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Yes you are correct. I read the OP wrong, as the buyer was introduced a month before the listing agreement was signed.
No the buyer was introduced to the property a month after the listing agreement was signed. They just heard about the house a month before the listing agreement, but didn't inquire about it until two months later.
After reading all your posts I can see why everything needs to be on paper and in easy to read black ink. LOL What does the contract say? LOL
From what I am reading as long as you inform the listing agent that someone you know about is interested in the property and the listing contract will not keep you from selling to that person. Is that correct?
Does the interested party have a time frame to act upon the sale or are they allowed to take all the time that they need?
I think the key is (and perhaps you just didn't say it) is that you have to tell the agent about the person before you sign the contract, not after. And of course it still matters what the contract says.
After reading all your posts I can see why everything needs to be on paper and in easy to read black ink. LOL What does the contract say? LOL
Exactly.
Quote:
Originally Posted by SOON2BNSURPRISE
From what I am reading as long as you inform the listing agent that someone you know about is interested in the property and the listing contract will not keep you from selling to that person. Is that correct?
"Inform" as "in writing," at time of contracting for representation, in the Exclusive agreement, and it is negotiable, of course.
Quote:
Originally Posted by SOON2BNSURPRISE
Does the interested party have a time frame to act upon the sale or are they allowed to take all the time that they need?
That time frame is negotiable between agent and seller.
After reading all your posts I can see why everything needs to be on paper and in easy to read black ink. LOL What does the contract say? LOL
From what I am reading as long as you inform the listing agent that someone you know about is interested in the property and the listing contract will not keep you from selling to that person. Is that correct?
Does the interested party have a time frame to act upon the sale or are they allowed to take all the time that they need?
My MLS doesn't allow excluded buyers so while the listing agreement might allow it, the house can't be on my MLS with any type of exclusions. The reason for that is if the buyer decided to have representation, the MLS doesn't want to be in the middle of a procuring cause issue and compensation.
If the buyer doesn't want representation, then it really isn't an issue.
1-If your friend entered into a ERS which is contract to protects the agent from unscrupulous sellers/buyers and sellers from unscrupulous agents. It's a show of commitment by each party to the other. There are different contracts out there that allow the seller to find their own buyer, but I imagine most of the top agents aren't willing to commit/time money unless they feel they have a chance of getting paid. Based on the information provided I agree with the agent. Tell your friend to try to work out a price they are happy with and move on with life.
2-JDM, an attorney is likely to agree with the contract regardless.
3-Sigep, the 180 day period is to protect the agent with buyers exposed to the home during the listing period so that should they buy it, the agent is paid for his work. It's again there to protect agents from unscrupulous buyers/sellers. It's not there to protect the agent with pending sales.
4-Exclusions and time frames need to be listed in writing and agreed by all parties as an exclusion. I'll take them but only for a limited time. 2 weeks should be more than enough for someone to decide to buy or not.
4-Silverfall, interesting about the exclusions. I don't agree with it, but interesting perspective.
5-Ultimately the contract is the key. Everything should be spelled out in writing so refer back to your contract for answers.
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