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When this situation happens, and if it's a standard listing contract, can the real estate agent demand their commission from the seller? i.e. Contract is for buyer, agent presents full price buyer, seller owes commission.
Quote:
Originally Posted by EricBoyd
Yes, I believe so.
IS THAT ACCURATE?
ETA Thanks, Mike, for answering whileI wrote my question.
Well - here is my update. We got a call from our realtor at 8:15 last night and she said she just heard from the agent and they had multiple offers and they wanted the best and final from everyone. The kicker? They wanted everything from all parties by 8:30 so they could make a decision that night. Seriously? My husband is a volunteer firefighter and was at training until 9:00 and I was not comfortable making the decision alone. There was no way to reach him as they were working on water rescue and he would have left his phone at the station. My realtor convinced them to at least wait until I could reach him, we went up $5000 and they accepted. We got the confirmation this morning.
We put in the contract that they have to allow us to show the home to prospective renters but somehow I think they are going to be a pain during this process.
Also remember that they can back out at any time up until they are at closing if they choose to do so ,it can and does happen all the time my re agent told me .
This completely varies by state and the contract! In my state, there's a very short window to cancel the contract. After that, you can only get out of it if the conditions can't be met - terrible home inspection, can't get financing, etc. Changing your mind isn't allowed. You end up paying quite a bit of money if you do and the seller sues you.
We put in the contract that they have to allow us to show the home to prospective renters but somehow I think they are going to be a pain during this process.
Why do you need to show a house that you don't own to prospective renters? I would be very surprised if they actually let you traipse completely random strangers through their home.
And people wonder why real estate contracts fall apart.
Why do you need to show a house that you don't own to prospective renters? I would be very surprised if they actually let you traipse completely random strangers through their home.
And people wonder why real estate contracts fall apart.
Well it was in the contract and they signed it - so they kind of have to allow it at this point, or cancel the contract. We were very upfront about it so if they did not want to do it, they should have picked a different offer.
Well it was in the contract and they signed it - so they kind of have to allow it at this point, or cancel the contract. We were very upfront about it so if they did not want to do it, they should have picked a different offer.
Just a suggestion (since I have done this several times) to prescreen all potential tenants who respond to your advertising. Send them a brief questionnaire or phone them and find out. Once you know tell them you will be back with them to schedule a viewing. Then do all your 2-3 viewing in a 2-hour window, give each a specific appt. This way your sellers will only be distrubed once if possible. Find out from potential renters:
1- do they make the income you require -- put a dollar amount
2- why are they moving and how long lived in present & prior places
3- who will live there & what are the relationships
4- what is the employment history
5-does the credit score meet your requirements
Also: Don't accept a hold deposit until you can verify all they write on their application.
Just a suggestion (since I have done this several times) to prescreen all potential tenants who respond to your advertising. Send them a brief questionnaire or phone them and find out. Once you know tell them you will be back with them to schedule a viewing. Then do all your 2-3 viewing in a 2-hour window, give each a specific appt. This way your sellers will only be distrubed once if possible. Find out from potential renters:
1- do they make the income you require -- put a dollar amount
2- why are they moving and how long lived in present & prior places
3- who will live there & what are the relationships
4- what is the employment history
5-does the credit score meet your requirements
Also: Don't accept a hold deposit until you can verify all they write on their application.
Thank you so much! Yes, I do not want to disrupt the homeowners to much and really don't want to waste our time showing it to people who don't qualify for it in the first place.
Why do you need to show a house that you don't own to prospective renters? I would be very surprised if they actually let you traipse completely random strangers through their home.
And people wonder why real estate contracts fall apart.
It's not that difficult to figure out. It seems that there is a rental unit [perhaps a 2-family house]. The buyer wants to "hit the ground running" and have a renter lined up to begin an income stream as close to closing as possible. Indeed, perhaps that supplemental income is necessary in order to cover carrying expenses. Sure, real estate contracts fall apart all the time, but generally not due to good business practices.
This completely varies by state and the contract! In my state, there's a very short window to cancel the contract. After that, you can only get out of it if the conditions can't be met - terrible home inspection, can't get financing, etc. Changing your mind isn't allowed. You end up paying quite a bit of money if you do and the seller sues you.
Oh yes I know it varies by state . I know when I live in florida she would not have been able to back out 8 days before closing . Here in sc the seller or buyer can back out at the last minute they have right up until they sign the closing papers . I was extremely nervous with this 2nd seller as well since she did not speak a word of English and her agent did all the interpreting .
Well it was in the contract and they signed it - so they kind of have to allow it at this point, or cancel the contract. We were very upfront about it so if they did not want to do it, they should have picked a different offer.
They could easily not be available to show the house at the time you request. They're not living on your schedule. They'll be busy packing, finding a new home, and moving.
Demanding prospective tenants see a house you don't even own yet is a very odd request. You better hope you vet these people really well. They could make all kinds of claims and sue you for damages. Good times!
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