Selling by owner, realtor wants to help with an open house

[Helpp1z]

I agreed to pay 2.5% if she finds me a buyer. She wants me to sign a document stating that I will pay 2.5% if her company brings a qualified buyer.
I concerned because it doesn’t say that I have to pay only if it results in a sale. No details all together. What if that qualified buyer doesn’t want to buy or tries to low the price?
Should that document say a little bit more?

 

[adjusterjack]

A standard listing contract says a lot of things, all of which are in favor of the realtor.

You need to read the damned thing carefully and thoroughly and understand the consequences of every word.

Otherwise, refuse to sign it and send the realtor packing.

Or, to simplify matters, what I would do just write the realtor a letter saying "I will pay you X% at close of escrow if you bring a buyer who actually buys the property at a price acceptable to me. Meantime, I will continue to market the property on my own and if I find my own buyer you get nothing. This agreement expires in ___ days."

That's not legal advice, it's just what I would do.

Don't let realtors lead you around by the nose.

 

[Helpp1z]

A standard listing contract says a lot of things, all of which are in favor of the realtor.

You need to read the damned thing carefully and thoroughly and understand the consequences of every word.

Otherwise, refuse to sign it and send the realtor packing.

Or, to simplify matters, what I would do just write the realtor a letter saying "I will pay you X% at close of escrow if you bring a buyer who actually buys the property at a price acceptable to me. Meantime, I will continue to market the property on my own and if I find my own buyer you get nothing. This agreement expires in ___ days."

That's not legal advice, it's just what I would do.

Don't let realtors lead you around by the nose.

Awesome. Thank you.

 

[Mass_Shyster]

"What if that qualified buyer doesn’t want to buy or tries to low the price? "

That's not a "buyer", that's a prospect.

 

[LdiJ]

"What if that qualified buyer doesn’t want to buy or tries to low the price? "

That's not a "buyer", that's a prospect.

The word "qualified" is still problematic. Perhaps, qualified buyer and the sale closes, would be more appropriate.

 

[justalayman]

The word "qualified" is still problematic. Perhaps, qualified buyer and the sale closes, would be more appropriate.

A qualified buyer is one who is ready willing and able to purchase the property. Those precise terms should be within the contract.


The agent shouldn’t be penalized if the agent does their job and the seller backs out. That is why the contracts are written as they are. They inherently protect the seller from an agent demanding payment unless the house closes unless it is the actions of the seller that kills the sale.

 

[LdiJ]

A qualified buyer is one who is ready willing and able to purchase the property. Those precise terms should be within the contract.


The agent shouldn’t be penalized if the agent does their job and the seller backs out. That is why the contracts are written as they are. They inherently protect the seller from an agent demanding payment unless the house closes unless it is the actions of the seller that kills the sale.

But this is not a standard situation. This is a for sale by owner situation that the owner wants to continue to be a sale by owner situation. This agent is trying to back door his/her way into being the sellers agent. Frankly I wouldn't sign any contract at all.

 

[justalayman]

But this is not a standard situation. This is a for sale by owner situation that the owner wants to continue to be a sale by owner situation. This agent is trying to back door his/her way into being the sellers agent. Frankly I wouldn't sign any contract at all.

It is and it isn’t. This is not unusual in any case.

There isn’t really anything improper about the situation.

What the op needs to be concerned with in the contract is making sure it clearly addresses buyers the seller brings to the table. In most contracts any sale results in the agent getting paid. In this situation if the op wishes to continue the FSBO attempts it needs to be clear that the agent is due their commission only if they brought the buyer to the table. Other sales would not result in the agent receiving a commission.

Op also needs to know what obligations regarding closing are if agent brings a buyer to the table.

Op needs to understand that if agent doesn’t bring the buyer, they are under no obligation to do what an agent typically does regarding closing. Seller would be on their own and it’s not likely agent would provide any advice since they wouldn’t be getting paid for it



It would be easier if seller would either go all in or stay out but he asked about the situation he asked about.

 

[PayrollHRGuy]

I agreed to pay 2.5% if she finds me a buyer. She wants me to sign a document stating that I will pay 2.5% if her company brings a qualified buyer.
I concerned because it doesn’t say that I have to pay only if it results in a sale. No details all together. What if that qualified buyer doesn’t want to buy or tries to low the price?
Should that document say a little bit more?

What state are you in and is she a licensed real estate agent or broker?

 

[Helpp1z]

A qualified buyer is one who is ready willing and able to purchase the property. Those precise terms should be within the contract.


The agent shouldn’t be penalized if the agent does their job and the seller backs out. That is why the contracts are written as they are. They inherently protect the seller from an agent demanding payment unless the house closes unless it is the actions of the seller that kills the sale.

Well... Initially the agent approached to me offering to hold an open house.
She refused to accept my version of an agreement, but added “paid at the closing”.
She insisted me to sign the agreement electronically before she shows up.
The morning of the open house she conveniently sprained her ankle.
She sure is protected.

 

[quincy]

What is the name of your state?

You already signed an agreement to pay the agent a commission?

 

[Helpp1z]

Yes, I signed electronically to pay her company 2.5% at the closing if she brings a prequalified buyer. I’m in Virginia.

 

[PayrollHRGuy]

Let me try again.

What state are you in and is she a licensed real estate agent or broker?

 

[quincy]

Yes, I signed electronically to pay her company 2.5% at the closing if she brings a prequalified buyer. I’m in Virginia.

If the agreement you made with the realtor was to pay a commission at closing if the realtor was the one who found the buyer for your home, there should not be a problem. The realtor has earned the 2.5% by finding a buyer for your home.

 

[Helpp1z]

Hmmmm... I will text her and ask. Is there another way to look it up?