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Here's our situation: We interviewed several realtors to sell our home. We chose one (called Realtor 1) but have not signed any contracts yet. We gave her a verbal OK, we want to hire you.
Realtor 1 wants us to remove the wallpaper in our kitchen & bathroom and paint first, before listing on the MLS. We are getting estimates to do the work, but most companies are doing outside painting now and so our project won't be done until sometime in July.
Today we got an email from Realtor 2, also someone I interviewed to sell our home. She has a colleague with a buyer and wants to ask us for a "One Party Listing". It sounds like there is some urgency on the part of the buyer to find a home and ours might fit the bill.
Does this mean Realtor 2 would be our listing (selling) agent, and her colleague would be the buyer's agent? Where does this leave Realtor 1? (I don't want to do FSBO).
I asked Realtor 1 about this, and they want us to wait until our wallpaper/painting project is done. We are concerned the buyer can't wait that long.
What to do? We are looking for some advice and/or explanations from you good people out there.
Here's our situation: We interviewed several realtors to sell our home. We chose one (called Realtor 1) but have not signed any contracts yet. We gave her a verbal OK, we want to hire you.
Realtor 1 wants us to remove the wallpaper in our kitchen & bathroom and paint first, before listing on the MLS. We are getting estimates to do the work, but most companies are doing outside painting now and so our project won't be done until sometime in July.
Today we got an email from Realtor 2, also someone I interviewed to sell our home. She has a colleague with a buyer and wants to ask us for a "One Party Listing". It sounds like there is some urgency on the part of the buyer to find a home and ours might fit the bill.
Does this mean Realtor 2 would be our listing (selling) agent, and her colleague would be the buyer's agent? Where does this leave Realtor 1? (I don't want to do FSBO).
I asked Realtor 1 about this, and they want us to wait until our wallpaper/painting project is done. We are concerned the buyer can't wait that long.
What to do? We are looking for some advice and/or explanations from you good people out there.
Thanks!
How much is Realtor asking for commission. If she's asking for the full 6% say you have an agent and to submit an offer. If not decide(and she's asking for 3 or 4 percent) then you have to decide if you want representation versus the extra money. Forget about waiting for the wallpaper. If the buyer makes a good offer(your agent should know what a good offer is) then sell the guy the house.
Realtor 2 justs wants an agreement that covers her buyer client, she won't be your listing agent - you are essentially selling FSBO but paying a buyer agent commission. If you sell to her client you are done, if not you can go ahead and list with Realtor 1. Or you can go ahead and get Realtor 1 to list now which would give you representation in dealing with Realtor 2.
This sounds hockey. The prospective buyer hasn't even seen the house yet. Ask you agent to list the house now, with marketing remarks that improvements are scheduled. If the house is on the MLS and fits the prospective buyer's bill, the buyer's agent will notice it.
I've had this happen and sold the house, too. In my case, the realtor was actively seeking for a buyer and my house met the criteria. It was fine; a one-time listing.
But, back then I did agree to the usual 6% commission because I was not as experienced as I have become. That 6% commission usually covers advertising for the property. I would suggest you go ahead and agree to the one-party listing but cut your commission agreement to 3% for the simple reason that the realtor will be representing the buyer in this case and you will be more like a FSBO seller. I have had a lot of luck doing flat fee listings and paying the selling agent the 3% commission and this is not unlike that situation except no one even paid for the MLS listing b/c there isn't one. Tell Realtor #2 that is the deal and I betcha the realtor will agree.
Thanks everyone. I forgot to mention that when I first talked to Realtor 2, she gave us a low-ball estimate on listing our house. Now when she's asking for a "One Party Listing", she wants to list at our desired price ($25,000 - $30,000 more than she first suggested).
sounds like she has a buyer who wants something close to what you have.
I don't see anything to lose by letting it happen (for one buyer and one week or so?)...
either they come up with an offer contract and offer or they don't.
the issue is what contingencies they might want to have and how complicated that can make things
but again... if they have their pre-quals in place and your house isn't a wreck...
go for it.
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if you don't already have your own RE attorney... NOW is the time to find one.
Is it possible to have agent 1 represent you in this transcation and not have it listed on the MLS?
I have had agents quote me 1.5% to represent me in a single transaction when I have offer in hand. Just like the single-party listing, its for a single-party offer. The OP could ask Realtor #1 if she is interested, she may be -- especially if she will get the listing of the deal doesn't happen. At any rate I don't see that the owner should be shelling out 6% for this kind of deal; no one realtor is having to do all the usual full service work to get this property sold.
Is it possible to have agent 1 represent you in this transcation and not have it listed on the MLS?
Yes. That should be what agent 1 is proposing. MLS is not needed for this situation.
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