I plead...stupidity.

[reclusf]

What is the name of your state? California

Hi there,

My issue is this: I signed a listing agreement (dated 5/13) with a local realtor, at a sales commission of 5.5%. What I'm realizing is that the house is in a desireable neighborhood, and that I could probably sell it myself. The house is scheduled to list on Tues., but the realtor hasn't done anything yet...pictures, MLS, advertising, etc. I'm wondering just how bound I am to that "listing agreement". I assume, as it's dated 5/13, that I've granted an "irrevocable right" to the realtor to sell the property.

Thing is, I agree with the pricing. I just got wise and realized that I'm basically paying a commission to the realtor to do something I could very well do myself.

Am I stuck?? Crap!

Thanks!!!

kelly

Originally Posted by reclusf

What is the name of your state? California

Hi there,

My issue is this: I signed a listing agreement (dated 5/13) with a local realtor, at a sales commission of 5.5%. What I'm realizing is that the house is in a desireable neighborhood, and that I could probably sell it myself. The house is scheduled to list on Tues., but the realtor hasn't done anything yet...pictures, MLS, advertising, etc. I'm wondering just how bound I am to that "listing agreement". I assume, as it's dated 5/13, that I've granted an "irrevocable right" to the realtor to sell the property.

Thing is, I agree with the pricing. I just got wise and realized that I'm basically paying a commission to the realtor to do something I could very well do myself.

Am I stuck?? Crap!

Thanks!!!

kelly

How many houses have you sold?

Do you have an appraiser picked out?

Where will you advertise?

Which title company do you want to use?

Which surveyor will you use?

How will you qualify people who want to see your house?

Do you work during the day?


Well...you catch my drift....

[reclusf]

Your right...! Great points.

Apparently, ours neighborhood is exploding, and the houses don't stay on the market very long at all. I bought the place last July.

I was just under the impression that the majority of the realtor's job is marketing and sales...two things I doubt I'll need much of, actually. That, and paperwork...but I can get a do it yourself deal for $1,500 as opposed to the $11000 in commission I'll have to spend. I already had a home inspection done (last week), and a termite inspection 10 mos. ago (when I bought it.) Also, I teach so I'm about to have a lot of time off...perfect for taking care of the paperwork that needs done.

I don't know...maybe it's best to go with a realtor, but it seems like it's something I could probably do. Also, the guy is great, but he's like a cagillionair. I'm a school teacher, with not a ton of money and I don't really feel bad about not putting new brakes in his cadillac, ya know? That said, he's a nice guy...even lent me a power washer for the outside

Crap,

kelly

Originally Posted by reclusf

Your right...! Great points.

Apparently, ours neighborhood is exploding, and the houses don't stay on the market very long at all. I bought the place last July.

I was just under the impression that the majority of the realtor's job is marketing and sales...two things I doubt I'll need much of, actually. That, and paperwork...but I can get a do it yourself deal for $1,500 as opposed to the $11000 in commission I'll have to spend. I already had a home inspection done (last week), and a termite inspection 10 mos. ago (when I bought it.) Also, I teach so I'm about to have a lot of time off...perfect for taking care of the paperwork that needs done.

I don't know...maybe it's best to go with a realtor, but it seems like it's something I could probably do. Also, the guy is great, but he's like a cagillionair. I'm a school teacher, with not a ton of money and I don't really feel bad about not putting new brakes in his cadillac, ya know? That said, he's a nice guy...even lent me a power washer for the outside

Crap,

kelly

That, and paperwork...but I can get a do it yourself deal for $1,500 as opposed to the $11000 in commission I'll have to spend.

Yep...just read this forum about all the problems people have when they don't do it right, they do it yourself!


(I am not a real estate agent and I do not play one on television.....)

[leeksskool]

Just chiming in as someone who has been on the buying and seling side. Like seniorjudge I wouldn't recommend the do it yourself approach unless you really know what you're doing (mistakes are costly and not just in financial terms). I have nonetheless been disappointed by realtors (if there are bumps in the road you may find yourself with competing interests with the realtor who is waiting for his commission). I'd say get a really good real estate lawyer and have him/her do the paperwork. Get the lawyer especially to help you write a good contract that will protect you from possible sticky situations in the future (buyer backing out, you backing out, earnest money problems etc. etc., to many to name). The few realtors I worked with liked to say "don't worry," "this is a standard contract" etc. etc., but there is no such thing. WRITE IN CLAUSES THAT WILL PROTECT YOU. This will likely be cheaper than a realtor anyway if you are in a high price area. And don't let the realtors sway you by saying, oh this is what everyone does or you can't do xyz. Not a diss on realtors. My first realtor was awesome, just got burnt by the second one. A lawyer is less likely to have competing interests with you. Good luck.

[reclusf]

Thanks everybody! If anyone has a second, I've got one last question...probably of semantics more than anything else. Is there any difference between the "listing period" and "listing agreement"? I just wonder if there might be a loophole...the fact is, the realtor hasn't done anything, nor has the property been listed. All said, the realtor has probably spent an hour or two outside of our initial CMA meeting. Maybe an hour or two, probably less.

thanks...

[HomeGuru]

Originally Posted by reclusf

Thanks everybody! If anyone has a second, I've got one last question...probably of semantics more than anything else. Is there any difference between the "listing period" and "listing agreement"? I just wonder if there might be a loophole...the fact is, the realtor hasn't done anything, nor has the property been listed. All said, the realtor has probably spent an hour or two outside of our initial CMA meeting. Maybe an hour or two, probably less.

thanks...

**A: what the Realtor has or has not done to date IS NOT relevant.
What is relevant is that fact that you signed the contract period.
You must abide by your contract or face the consequences.