U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Real Estate Professionals
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
Reply Start New Thread
 
Old 07-14-2008, 09:23 PM
 
Location: Liberty, KY
206 posts, read 721,503 times
Reputation: 202

Advertisements

We have someone that wants to buy our house. They need to do a little "credit cleaning" and are trying to get a mortgage. Since we've been on the market for what seems forever with very little activity... we say.. OK so no big deal, we can wait.

Our MLS expires in 2 weeks. Our listing agent is also representing the buyers.... HOWEVER she has let our SALES contract with her expire. She is now saying that IF the MLS expires while these people are still working on getting a mortgage, then she will have to cancel the offer and return the escrow they gave her. AND that if somewhere down the road they do get financing, then she is still due a commission as she showed them the house..... I might add that THEY called her after getting a flyer off the post out front AND she told them she could not show them the house for another 3 days....MEANWHILE they knocked on the door and my husband showed them the house !!!

I know there are many realtors that earn a commission, but I don't think this is one of them.

My question is.... if a listing expires... does that really cancel ANY deal in the works ?
Reply With Quote Quick reply to this message

 
Old 07-14-2008, 09:40 PM
 
Location: DFW - Coppell / Las Colinas
18,921 posts, read 17,602,087 times
Reputation: 18206
We write in our listing agreements the if there is a contract on the house at the time of the expiration the seller will extend the agreement past the closing date.

Our listing agreement also has a 30-60 day protection period that says we get paid if someone that we've brought to the house buys the house after the agreement expires.

If it all comes together after say six months we may be SOL. The buyers may need the agents help and if they come to him you may have to deal with the agent if you want the buyer.

Does that answer your question ?
Reply With Quote Quick reply to this message
 
Old 07-14-2008, 09:51 PM
 
Location: Liberty, KY
206 posts, read 721,503 times
Reputation: 202
I guess I'm viewing the actual listing in the MLS and our contract with her as two different things. I know for a fact that we don't have a signed sales/listing contract with her. It expired and we signed for a 3 month extension. She never contacted us to extend it... BUT when she listed the house in the MLS she put an August Expiration date on it even though she knew our contract with her was only until the end of April.

I'm not in Real Estate but I would think that they contract and the MLS listing should be the same date, am I wrong? I will have to check out the original listing agreement to see what is in there.
Reply With Quote Quick reply to this message
 
Old 07-14-2008, 10:09 PM
 
Location: Central Texas
16,525 posts, read 23,073,250 times
Reputation: 12845
You are correct that the contract dates and the MLS dates should reflect each other. At least here, they do.
Reply With Quote Quick reply to this message
 
Old 07-14-2008, 10:09 PM
 
Location: DFW - Coppell / Las Colinas
18,921 posts, read 17,602,087 times
Reputation: 18206
She should not have it in the MLS without a valid listing agreement. I would suspect she has violated her MLS rules by doing this and could get in trouble. If the buyers come back to you directly in a few months then I'd tell the agent to get lost.

The listing agreement is what authorizes her to put it in the MLS and give you representation.
Reply With Quote Quick reply to this message
 
Old 07-14-2008, 10:17 PM
 
Location: Barrington
20,153 posts, read 14,503,052 times
Reputation: 6236
In my MLS, there is only one expiration date and that's the date of the listing. This date is not shown to others but when the current date= expiration date, the MLS shows it as an expired listing.

Did you ask your agent why she told the prospective buyers she would not be able to show them the house for three days? Is it possible the buyers misunderstood something? This does not on the surface seem to be in the best interests of getting your home sold. At a minimum, I would have a face to face with her and her managing broker about why the house is still in the MLS even though the listing expired.

On a different note, I would manage my own expectations because needing to do some credit cleansing may take substantially longer than imagined and/or get side tracked by new debt. What some people want to do is not always the same thing as being able to do.
Reply With Quote Quick reply to this message
 
Old 07-14-2008, 10:27 PM
 
Location: Liberty, KY
206 posts, read 721,503 times
Reputation: 202
Let's just say I have friend, that looked at my listing and told me that the expiration date was 8/7. today the Realtor wrote to my husband and said it expires on the 28th and the we had some decisions to make in the next two weeks.

Our original listing agreement with her expired on January 8. My husband signed a 3 month extension. We don't have copies of that agreement. We've asked for copies once and she ignored us. My husband is dealing with her in Florida. I've moved into our new home in Kentucky.

