U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 08-29-2019, 01:05 PM
 
1,331 posts, read 971,875 times
Reputation: 2419

Advertisements

Quote:
Originally Posted by kokonutty View Post
Forget what an agent says or anyone else who has no financial or other interest says; find out what the law says.
Just did.
It say I have to remove or replace it. Not EPA-compliant.
Freaking paternalism.
Didn't find yet what is the penalty for non-compliance.
Reply With Quote Quick reply to this message

 
Old 08-29-2019, 01:51 PM
 
469 posts, read 179,757 times
Reputation: 1622
Everything is negotiable between a seller and the real estate agent who wants their listing, including contract wording.
The first thing to realize is that the listing agreement is written mainly for the real estate agent.
It may have been formulated by their local MLS but it is broadly written to make sure the realtor gets their commission.

We have crossed out certain paragraphs and sentences on a listing agreement that did not suit us as the seller if the listing agent was not doing a good job. One of those we changed was giving the listing agent 6 months to a year for the listing and being entitled to a commission even if they were not doing a good job (in our opinion). We have had brokers offer us "cancel at any time" clauses and we have done 3 months with a re-up term in the contract. I personally think 3 to 4 months should be standard, 6 months is too long for a lazy agent and too long for a great agent. It should get sold in 4 months if they are doing their job, pricing it correctly and communicating well with other agents and the owner.

Who gets deposits if buyer defaults? Again completely negotiable before signing contract if the brokers office allows changes. I've read contracts that said the listing agent gets 100% of deposits in case of buyer default and other contracts where it is 50/50 owner/listing agent. We recently purchased in Charlotte NC and paid a good faith deposit given directly to owner at time of signing contract to buy. If buyer defaults owner keeps it all.

Will every real estate broker allow changes to their contract? No. One agent that could not make changes did not get our listing last year. The broker that did allow a change (# days listing lasted unless renewed) got the listing, they did a great job. I have known agents that did absolutely nothing to promote a home sale until their listing was near expiring. Why give them 6 months of doing nothing.

The more expensive your property is for your area the more negotiating power you have. But we have sold very inexpensive properties with changes to the listing agreement, it just depends on which agent you are dealing with.

Here's the truth: a listing agent makes their money when they get your signature on the listing agreement. You have the right to negotiate any of the terms they present you with. They have the right to say no to your terms. 99% of sellers barely read the listing agreement. We have read every contract we've ever signed and if we didn't understand something we didn't sign it until we understood it.
Reply With Quote Quick reply to this message
 
Old 08-29-2019, 03:10 PM
 
646 posts, read 331,029 times
Reputation: 956
Quote:
Originally Posted by BusyMeAK View Post
Hi All,


I know there are a lot of really good professionals here. I'm also well-aware that this sub-forum is full of useful info and and I'm reading thru it - thank you all who already contributed!


Right now, I feel I found an agent to sell my house. Still have doubts after reading a contract draft, though.
Can you please help me?

My questions:
1) The agent didn't bring up the issues of selling a house with a woodstove that is possibly non-compliant with current solid fuel burning regulations. Is it a very bad sign about this agent?

2) Our shingle roof is in a great condition (crazy, record-setting recent rainfall has proven it strong, no leaks), but it's about 30 years old. The agent said it's up to the inspection, to make a conclusion about it. Is it a normal approach?


3) Is it OK to have both Seller and Neutral representation?

4) Is in normal when a broker retains 1/2 of earnest money, if seller walks away?

5) In the MLS authorization for property showing, the "4", "Listing licensee to accompany any licensees when showing the property" is left blank - it means, my agent isn't going to actively participate in all showings. Is it normal? For what I'm paying 6% if he is not even going to do the selling? I need him to hard sell my home, otherwise I can list it on MLS myself and brag about my house every day.


6) There is this 180 days period after a six months contract when I will be obligated to pay 6% if the house is sold to a person with whom negotiated in writing during the contract time. It binds me, basically, for a year.
If I'm not satisfied with the realtor, I'm, possibly, losing my next sales season - May to September 2020 (yes, we hibernate from November till April).
Is it possible to include "unless the same buyer is brought in by a new seller's agent"?
Is it possible to specify what "negotiated in writing" should mean, to make sure only offers within certain $$ range are counted? Otherwise, any email from anyone, asking to sell the house 25% under listed price will be considered "negotiation in writing."

