How do I let my agent go? Termination? (seller, loan, broker)

[Brandon Hoffman]

Originally Posted by chet everett

- should've known more about the spread between listing price and "need to break even" price, heck I did that YEARS ago even in good times! Also 6% is high, should at least have a sliding scale to try and get this closed FAST. Further, any agent that is working for a seller that is behind the eight ball IN ANY WAY (whether that is divorce or non-sponsored relocation or unemployment or foreclosure ...) has, in my mind, an extra weight on their shoulder....

We don't know what the agent went over about the spread b/n list and break even prices. We also don't know, unless you are in their specific, if 6% is high or the fee charged by most full service agents in that area.

Perhaps there is some extra weight, but at the end of the day the agent has no control over what the market will bear.

I don't disagree entirely with you, just I felt it was important to point out those 3 things since the agent isn't here to speak about the situation.

[chet everett]

Originally Posted by Brandon Hoffman

We don't know what the agent went over about the spread b/n list and break even prices. We also don't know, unless you are in their specific, if 6% is high or the fee charged by most full service agents in that area.

Perhaps there is some extra weight, but at the end of the day the agent has no control over what the market will bear.

I don't disagree entirely with you, just I felt it was important to point out those 3 things since the agent isn't here to speak about the situation.

I really much preferred working with buyers instead of sellers myself, because at the end of the 'deal' you never had a buyer come up 'short'...

In the current climate that is even MORE important!

My gut says this is not a situation that even an agent with a big letter on their chest could have made better, but the client is not in a 'winnable' situation...


I think the OP is coming to face that with grace, and hopefully not too big a whole in their budget.

[BootStrapTX]

Originally Posted by MikeJaquish

I see nothing pro-Realtor about interpreting the post literally.

I actually agree with you that I could have been clearer in my writing but it seems that Austin Willy had no trouble interpreting the post. I think it is obvious that the first sentence is opinion and that the second is about contractual obligation. We all know that 'right' doesn't trump writing.

Do you disagree and think that the client owes something to the Realtor for their efforts?

[MikeJaquish]

Originally Posted by BootStrapTX

I actually agree with you that I could have been clearer in my writing but it seems that Austin Willy had no trouble interpreting the post. I think it is obvious that the first sentence is opinion and that the second is about contractual obligation. We all know that 'right' doesn't trump writing.

Do you disagree and think that the client owes something to the Realtor for their efforts?

I reiterate:
"Hey! Everyone who has reviewed the listing contract, and knows the details adequately to advise the OP as to the obligations it imposes on either party.... Raise your hand.




That's what I thought."


Regarding your question, I stand by the fact that I have not been party to contract and further discussion.
I have no opinion on the OP's contract or obligations. The OP's presentation seems to me to be from a perspective of personal concern and honor.
Jeeze... The OP indicated a sense of obligation to the Realtor. What facts do I have to allow me to disagree with that assessment, or to confirm it?

[BootStrapTX]

Originally Posted by MikeJaquish

The OP indicated a sense of obligation to the Realtor. What facts do I have to allow me to disagree with that assessment, or to confirm it?

No facts at all. Let me rephrase. If it was you in this very same situation, with a standard listing agreement (that you are familiar with) would you feel that same sense of obligation as the OP?

[MikeJaquish]

Originally Posted by BootStrapTX

No facts at all. Let me rephrase. If it was you in this very same situation, with a standard listing agreement (that you are familiar with) would you feel that same sense of obligation as the OP?

Not good enough.
I don't know the exact situation to propose "the same situation," and that is the crux of my point.

Could I see reimbursing an agent for a home inspection in some situations?
Certainly.
Staging?
Possibly.
Despite my support for the standard listing contract, I also think my spoken word means something, and if I had indicated that I would reimburse the agent, and things came apart, it is quite likely that I would follow through.

It is interesting to me that people with minimal knowledge of the circumstances, including the cost of the home inspection and the staging effort, are nonetheless able to tell the OP definitively that 6% is too much money to pay in commission and at the same time that the agent should eat the costs of the inspection and the staging.
Jeeze. Can we take his car too?

[Austin-Willy]

Originally Posted by MikeJaquish

It is interesting to me that people with minimal knowledge of the circumstances, including the cost of the home inspection and the staging effort, are nonetheless able to tell the OP definitively that 6% is too much money to pay in commission and at the same time that the agent should eat the costs of the inspection and the staging.
Jeeze. Can we take his car too?

Ah. There are lots of interesting things. Such as agents who cite the risks they take of not getting paid as justification for the amount of commissions they collect only to later feel an entitlement to have the risks picked up by someone else. Should they get a 15% gratuity also?

[azcater]

slm2009- I just want to make sure you understand that doing a short sale will affect your credit..(where I'm at loan mods aren't happening or they don't help the client avoid a short sale) maybe you should really think about renting it out or doing a lease purchase (you may be able to get a premium)?? I know it's risky, but it will help keep your credit intact and maybe avoid paying so much money out of pocket all at once. And maybe just maybe, you can hang on to it long enough till we seem some appreciation again. (LOL, I know I'm dreaming!) But, seriously, I'm really concerned about your agent's ability to be creative and get the job done here. I wouldn't have any qualms about terminating the agreement and not reimbursing for the money spent. That was his own decision to spend that money and I would never have spent it down here. But then again, I'm in Phx, land of everything is a short sale or foreclosure and "staging" is laughable at this point. I would be happy to find someone to help you in Denver if you'd like to work with a more "creative" agent. I really feel for you, if there is anything I can do to help, please let me know. (Seriously, no strings, fees attached)

[BootStrapTX]

Originally Posted by MikeJaquish

It is interesting to me that people with minimal knowledge of the circumstances, including the cost of the home inspection and the staging effort, are nonetheless able to tell the OP definitively that 6% is too much money to pay in commission and at the same time that the agent should eat the costs of the inspection and the staging.
Jeeze. Can we take his car too?

The flip side is just as interesting. The agent made the decisions on how to market the property and incurred those costs voluntarily.

I don't think the agent should 'eat the costs', I think the agent should take responsiblility and ownership of those costs. I find it interesting that with minimal knowledge of the circumstances you would characterize this position as taking, as in "Can we take his car too?"

I don't know about you, but I have never expected a client to cover my business costs should things fall apart. I never feel taken from because I am always willing to take responsibilities for my own actions. If people are unable to perform I take responsibility for misreading the situation. If people are unwilling to perform I take ownership of not assessing their character accurately.

Why stop at inspection and staging? Should SLM give back the gift card too? Should the agent invoice SLM for all of the other costs incurred on this listing?

[Brandon Hoffman]

Originally Posted by BootStrapTX

The flip side is just as interesting. The agent made the decisions on how to market the property and incurred those costs voluntarily.

I don't think the agent should 'eat the costs', I think the agent should take responsiblility and ownership of those costs. I find it interesting that with minimal knowledge of the circumstances you would characterize this position as taking, as in "Can we take his car too?"

I don't know about you, but I have never expected a client to cover my business costs should things fall apart. I never feel taken from because I am always willing to take responsibilities for my own actions. If people are unable to perform I take responsibility for misreading the situation. If people are unwilling to perform I take ownership of not assessing their character accurately.

Why stop at inspection and staging? Should SLM give back the gift card too? Should the agent invoice SLM for all of the other costs incurred on this listing?

He also volunarily agreed to to give the agent 6 months to sell the home and now is considering breaking the contract after 3. The client has not met the terms so they could agree to mutually change them. If the Realtor thought he had 6 months, the rug is getting pulled out early. If he had known up front he only would get 3 months, perhaps he wouldn't have paid for those things.