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Old 07-29-2010, 09:53 AM
 
42 posts, read 81,090 times
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Hi All,

I'm sorry if this has been discussed before but I have a couple of questions.

I have an accepted offer on my house and the listing is expiring in a week or so but closing isn't until the beg. of September.

If something falls thru, I don't want to keep this Agent but right now he wants me to extend the Contract to "finish this deal."

Do I have to extend it when I don't want to just because we are in the middle of a sale?

Also my Agent is representing the Buyer and me. At first I thought this was great but now I'm feeling like he is representing the Buyer more than my interests.

He didn't even bring paperwork to do a counter-offer when he presented me with the offer. Isn't that just standard?

Thanks for any input/advice!
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Old 07-29-2010, 10:55 AM
 
Location: Central Texas
20,887 posts, read 41,609,907 times
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(Opinion stated with full notice that California law very likely differs in important ways from Texas real estate law.)

A lot depends on your listing agreement. Most of them have a "protection period" after the listing expires during which, if the house is sold to someone to whose attention it was brought by the listing agent (either directly or through marketing efforts), the listing agent gets paid. That would be reflected in the listing agreement.

Is your plan to simply let the listing expire and have no representation? Are you planning to try to hire another agent to carry the deal through to conclusion? If so, you need to be totally up front with any agent you interview for the job about the fact that they are stepping into the middle of a procuring cause mess (not important to you, but to the agent who would have to deal with it) so that they can make an informed decision whether or not they want to represent you.

Here, the counter is written right on the offer, so bringing paperwork other than the offer itself wouldn't be an issue. Again, California may differ in this.

Why do you want to let the agent go in mid-stream, so to speak?
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Old 07-29-2010, 11:08 AM
 
Location: Hernando County, FL
8,488 posts, read 19,411,205 times
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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.
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Old 07-29-2010, 11:48 AM
 
Location: NJ
17,578 posts, read 43,586,257 times
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Have your agent put in specific language that extends, but only for the current deal.
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Old 07-29-2010, 11:51 AM
 
Location: Barrington
61,250 posts, read 42,017,230 times
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Generally speaking, when a market is strongly appreciating, the buyer is the primary target for negotiations because if they do not buy now, the next house will likely cost them more. In declining markets, the seller is the primary target for negotiatios because if they do not sell now, they are more likely to sell for less net proceeds, down the road.

When an agent acts as a dual agent it is common for either the buyer or seller to acquire the perception that the agent is working for the other team.This may or may not be the case. What matters is perception.

Some consumers embrace dual agency, thinking they will get a better deal and/or the agent will " kick in" to make the deal happen. There is no factual proof that anyone gets a better dead in a dual agency situation.
Having said this, there are some agents who can bring and hold a dual agency deal together when they know the principals and what it's going to take to get to the closing table. It's an art.

As an aside, I do not do dual agency.
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Old 07-29-2010, 04:13 PM
 
Location: Philadelphia
244 posts, read 697,814 times
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The agent should be covered through the close date or termination of the agreement of sale. Letting the listing contract expire means nothing to this deal. All parties signed and closing is set. Why would you try to ditch the agent who listed your property and got it sold for you?
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Old 07-29-2010, 04:37 PM
 
Location: Hernando County, FL
8,488 posts, read 19,411,205 times
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Quote:
Originally Posted by byoak View Post
The agent should be covered through the close date or termination of the agreement of sale. Letting the listing contract expire means nothing to this deal. All parties signed and closing is set. Why would you try to ditch the agent who listed your property and got it sold for you?
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.
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Old 07-29-2010, 05:27 PM
 
Location: Philadelphia
244 posts, read 697,814 times
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Quote:
Originally Posted by Mike Peterson View Post
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.
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.
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Old 07-29-2010, 05:31 PM
 
Location: NJ
17,578 posts, read 43,586,257 times
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Quote:
Originally Posted by byoak View Post
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.
Question. Could the agent stop doing any work on the close, but say they are owed the commission due to the contract since the agreement expired?
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Old 07-29-2010, 05:58 PM
 
Location: Austin
7,238 posts, read 20,168,062 times
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Quote:
Originally Posted by manderly6 View Post
Question. Could the agent stop doing any work on the close, but say they are owed the commission due to the contract since the agreement expired?
Yes.

But in this example, since he's the only agent involved, he has to be there in order to get buyer and seller both to closing. If there was another agent representing the buyer, the listing agent could still sit back and do no additional work and still get paid.
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