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Old 08-22-2007, 05:37 PM
 
Location: Louisville KY Metro area
4,825 posts, read 13,628,582 times
Reputation: 2145

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This is not an advertisement for my firm, but it is a note of concern for people looking to buy or sell a home. I was just informed of a seller who thought they did not have an agent, but signed an MLS listing agreement, did not think that they had agent support, etc. They priced their home using only tax assessor (In KY, we call them PVA) data. A buyer came to the seller's home, toured it, and made an offer of $ 15,000 below the asking price. Without even a wink, the seller agreed only to discover that they were required to pay the listing firm another large sum of money.

There is an old saying, "you get what you pay for". Please, please don't sign a contract just because some tv or movie star tells you its ok. Interview several firms to get a full understanding of what your property is really worth and how they will charge you, etc. You are selling what is probably your most valuable investment, be careful!!!
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Old 08-23-2007, 09:04 AM
 
Location: Las Vegas
687 posts, read 1,816,474 times
Reputation: 688
Incredible story! Thanks for the advice Tom. The seller must have really had his/her attention diverted if he/she didn't realize what they were signing. Best to read everything even if it takes time. Hopefully the RE agent involved didn't mislead the seller and it was just a misunderstanding.
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Old 08-23-2007, 11:57 AM
 
Location: Louisville KY Metro area
4,825 posts, read 13,628,582 times
Reputation: 2145
Actually, I watch people do this stuff all the time thinking they are saving money. Example: Buyer wants to move to Kentucky (or any other state). They now head for the internet. Search lots of houses online, then do a drive by. They like the house, so they call the listing agent. The listing agent now becomes a dual agent, and both the buyer and the seller loose because now neither has an agent who can truly represent their best interests.
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