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Everything is negotiable between a seller and the real estate agent who wants their listing, including contract wording.
The first thing to realize is that the listing agreement is written mainly for the real estate agent.
It may have been formulated by their local MLS but it is broadly written to make sure the realtor gets their commission.
We have crossed out certain paragraphs and sentences on a listing agreement that did not suit us as the seller if the listing agent was not doing a good job. One of those we changed was giving the listing agent 6 months to a year for the listing and being entitled to a commission even if they were not doing a good job (in our opinion). We have had brokers offer us "cancel at any time" clauses and we have done 3 months with a re-up term in the contract. I personally think 3 to 4 months should be standard, 6 months is too long for a lazy agent and too long for a great agent. It should get sold in 4 months if they are doing their job, pricing it correctly and communicating well with other agents and the owner.
Who gets deposits if buyer defaults? Again completely negotiable before signing contract if the brokers office allows changes. I've read contracts that said the listing agent gets 100% of deposits in case of buyer default and other contracts where it is 50/50 owner/listing agent. We recently purchased in Charlotte NC and paid a good faith deposit given directly to owner at time of signing contract to buy. If buyer defaults owner keeps it all.
Will every real estate broker allow changes to their contract? No. One agent that could not make changes did not get our listing last year. The broker that did allow a change (# days listing lasted unless renewed) got the listing, they did a great job. I have known agents that did absolutely nothing to promote a home sale until their listing was near expiring. Why give them 6 months of doing nothing.
The more expensive your property is for your area the more negotiating power you have. But we have sold very inexpensive properties with changes to the listing agreement, it just depends on which agent you are dealing with.
Here's the truth: a listing agent makes their money when they get your signature on the listing agreement. You have the right to negotiate any of the terms they present you with. They have the right to say no to your terms. 99% of sellers barely read the listing agreement. We have read every contract we've ever signed and if we didn't understand something we didn't sign it until we understood it.
I know there are a lot of really good professionals here. I'm also well-aware that this sub-forum is full of useful info and and I'm reading thru it - thank you all who already contributed!
Right now, I feel I found an agent to sell my house. Still have doubts after reading a contract draft, though.
Can you please help me?
My questions:
1) The agent didn't bring up the issues of selling a house with a woodstove that is possibly non-compliant with current solid fuel burning regulations. Is it a very bad sign about this agent?
2) Our shingle roof is in a great condition (crazy, record-setting recent rainfall has proven it strong, no leaks), but it's about 30 years old. The agent said it's up to the inspection, to make a conclusion about it. Is it a normal approach?
3) Is it OK to have both Seller and Neutral representation?
4) Is in normal when a broker retains 1/2 of earnest money, if seller walks away?
5) In the MLS authorization for property showing, the "4", "Listing licensee to accompany any licensees when showing the property" is left blank - it means, my agent isn't going to actively participate in all showings. Is it normal? For what I'm paying 6% if he is not even going to do the selling? I need him to hard sell my home, otherwise I can list it on MLS myself and brag about my house every day.
6) There is this 180 days period after a six months contract when I will be obligated to pay 6% if the house is sold to a person with whom negotiated in writing during the contract time. It binds me, basically, for a year.
If I'm not satisfied with the realtor, I'm, possibly, losing my next sales season - May to September 2020 (yes, we hibernate from November till April).
Is it possible to include "unless the same buyer is brought in by a new seller's agent"?
Is it possible to specify what "negotiated in writing" should mean, to make sure only offers within certain $$ range are counted? Otherwise, any email from anyone, asking to sell the house 25% under listed price will be considered "negotiation in writing."
And, in general -
What to watch for in the contract, what kinds of strange clauses can be included that will be harmful for me?
What to be on high alert for - not only about contract, but generally?
And, maybe, somebody remembers some good threads here and can point me to them?
Thanks!
Definitely do NOT be pushed into a 6% commission- many agents will do the deal for much less these days.
The 6% commission is going bye-bye and the new normal rate is 4-5% at the most. Or use a flat-fee broker.
Not at all. I’m just stating that I’ve not seen or heard of many offering discounts. I have seen some that are higher than average actually. And I’ve also seen a decent amount of flat fee listings.
I think you misspelled “environmentally conscious”.
Or, you simply don’t care about the air you and your offspring breathe.
I don't want to be told by our corrupted government, that put our local stove seller/installer on a panel that pushed the law thru, what to do with my house that I bought with the existing wood stove.
I don't want to pay for solving problems that others caused.
I don't want to be punished for problems I didn't cause. I don't burn junk as others do, I do use my stove for comfort only, my home is heated with oil.
I don't want advice on life principles, I need to sell my house, and we here are in a real estate sub-forum.
Basically, what 'm saying, thank you, please FO.
I don't want to be told by our corrupted government, that put our local stove seller/installer on a panel that pushed the law thru, what to do with my house that I bought with the existing wood stove.
I don't want to pay for solving problems that others caused.
I don't want to be punished for problems I didn't cause. I don't burn junk as others do, I do use my stove for comfort only, my home is heated with oil.
I don't want advice on life principles, I need to sell my house, and we here are in a real estate sub-forum.
Basically, what 'm saying, thank you, please FO.
So. Sell your house. And remember to vote for people that don't accept stupid stuff like this.
Should be amazingly easy (almost less time and energy that you put into your wonky claims and this post) to just remove it and cap it.
You want to sell the home, make it easy. Or just FO yourself.
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