Listing Expiring While Deal Goes Thru and A Counter Offer Question

[byoak]

On the listing side he probably does not have anything else to do except make sure that the buyers are meeting their deadlines. The agent is doing this anyway since they are representing both sides. On the buyers side he has to make sure the clients get home owners insurance and mortgage and advise them not to make any big purchases as this may affect their mortgage getting final approval.

[SouthernCAGal]

Originally Posted by Mike Peterson

I don't think the OP is looking to ditch the agent now during the sale, they just do not want to relist with this agent if the sale falls through and they are questioning having to do an extension now.

While it may be just their perception (I am not saying it is not true) that their list agent was negotiating more for the buyer than them, this might be one of the factors for them not wanting to relist with him or her.

Thank you, Mike Peterson-you are EXACTLY right!

To everyone else, thank you all so much for your input. The contract does state the Agent will get the commission because they brought the buyer to me and I am 100% in agreement with that!

I really believe the Agent represented the buyer in the offer that I received but that's my opinion and I could be wrong.

Middle-aged Mom-I wish my Agent would have kicked in. I had to go about $5,000 below what I wanted to go after just dropping my price and it would have been nice if the Agent would have helped with that. I didn't even know that was a possibility until I talked to someone after signing the offer. Not to say that he would have but it would have been nice.

As far as the contract goes, I guess now when it expires the Agent will really be working for the buyer

Thank again you all are great!

[byoak]

Originally Posted by SouthernCAGal

Thank you, Mike Peterson-you are EXACTLY right!

To everyone else, thank you all so much for your input. The contract does state the Agent will get the commission because they brought the buyer to me and I am 100% in agreement with that!

I really believe the Agent represented the buyer in the offer that I received but that's my opinion and I could be wrong.

Middle-aged Mom-I wish my Agent would have kicked in. I had to go about $5,000 below what I wanted to go after just dropping my price and it would have been nice if the Agent would have helped with that. I didn't even know that was a possibility until I talked to someone after signing the offer. Not to say that he would have but it would have been nice.

As far as the contract goes, I guess now when it expires the Agent will really be working for the buyer

Thank again you all are great!

Did he show you comps so you could base your acceptance on what is going on in the area? Also, he is still working both sides until close. The listing contract expiring does not matter they are on the contract as representing you and still will be.

[MikeyKid]

Explain to the current agent that you will not be extending your agreement, then interview prospective listing agents explaining the situation in detail.

They'll be knowledgeable about the local RE laws and be able to advise you by looking at the previous listing agreement.

P.S. Gotten myself in trouble arguing dual agency before... Why anyone does it is well beyond me.

[Mike1306]

Originally Posted by byoak

There should be no need for you to extend the contract. It should have already been stipulated in the agreement or addendum to as to what broker is getting paid what commission out of this deal.

Yep

Originally Posted by Mike Peterson

I would think the listing contract and P&S agreement would cover him though to closing without having an extension. Of course all agreements are different from state to state.

[DMenscha]

Originally Posted by SouthernCAGal

As far as the contract goes, I guess now when it expires the Agent will really be working for the buyer

Not true, your agent owes you a fiduciary responsibility throughout the entire process. The expiration of a listing agreement really has no bearing on the transaction, but should the transaction fail to close, you are under no obligation to extend the listing.

The standard CAR form for listings has a fill in the blank space to cover any purchase made within ____ days of the expiration of the listing, however, that only applies to persons completing a purchase who were introduced to the property during the listing period. The agent must provide a seller with a list of names that were introduced during the listing period at the end of the listing if they expect to receive a commission on such a purchaser.