, I wouldn't accept that this is a done deal yet. I'd go ahead & let her get started with the listing process, making sure she understands what's going on with this potential buyer. This buyer can be named in advance as an "exception" to the listing agreement. Meaning that if he buys the house, the listing contract is void. That way, he has some pressure on him to get the deal done without holding up the process as you wait for him.
No contract no obligation. It is business. Be carefull that people aren't going to scam your father because he can't hear to well and is a little older. Make sure the contractors estimate has also a change order number in there which can't go up, other wise you can end up with a bill that is 3 x higher.....
I saw it last week on MSNBC investigates and these people are having horrible times after the final bill came and ended up with a lien on the home, so be carefull.
I would be upfront with the realtor, and let her know you are willing to list the home. However, I would offer her a reduced commission if the interested party who already saw your home were to want to put an offer in. (I would put that in writing on the listing agreement). I strongly suggest allowing her to have contact with the potential homebuyer once she agrees to this. Too many things can come up with negotiations that a trained and experienced agent can handle, and will lead to a successful sale of your home. Good luck and best wishes to you and your family.
Since this thread came around again, I wanted to let you know what occurred, and to thank you again for your comments. The verbal offer, while made with good intentions, did not come to fruition. We finally listed the house and had a contract within one week. My father signed three extensions for the contract. The potential buyers struggled, came back with extra wishes, which we met, every single one, except cutting down a huge tree. We arranged for my father to sign all closing documents privately since he is so embarrassed about meeting people since he cannot hear. In the meantime, throughout the whole process, my step mother only had a short time to live with Alzheimers, so my father was being put through a lot of changes.
My father closed, and one week later, my step mother died. Everything closed in October and in December, the husband/purchaser died of a heart attack, and the woman has let the house go into foreclosure.
Our realtor was a pro! There were a lot of back and forth demands from the buyers, our realtor walked us through each and every one. She was extremely patient with my father who was scared and unsure with all the paperwork since he couldn't hear anything and with my step mom being so ill.
I hope everyone who sells/buys a home finds a realtor like ours. You all are real pros and I appreciate your nerves of steel during times like these.
What a situation. The everyday challenges of spouses' passing combined with the unusual real estate down draft was probably too much for the purchaser.
I am so glad that your dad got through this OK, feel terrible that the purchasers had such a hard time.
Hope that perhaps a new family will get a bargain and build new memories.
Do your father a favor and spend a little money to have an appraisal done.
House sold. New owner's husband passed away. The widow let the place slip into foreclosure.
Why do you hawk "hire appraiser"?
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Did you read the thread?
