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Many listing agreements will say that if the agent does their job and brings you a 100% full price offer that you (the seller) refuse, their commission would be owed.
7.3. When Earned. Such commission is earned upon the occurrence of any of the following:
7.3.1. Any Sale of the Property within the Listing Period by Seller, by Broker or by any other person;
7.3.2. Broker finding a buyer who is ready, willing and able to complete the Sale or Lease as specified in this Seller Listing Contract; or
7.3.3. Any Sale (or Lease if § 3.5.2 is checked) of the Property within calendar days after the Listing Period expires (Holdover Period) (1) to anyone with whom Broker negotiated and (2) whose name was submitted, in writing, to Seller by Broker during the Listing Period (Submitted Prospect). Provided, however, Seller
Will Will Not (clr) owe the commission to Brokerage Firm under this § 7.3.3 Contract Advisorif a commission is earned by another licensed real estate brokerage firm acting pursuant to an exclusive agreement entered into during the Holdover Period and a Sale or Lease to a Submitted Prospect is consummated. If no box is checked in this § 7.3.3, then Seller does not owe the commission to Brokerage Firm.
7.4. When Applicable and Payable. The commission obligation applies to a Sale made during the Listing Period or any extension of such original or extended term. The commission described in § 7.1.1 is payable at the time of the closing of the Sale, or, if there is no closing (due to the refusal or neglect of Seller) then on the contracted date of closing, as contemplated by § 7.3.1 or § 7.3.3, or upon fulfillment of § 7.3.2 where the offer made by such buyer is not accepted by Seller.
Most Buyers are not ready, willing and able to buy witout contingencies and a loan when making an offer.
Not giving legal advice, but I would suggest a counter with all of the Sellers needs and desires.
Thanks all. Here's update Yes same realtor. Well respected in my community.
Yes I am first time seller.
She emailed me this am to ask if I was leaving washer and dryer. She should have hasked this before now.
I emailed her AGAIN because I never received link of property. She forwarded me an email she sent which I never received. Not in junk mail.
The link has one pic of outside of complex. Old pic. No pics if my interior.
I emailed her and questioned her again IS IT ON MLS?
She said it takes 24 to 48 hours to upload?? Oh and I have a showing in 30 minutes. I have no idea what is going on here.
She also mentioned something about sending email to her "list" announcing property is available. Is that how I got a showing? Someone please enlighten me.
Re well respected in your community.
You have a list of innappropriate things regarding your listing.
You stated previously about this realtor:
She has given lookey loos access to condos for sale.
She has shared with you various details of her listing owners i.e. she may have dementia, she won't clean out spare room, he needs to sell before he is foreclosed, etc.
So, in view of all this, I reiterate what I responded with on your other topic:
A great (well respected) agent except for divulging foreclosure and medical conditions which definitely also affect the offer price for your unit is a little like saying "He/she is a great spouse...except for the abuse".
That's what I have suspected last couple weeks. She was in no hurry to put listing up.
Denver realtor, thanks. I thought that time frame was a bit lengthy.
I'll keep u all posted. I need to think about my next steps.
Thx.
Your next step should be to terminate your listing contract with this agent ASAP before a buyer is procured and you're potentially forced to pay a commission, regardless of whether you accept the offer.
This "agent" is definitely not acting in your best fiduciary interests, and seems to be actively trying their best NOT to sell your home.
Dump them ASAP and, if you decide you'd still like to proceed with selling, really do some hard due diligence on more reputable agents.
If she brings a full price offer, you owe her a commission even if you don't accept it in Colorado. This will be her bargaining chip to accept a full price offer from an already existing buyer, even if all the work she insisted you do was to get it up to the specs the buyer wanted it to.
I was a Colorado commercial/investment broker from 1972 until I finally retired so am speaking of how the contracts and law work in Colorado. If you want to get rid of her, do it before she presents such an offer. If what you suspect, it will not be something you can prove, so you have no legal recourse but to take a full asking price offer, or pay her a commission.
Do what old trader says and get rid of her before the offer is presented. Don't dilly around and think about your next move. Your next move is to run from this broker, as fast as you can.
Dblackga
I'm pricing under market value on a very rarely available unit. She was listing broker recently on a very similar unit within my complex. That unit just went under contract last month.
I'm speculating but my gut says she's trying to delay listing which is quite disturbing to me.
Why are you pricing under the market on a really available unit? Is that also her suggestion? It seems like based on a very rarely available unit you should be at a minimum at market value if not a little over to start with! You should have never trusted her contractors, especially with her acting as the go-between. Need to immediately talk to her broker and get things straightened out fast!
24 to 48 hours to put up a listing?!?!? HAHAHAH! Oh, good grief, what a whopper! I timed myself last night with the local MLS entry -- it took 14 minutes to enter it, and that was with 25 pictures and uploading disclosure statements. (In another 20 minutes, it had appeared on Realtor.com.) Because we're having an open house this weekend and didn't want to wait for the syndication feeds, I had it on Zillow, Trulia and a couple of other services in the next 40 minutes.
Dump this idiot who hasn't figured out how to do an MLS listing after "all these years in the business."
OP, there are plenty of awesome, competent realtors out there who will do this right. If I were you I would document everything you have related here, as best you can. I'd move to terminate the listing agreement immediately, in writing. If she gives you a hard time, explain your reasons calmly. If she gets nasty, threaten to file a complaint with the board of realtors in your state. (It might go nowhere, but this is the leverage you have, and most agents want to stay far away from any issues with the board.)
You can be up on MLS in a day or two and lost nothing but this creeping feeling that someone who has signed a contract to work in your best interest is actually trying to put one over on you.
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