Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > California > San Diego
 [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)
 
Old 04-09-2013, 02:14 PM
 
Location: SoCal
2 posts, read 1,419 times
Reputation: 10

Advertisements

I'm in escrow to sell my rental to the tenants. We had a verbal agreement from the day they first rented that they could buy the house if and when they wanted to. Recently they finally said they were interested; I set the price at market value less the agent's fee (6%) since I already had a buyer. This put 6% of the sales price right into their pocket. Most of the paperwork is done by the escrow company. The buyers had some bankruptcy issues and had been working with a mortgage broker / financial advisor to get back on track and are now qualified for a FHA loan. I first met the broker when we got together with the buyers to discuss the process and formally agree on the price. What I didn't know is the mortgage broker is also a RE broker. He recently sent a packet of papers to me, including a listing agreement showing his company as the "listing agent" with the commission at $0.00. The house was never advertised for sale and I never intended to sell to anyone else at this time. It was simply a "good deal" to the buyers because I thought the sale would go smoothly.

Since I already had a buyer do I really need this agreement?
Am I obligated to sign it if I already had a buyer?
Although it shows $0.00 commission, if I sign it can it come back to haunt me if he has a change of heart about the commission?
Reply With Quote Quick reply to this message

 
Old 04-09-2013, 02:20 PM
 
Location: 92037
4,630 posts, read 10,270,138 times
Reputation: 1955
The forms are generally standardized (great part of buying property in CA) in regards to the contract. Did he send you a CAR form with that info on it? Please be more specific.

I would also ask this in the real estate forum on city-data as there are many contributors that are agents in CA.
Reply With Quote Quick reply to this message
 
Old 04-09-2013, 02:50 PM
 
Location: Rural Central Texas
3,674 posts, read 10,600,702 times
Reputation: 5582
I would expect that the purpose of the Zero dollar listing agreement is so that no other agent can show up at the last minute with another listing agreement claiming a commission. It protects both of you from an unscrupulus claim and solidifies the fact that the only agent legally involved is not taking a comission.
Reply With Quote Quick reply to this message
 
Old 04-09-2013, 03:53 PM
 
Location: Santaluz - San Diego, CA
4,498 posts, read 9,380,591 times
Reputation: 2015
Quote:
Originally Posted by johnrex62 View Post
I would expect that the purpose of the Zero dollar listing agreement is so that no other agent can show up at the last minute with another listing agreement claiming a commission. It protects both of you from an unscrupulus claim and solidifies the fact that the only agent legally involved is not taking a comission.
I'd agree with this by johnrex62.

I don't see a problem with it if it states $0. Also, you don't always have to sign everything that your realtor presents you with. I remember when we were buying there were certain things I didn't agree with and I just crossed them out when I signed the contract.
Reply With Quote Quick reply to this message
 
Old 04-11-2013, 10:11 PM
 
Location: North County San Diego, Ca
122 posts, read 192,935 times
Reputation: 83
If you agreed to let the mortgage broker/Realtor help out by drafting the purchase agreement then he must disclose that he is a licensed Realtor so that all parties are aware....I am assuming since he is already handling the loan for your tenants that he is just preparing the documents as a courtesy. And no, you do not need to sign a listing agreement.....you are selling "by owner ". The only other reason I can think of for him asking you to sign a $0 commission listing agreement is that he wants to show a "list & sale" in the MLS under his name....
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
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

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 > U.S. Forums > California > San Diego
Similar Threads

All times are GMT -6. The time now is 06:44 PM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - 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, 36, 37 - Top