I won't go into more details, but it's been a year we have been listed, with only a handful of showings and yes, we' started out too high, at HER recommendation... and yes we are caught in the worst market in ages, especially in Florida, and YES we have lowered the price 3 times chasing the market. BUT the fact of the matter is that we OWE on the home and we can not go any lower and still pay a commission. So we are sitting on it and are willing to wait for them to get financing since they are the only people interested in making an offer at this time.
Reply With Quote Quick reply to this message
 
Old 07-14-2008, 10:56 PM
 
Location: SW Missouri
14,851 posts, read 18,084,010 times
Reputation: 19002
Quote:
Originally Posted by bcfarmlady View Post
We have someone that wants to buy our house. They need to do a little "credit cleaning" and are trying to get a mortgage. Since we've been on the market for what seems forever with very little activity... we say.. OK so no big deal, we can wait.

Our MLS expires in 2 weeks. Our listing agent is also representing the buyers.... HOWEVER she has let our SALES contract with her expire. She is now saying that IF the MLS expires while these people are still working on getting a mortgage, then she will have to cancel the offer and return the escrow they gave her. AND that if somewhere down the road they do get financing, then she is still due a commission as she showed them the house..... I might add that THEY called her after getting a flyer off the post out front AND she told them she could not show them the house for another 3 days....MEANWHILE they knocked on the door and my husband showed them the house !!!

I know there are many realtors that earn a commission, but I don't think this is one of them.

My question is.... if a listing expires... does that really cancel ANY deal in the works ?
I don't know anything about Kentucky but I am a Realtor in Missouri and I can tell you that legal and binding real estate contracts here have NOTHING whatsoever to do with MLS listings. MLS listings are a convenience and an amenity provided by the local board of realtors. They are a membership organization, a professional "club" if you will, for the realtors (think union, collective bargaining, etc.) Laws on real estate transactions (including listing agreements, I believe) are governed by legislation, statutes, etc.

If it were me, I'd contact the professional licensing bureau for the state of Kentucky that handles real estate (call the switchboard for the state government in....um....Frankfort? and ask them to send you a copy of the statutes governing real estate contracts and listing agreements.

Again I cannot say for certain how Kentucky does things, but there is something about this scenario that just rubs me the wrong way and I think there is something rotten in Denmark.

best of luck

20yrsinBranson
Reply With Quote Quick reply to this message
 
Old 07-14-2008, 11:40 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 21,128,375 times
Reputation: 2661
Listing contract does not impact and offer and acceptance. If you got a contract going the listing contract expiring has no impact. You still got a contract with the buyer.

Note that most listing contracts have a clause providing payment if the deal is consumated within some time period after the expiration. Read the listing contract. It is generally pretty clear.
Reply With Quote Quick reply to this message
 
Old 07-15-2008, 12:19 AM
 
Location: TN
7 posts, read 14,354 times
Reputation: 11
In my opinion, you need to contact your agent's broker, the person that she would report to. If you call the main office and ask the secretary, she should connect you or give you the contact info for that person.

Bottom line it sounds like you are not satified with your agent's performance. If you can't call and speak to them openly about this, you may need to consider another agent. But, if you have someone who has given their earnest money that complicates things a bit. Most contracts would have a clause that if the buyer cannot qualify for the financing, the money would be returned to them. There should be no "limbo"...kwim?

Your contract with the agent should be the same as the expiration date in MLS, if not the office needs to be contacted and get that corrected. If you allow the contract to expire and the buyer comes back within a specific time period, the agent would be covered, unless the listing has been given to another agency to manage. Check your listing agreement for exact details on how long that time frame is.

Of course, I am not offering any legal advice. Sounds like you can handle the majority of your concerns by just calling and confronting the agent. I myself am an agent, and I spend generally $500-800 out of pocket per listing on advertising alone. It's a risk we all take hoping that the home will sell and our marketing will pay off for us. Remember, the hours that we invest and the gas that we burn to help sell your home, well that's only returned to us if we sell the home and then make a commission. Keeping up my license and minimal mailing campaign alone costs me on average $5000 per year, not including ANY special ads or listing promotions. It's all good, just trying to get the public to understand what some of us do on the other end of the transactoin
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $89,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Real Estate Professionals
Similar Threads

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top