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I have another question about transitioning from FSBO to Realtor. How does it typically work when you have been attempting to sell by owner and have a list of names of those who have seen the home already (prior to contract with Realtor). In particular, I have one prospective buyer who seems very interested but the timing is not quite right for them. It would be a shame (for us!) to pay the full commission if they make an offer in the next month or so. However, I realize that the listing agent deserves compensation for all the marketing, etc. provided to us. What is fair? Thanks!
You can have the Realtor put this potential buyer as an "exclusion" to the listing within a certain time frame, and possibly offer to pay a smaller commission for him/her to handle the paperwork if this buyer does come through with an offer.
It is customary to list specific buyers, by name and address, as an exclusion. Most agents put a deadline on such exclusions. After all, a good Realtor is investing in the sale of your home with time and money.
I have not once heard of one of these buyers coming back. I am sure it must have happened to someone, somewhere.
You can exclude a buyer IF the local MLS allows that. I know our MLS does not allow listings to go on the MLS if there are any exclusions. I would talk with your agent as WendyK suggested and see about doing a reduced fee for handling the transaction.
It is customary to list specific buyers, by name and address, as an exclusion. Most agents put a deadline on such exclusions. After all, a good Realtor is investing in the sale of your home with time and money.
I have not once heard of one of these buyers coming back. I am sure it must have happened to someone, somewhere.
I've had it happen once after about 70 exclusions to contracts for sellers. And of course it was on a 600K listing....go figure....
I've had it happen once after about 70 exclusions to contracts for sellers. And of course it was on a 600K listing....go figure....
~Joey
I've had it happen 2x on the 2 times I did it. One was a 425k and one was a 260k...both high end properties for the areas. I expected the one on 260k when I listed it though. I figured by listing it they'd make a quick decision knowing they had a week and they did. Made the buyers quit beating around the bush.
You could ask the agent to make an exclusion. Since the agent has to invest time and money to begin marketing your home, I would suggest determining a fair amount to compensate the realtor for the time and money invested on your behalf, and a time limit of 2 weeks for the exclusion.
That would seem fair for both parties.
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