Quick question - I am going to be selling a house. I interviewed a few realtors and have not chosen one yet. However, one of the realtors I interviewed has a friend that is interested in the property and wants to see it tomorrow, knowing it is not really cleaned up and ready to show. Certainly I would be thrilled if it sold that easily by word of mouth and I didn't have to do cleanup, staging, etc. The realtor is asking me to enter into a "single-party compensation agreement" which says that if that specific buyer purchases the property, I agree to pay her a commission. I am willing to pay the commission since she is bringing the buyer, and it is reasonable. The realtor would be representing both parties (buyer and seller) but will accept a lower than usual commission since there has been no marketing or listing of the property yet at all. Are there any pitfalls to doing this? The date range of the single party agreement is from now until October 1 2019. I read the agreement and it looks fine to me, but I want to see if any voices of experience know any reason not to enter into the agreement - for example, is there any way that would interfere in any possible later sale with a DIFFERENT buyer (assuming the guy listed in the single user agreement doesn't make an acceptable offer), etc.
If the agents client is hot to trot, 30-45 day agreement would seem to be an adequate timeframe in which to close the deal.... Would not sign anything with a date that far out into October.....given that the buying/selling season is fast approaching....
Yep, that is part of what caught my attention; although I can see how the agent would want to be protected for 6 months from me going around her and selling direct to the buyer she brought. As far as I can tell this agreement doesn't have anything to do with anything EXCEPT to say that I agree that IF that particular buyer buys the house, I'll pay the agent a commission. I can't see that it restricts me in any other way... but that is exactly why I am checking with y'all, in case there is something else I need to know about it.
It's a scam... Old realtor trick.. claim they have a buyer to get you to sign. Go ahead and sign an agreement for only that named buyer. If they are legit great. If the unicorn buyer doesn't buy kick that lying POS to the curb
Give them 30 days for the specific buyer, assuming they actually have one and can name them. Split commission for anyone else. When we sold our house, a friend was interested and we signed a listing agreement excluding the friend from a commission if they bought the house. They didn't.
What's the commish? If you have a good property and in a good market, I'd say fizbo that thing. Give it two weeks, hell it could make you 10k+. I've sold 4 houses so far and haven't had to hire anyone yet. On one house, I had ONE couple look at it over a 3 week period. I was worried. They bought it, paid full price and paid their realtor. You only need ONE. YMMV.
I would do it for as long as you had been prepared to find an agent and get the joint ready but no longer than that.
I would amend the contract to say that you’ll have a signed sales ageement within 15 days and closing within 90 days with a non-refundable deposit. Also make sure there are limited contingencies. That will tell you if they’re for real or not. You can always add time if things are dragging a bit. I would also ask to make sure that they’re pre-qualified. If you talk with other agents, they may be hesitant to commit since they’ll be investing time and money in marketing for something that might already be sold.
Thanks to all, for the advice. Signed the agreement for that buyer only (agreed to pay a low commission % since the realtor brought the buyer, but didn't do any marketing, etc.), he came out and looked, gave us an offer, we are still negotiating but definitely a legit potential buyer.
We were looking in Charlotte for my daughter. A long time on the market was defined as a couple weeks in some areas.
