Profile picture for rockinblu

Buyer Exclusion

If I have a prospective buyer that was self generated, will most agents allow that buyer to be excluded from a listing agreement. He is extremely possible to be ready next spring.
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October 17 2007 - US
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It is possible. I actually did a listing agreement like that.
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October 17 2007
Profile picture for rockinblu
Thanks Marci. I am getting the itch to list again. It's like a drug, I kind of got addicted.
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October 17 2007
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I could lend you my house Rockin if ya sooo itchin!!! Please!! I heard my home can be very addicting!! ;o)
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October 17 2007
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Lori
I would want to keep it. Great house! Great pool! WOW!!
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October 17 2007
Profile picture for lori645
Thanks, want to buy it? ;) Wish everyone felt like you!! I'd be gone by now!!
But, anyway if ya get bored and ya feel like selling 2 homes let me know!! lol
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October 17 2007
Profile picture for Alan May
Many agents/agencies will give you a short exclusion period...

I will only allow 3 days... Once you hire agent/agency, we start spending money on your listing... and we hit the ground running...

Not very fair, that after 2-3 months of running ads, internet, open houses, virtual tours, brochures... etc... that you pop up and say... "oh, that neighbor I told you about... he's going to buy it now... thanks for your time"... and poof, we get nothing.

If you really think you have a buyer... produce him... if he needs a week or two... then let's wait before we list you, and I get to spend a bunch of money on your listing... we'll go forward once we've determined that he is or is not a buyer.
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October 17 2007
You could also write into the contract that if the buyer does appear, you will reimburse your agent for all monies spent.
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October 17 2007
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Elv!s
Point well taken. I was wondering about that. I guess it means that if they do exclude for an indefinite time, I might not get an all out marketing campaign. The buyers needs until next spring. I really would like for them to have the house as they have ties to the subdivision (her mother lives here and she grew up here). However if we could move sooner, it would be nice, and who knows whether they can come up with the financing or not.
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October 17 2007
Profile picture for Alan May
.. either that, or they might agree to accept the exclusion, but charge you for any marketing done up to that point (which honestly could open you up to paying potentially MORE than the agreed, commission... so I would never, as the seller, agree to some unknown figure)
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October 17 2007
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Carrie R
That might be an eye opener. Way too scarey, even for Halloween.
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October 17 2007
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ELV!S
I agree.
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October 17 2007
Profile picture for Alan May
another caveat to an exclusion...

according to our MLS rules, if we have an exclusion, we have to note it in the MLS (meaning that every agent who's considering showing your property is notified that there is an exclusion...) which to me as a buyer's agent means... once I bring my client to your home... they decide to buy it, we make an offer for $450,000... and now we've set the bar for your neighbor....
... you go to your neighbor and say "i have an offer for $450,000 that we're ready to accept... " he says "fine, I'll give you $455,000"... you are allowed to accept that offer, and kick mine to the curb.

now you have two pissed-off agents and agencies (as well as a pissed off buyer, who will likely NOW fire his agent)

so under that scenario... I, as a buyer's agent, will likely not want to show your house until that exclusion is removed.
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October 17 2007
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ELV!S
I didn't think about that. Honestly, I could see that scenario materializing. My potential buyers wanted me to keep them up to date on any offers.
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October 17 2007
Exactly Elvis - you bring up very VALID points. ;)
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October 17 2007
Profile picture for rockinblu
Would any agreement regarding a discount on commission by the listing side for this particular buyer have the same possible results as for as the mls info and buyer's agents attitude?
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October 17 2007
Profile picture for robin398
If you know you can produce a ready, willing and able buyer before you sign a listing contract then you can request that the agency exclude him from the listing contract. If that buyer makes an accepted offer then you don't pay a commission despite what kind of listing agreement you signed. The broker does not have to agree to exclude the buyer from listing agreement term but they can allow a short exclusion to let him make up his mind.
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October 17 2007
rock, if you made an agreement with the listing agent to reduce his commission if that potential buyer buys it, it would have no effect on the MLS, because the listing agent would be doing both sides.

(I hope that made sense, because my brain hurts right now.) ;)
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October 17 2007
If the sellers agent will take a discounted commission- for procuring a buyer himself, then its called a variable rate commission and must be disclosed to other agents and buyers via the mls. It lets them know the playing field may not be level if they are competing against the sellers agent.
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October 17 2007
Oh right, Brian, good point.
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October 17 2007
(I told you my brain hurt) Perhaps I'll take a nap before answering any more questions. LOL
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October 17 2007
Profile picture for Alan May
I concur with the VALIDITY of Brian and pained-brain Marci's opinions

the variable rate commission, is a line in the MLS that's just as off-putting to buyer's agents, as the exclusion.
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October 17 2007
It doesn't bother me when I see that. I figure if I have a buyer and put in an offer for purchase in writing and it is accepted, thereby making it a valid contract, I will get my commission. If the seller's agent gets a buyer first, power to him/her.
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October 17 2007
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Marci
Sounds like you are a good competitor, but I sort of feel like I am being backed into an fsbo corner. ELV!S and Brian kind of took off the gloves and hit me with a combo.
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October 17 2007
But what if your people don't buy in the spring? An agent might bring you an offer tomorrow.

Ok, I know, get off the floor from laughing.
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October 17 2007
I dont pay much attention to variable rate commissions. I figure all homes have them, just some are disclosed.
I do avoid homes with exclusions, for the reasons given. You know that is the house the buyer will love, and cant have.
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October 17 2007
Why does the buyer need till spring? If its credit issues, list and move on. If its a lease- that can be overcome. Why the wait?
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October 17 2007
Profile picture for Alan May
the variable commission (and granted, Brians right... often not disclosed) means that the listing agent's client's will have an edge, 'cause they'll knock 1/2% or a full 1% off, in order to dual agent the listing... and all they're waiting for is that offer to set the high-water mark.
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October 17 2007
Profile picture for rockinblu
I could list for 90 days with a very short after listing commission arrangement, if I could find a good agent to agree. There is another thing, I have an agent with a prospective buyer as well (this is not a situation like Pink's). This buyer was going to make an offer while I was listed, but got very discouraged when the deal on his house fell apart. This is a transfer situation from upper NY state and he is doing an fsbo. I really can't see much happening up there this time of year. His poor wife trying to show, and be ready to move, and holidays coming. However,should I give this agent top priority in choosing a new listing agent?
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October 17 2007
Profile picture for Alan May
if you have an agent with a prospective buyer... why not sign him up now... (while you're not listed)... and accept a contingency from him.... (short window... 30-45 days to get under contract??)

It doesn't cost you any days on market, since you're NOT on market...
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October 17 2007
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Marci
I got a soft heart. The mom loved the house, the couple loved the house, the young lady grew up in the subdivision, and always thought she would like to have it.

Brian
It is finances and a lease situation as well.
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October 17 2007
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