Q:I have a selling agent, but a friend?s relative is interested in my home. If I find my own buyer, am I obligated to my agent? Will he/she receive the entire commission, or just half? Or would I just use him/her to write the closing papers for a set fee?
?Kathleen, Kansas City, MO
A: You would have to check your listing agreement. If you signed an exclusive market agreement, they would be entitled to the commission. The best way to find out, is speak with your agent about it!
Matt Laricy is a Realtor? with Americorp Real Estate in Chicago, IL.
A: Dear KC, MO.
If by a ?selling agent? you mean to say that you have listed your home with a Realtor, having signed a contract to do so, and now have a friend?s relative who may be interested in buying it, yes, you do have an obligation to pay commissions. The listing likely did not exclude relatives of friends, and your Realtor will make sure all the documentation and closing process is done in his/her working on your behalf. This does not preclude you from asking if your Realtor could provide some consideration due to the time it is on the market and the fact that there is not another broker involved.
JoyceM
Joyce Mitchell is a Realtor? with Mitchell & Associates Real Estate in Bigfork, MT.
A: If you have already signed the listing agreement, the listing broker will most likely be entitled to the entire commission. Read your listing agreement to be certain. If you have not yet signed a listing agreement, you should ask your friend?s relative to present you with an offer before you list your home. If that transaction fails, you can then list your home with an agent without muddying the waters.
Phil Lunnon is a Realtor? with Lunnon Realty in Lakewood, CO.
A: Terms should be outlined in your listing contract. Unless it is stated that if you sell it yourself you don?t pay a commission, then you do.
Beverly Houlier is a Realtor? with Hilltop Chateau Realty in San Diego, CA.
A: You need the services of your Realtor more than ever.
Aside from the fact your existing Realtor has spend hours of her time and money trying to sell your home (she deserves to be paid for her efforts regardless of where the buyer comes from)
When dealing with friends,family, friends of family ? it is extremely important to have a third, knowledgable, impartial professional handling the paperwork and making sure everything involved with the transaction is done properly and on time. It is much easier for your Realtor to deal with the little ?bumps? and questions that come with every sale.
Lynn Walters is a Realtor? with Coldwell Banker Honig-Bell in Morris, IL.
A: It all depends on your listing agreement with the agent/brokerage. Even if you do find a buyer and that wasn?t discussed before signing agreement, that agent may be entitled to the whole commission. Talk to the agent and discuss the options, sometimes it is out of their control, especially if they work for a brokerage, but a credit to seller written on the purchase contract, as long as it is disclosed to all parties involved, may be a possibility.
Ines Hegedus-Garcia is a Realtor? with Majestic Properties Design District, LLC in Miami, FL.
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