OfflineQuestion!! And mbehrens did get your answer, but still wonder how this works.
Home owner has him listed on a website were he pays $400 to list his property on the MLS.
I have an assignment contract with him.
The party that owns the website called him and said this agent has someone interested and wants to see the place.
If the agent has a buyer, and I told the owner not to worry, I would back off the contract because he needs desperately to sell his home.
But how does this work with a new agent showing the place. If they bring someone in and the home is listed under this website for FSBOs, I don't have a problem walking away, but the owner wants to know if the new agent will make him sign something of a contract.
He doesn't want me to walk away with nothing, but is nervous about how this works.
Sandi
I have an assignment, new agent has buyer
Posted on: Sun, 01/30/2011 - 20:41
I have an assignment, new agent has buyer
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- by sandiboots
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Sandi You should not back off, because the home owner is paying for a service that person is not working as an agent on commission. The other agent that is responding should be dealing with you,unless your contract is a nonexclusive one.
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
I put it under assignment but he still has it advertised FSBO too. They are given the MLS.
So the person that owns the website called Dave that an outside agent had a possible buyer. That means they have to go through me, even though this was through his own ad?
Sandi
the seller should tell the agent that they already have a buyer in place (you). Now, if the buyer is that interested in the house then they could pay you the assignment fee and you would probably have to split it with the agent who brought you the buyer. At least that would be the fair thing to do since you didn't find the buyer. It's really a win win situation. You are helping the seller, the agent and the buyer and you didnt' have to go searching for the buyer. Let's us know how turns out.
We have used that kind of service in the past. Basically a RE broker will list your house for a "flat fee", can be $ 250 to $ 500. For this you get listed on the local MLS and certain websites like realtor.com.
Now that it is on the MLS, any other RE agent can bring in a buyer & they
will receive 3% commission(or whatever amount you choose); you as the homeowner can sell the property & pay no commission if you find your own buyer, such as yourself. But remember, the seller has a listing agreement contract, so any 3rd party RE agent will get the 3% commission if they bring in a buyer.
Now if the seller signs a contract with you, he must let his listing broker
know within a specific amount of time (depending upon the state) so the property can be pulled from the MLS, or the listing broker can get fined.
I would have the MLS listing updated to list your contact info if you have a non exclusive option or a purchase agreement signed! You have control of the property and the offer should go to you you at this point. You make your money by accepting the offer that you like and assigning the contract to the buyer.
Be careful though..if the buyer is using a bank to buy...a lot of banks will not pay an assignment fee and the deal will crash at the closing table if you dont know about this ahead of time. .....You dont need your assignment fee paid at the closing.....you can have them buy the option from you with other ways of financing that the buyer has access to.
Thanks,
Bernard
SKY Real Estate Services, Inc.
"Money Doesn't Grow On Trees, But It Does Fall From The SKY!"
I appreciate all these answers, I will talk with Dave about this tonight.
And see what he would like to do.
Because he had it listed with that website for so long, I didn't think much of changing the contact info and didn't realize till last night that they do more than offer the listing.
This helps in the future if another owner has that kind of listing.
Have a great day
Sandi