And, in general -
What to watch for in the contract, what kinds of strange clauses can be included that will be harmful for me?
What to be on high alert for - not only about contract, but generally?

And, maybe, somebody remembers some good threads here and can point me to them?


Thanks!
Definitely do NOT be pushed into a 6% commission- many agents will do the deal for much less these days.

The 6% commission is going bye-bye and the new normal rate is 4-5% at the most. Or use a flat-fee broker.

Good luck!
Reply With Quote Quick reply to this message
 
Old 08-29-2019, 07:55 PM
 
1,331 posts, read 971,875 times
Reputation: 2419
Quote:
Originally Posted by BusyMeAK View Post
Didn't find yet what is the penalty for non-compliance.

The agent told me that the title company won't record.
Reply With Quote Quick reply to this message
 
Old 08-29-2019, 07:57 PM
 
Location: Gainesville, FL
366 posts, read 85,795 times
Reputation: 469
Quote:
Originally Posted by LHS79 View Post
Definitely do NOT be pushed into a 6% commission- many agents will do the deal for much less these days.

The 6% commission is going bye-bye and the new normal rate is 4-5% at the most. Or use a flat-fee broker.

Good luck!
This is not the case in my area.
Reply With Quote Quick reply to this message
 
Old 08-30-2019, 12:32 AM
 
55 posts, read 5,456 times
Reputation: 74
Quote:
Originally Posted by BusyMeAK View Post
Just did.
It say I have to remove or replace it. Not EPA-compliant.
Freaking paternalism.
Didn't find yet what is the penalty for non-compliance.
I think you misspelled “environmentally conscious”.

Or, you simply don’t care about the air you and your offspring breathe.
Reply With Quote Quick reply to this message
 
Old 08-30-2019, 09:12 AM
 
646 posts, read 331,029 times
Reputation: 956
Quote:
Originally Posted by AndreaTownsley View Post
This is not the case in my area.
Is there NO competition in your area?

Maybe collusion of the agents in your area?
Reply With Quote Quick reply to this message
 
Old 08-30-2019, 09:41 AM
 
Location: Gainesville, FL
366 posts, read 85,795 times
Reputation: 469
Quote:
Originally Posted by LHS79 View Post
Is there NO competition in your area?

Maybe collusion of the agents in your area?
Not at all. I’m just stating that I’ve not seen or heard of many offering discounts. I have seen some that are higher than average actually. And I’ve also seen a decent amount of flat fee listings.
Reply With Quote Quick reply to this message
 
Old 08-30-2019, 10:15 AM
 
1,331 posts, read 971,875 times
Reputation: 2419
Quote:
Originally Posted by Skipito View Post
I think you misspelled “environmentally conscious”.

Or, you simply don’t care about the air you and your offspring breathe.
I don't want to be told by our corrupted government, that put our local stove seller/installer on a panel that pushed the law thru, what to do with my house that I bought with the existing wood stove.
I don't want to pay for solving problems that others caused.
I don't want to be punished for problems I didn't cause. I don't burn junk as others do, I do use my stove for comfort only, my home is heated with oil.
I don't want advice on life principles, I need to sell my house, and we here are in a real estate sub-forum.
Basically, what 'm saying, thank you, please FO.
Reply With Quote Quick reply to this message
 
Old 09-02-2019, 01:15 PM
 
55 posts, read 5,456 times
Reputation: 74
Quote:
Originally Posted by BusyMeAK View Post
I don't want to be told by our corrupted government, that put our local stove seller/installer on a panel that pushed the law thru, what to do with my house that I bought with the existing wood stove.
I don't want to pay for solving problems that others caused.
I don't want to be punished for problems I didn't cause. I don't burn junk as others do, I do use my stove for comfort only, my home is heated with oil.
I don't want advice on life principles, I need to sell my house, and we here are in a real estate sub-forum.
Basically, what 'm saying, thank you, please FO.
So. Sell your house. And remember to vote for people that don't accept stupid stuff like this.

Should be amazingly easy (almost less time and energy that you put into your wonky claims and this post) to just remove it and cap it.

You want to sell the home, make it easy. Or just FO yourself.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top