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A while back I questioned if we got a buyer from an ad we placed ourselves, would our realtor still be entitled to commission and the response was an overwhelming "yes."
I'm assumming that will also apply to this question, but here goes. What if an acquaintence tells you they happen to be looking in your price range, so you show them the house (yourself) and they make an offer? Does the realtor still get commission, and if so, are they entitled to the full 6%?
This particular person cannot pay our asking price, but if we can cut out commission, or at least knock it down to half, we may be able to work something out.
Finding the buyer is only the first part of the agent's work - a much larger part happens during negotiations and after the contract exists, making sure that everything gets to closing on time and correctly.
A while back I questioned if we got a buyer from an ad we placed ourselves, would our realtor still be entitled to commission and the response was an overwhelming "yes."
I'm assumming that will also apply to this question, but here goes. What if an acquaintence tells you they happen to be looking in your price range, so you show them the house (yourself) and they make an offer? Does the realtor still get commission, and if so, are they entitled to the full 6%?
This particular person cannot pay our asking price, but if we can cut out commission, or at least knock it down to half, we may be able to work something out.
Thanks for any input.
There are a million different ways to ask what essentially is the same question.
In the end, there is only one answer: What does your contract say?
100% dead on. Let the contract expire, don't tell your agent you showed the house to these people, then put it under contract with them, you save the 6% commission and they get the house for much cheaper. Everybody wins! Wouldn't you feel like a horse's arse if you get these friends you just showed the house to to buy it, all on your own, without your agent, and you had to pay them 6%? Yes, exactly. Its easy to sell a house on your own, realtors like to make it out like you are trying to split the atom or something.
Quote:
Originally Posted by newjitty
moral of the story: you're smart enough to do what an "expert" does, do it yourself and save.
100% dead on. Let the contract expire, don't tell your agent you showed the house to these people, then put it under contract with them, you save the 6% commission and they get the house for much cheaper. Everybody wins! Wouldn't you feel like a horse's arse if you get these friends you just showed the house to to buy it, all on your own, without your agent, and you had to pay them 6%? Yes, exactly. Its easy to sell a house on your own, realtors like to make it out like you are trying to split the atom or something.
Why in the world would you potentially put someone in a position for a lawsuit? If she goes under contract with her friend and the agent has an exclusive right to sell contract the agent will just sue her for the commission.
Listing contracts are legally binding. It doesn't matter that you think it's not rocket science. The seller made a deal and put it in writing. OP, please read your listing contract before you engage in a purchase and sale agreement with your friend.
This particular person cannot pay our asking price, but if we can cut out commission, or at least knock it down to half, we may be able to work something out.
Thanks for any input.
Alternatively, if they negotiated the price down 3% or so, like any other buy would do, then they can afford it.
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