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Hi,
I signed with a realtor (who supposedly had a good reputation) to sell my home which has unfortunately sat on the market for a while. The realtor has not personally shown my home, nor has she initiated any contact with regards to marketing adjustments (such as lowering the price) to help sell our home. Frustrated by her lack of involvement, we listed our home on a "sell your own home website". We now have interest in our home via that website, and I was wondering what obligations I have to this realtor who seems to be working very little for us. It seems unfair to us that we are doing her job and she could potentially walk away with a commission even if I terminate the contract now.
What does your contract say? Usually there is a clause in there about your obligation to pay her commission if it is sold within X time of your contract with her. You probably still have to pay her but maybe you can negotiate a lower commission. After all, who will do all the paperwork and represent you in the sale? You should address this all with your realtor and see what she says.
If you have an exclusive right to sell contract, no matter who sells it during the contract time period (including yourself) you must pay commission to the broker.
Your contract defines obligations. You have probably violated the contract by advertising your own home w/o permission and could be setting yourself up for legal troubles. Protecting your legal interests is also part of the Realtor's job and you may unintentionally set your self up for a lawsuit depending on how you worded your add.
Now I don't know if your Realtor has done a good job or not so I'm just going by the book on my response.
Please read your listing agreement. If you were dissatified with your agent, did you contact the designated/managing broker in the office to discuss the situation? In an appointed agency state like mine, your listing agreement is between you and the agency, which appoints a specific agent to represent you. That agency reserves the right to appoint a different agent if your first agent in unable to complete his/her responsibilities. The key to any good relationship is communication, which you don't have in this one. As Chuckity said above, if the agreement is an exclusive right to sell agency, you are responsible for paying the agreed upon fee no matter who sells the home.
Bringing a buyer to the table is a small piece of the business. Making sure they are qualified, dealing with inspections & repairs and the house gets to closing leaves a lot of work left to be done.
Bringing a buyer to the table is a small piece of the business. Making sure they are qualified, dealing with inspections & repairs and the house gets to closing leaves a lot of work left to be done.
I'm sorry but what is so hard about an inspection....the buyer needs to request one, not the seller....
repairs aren't taken care off by the realtor but the seller needs to have them done and it only takes the bill to show the buyer that the work has been completed (I dealt with it and I had a realtor who called me and told to fax the proof over to the buyers agent, so much for the realtors work in that case!).
The title companies makes sure the title will be searched and the realtor might call the title company to make that request...one call and the seller will pay the title company....
IMO it is very hard to find a buyer and that is why most people list their homes with a realtor, to find them a buyer....a real estate lawyer can go over the contract to look if that is save....but finding a buyer...a person who comes and makes an offer is IMO the hardest part.
The rest is not in the hands of any one...since the mortgage will be approved by the mortgage company not by the realtor....or not approved, not by the realtor but by the mortgage company.
Our agent told us if we found the buyer it would be 3% not the regular 6%...and it is on listing paperwork.
So who doesn't get paid, the listing agent or the buyer agent?
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