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Jeff Brinker

XYZ Brokerage

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Can we break a RE listing contract signed yesterday?

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ruggster

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We signed a listing contract with a broker yesterday but are now having second thoughts about signing with this particular broker for a couple of reasons.  We had discussed using an 8% commission on the land but the contract says 10.  We also asked for an exclusion to a specific potential buyer but the realtor said that was not allowed.  Is it possible to cancel that contract?  Do I have 3 days as I have heard rumored?  Thanks.
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August 19 - Auburn
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Frederick Griffin, "Fred Griffin"

Real Estate Agent
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Labor and Expense:

     Taking multiple digital photos, shooting video, setting up text messaging, entering a property into MLS, uploading  to dozens of websites including Trulia, Zillow, Realtor dot com, Cyberhomes, YouTube, and Yahoo Real Estate, takes several hours, and maybe a few hundred dollars to pay photographers and techies.

     Those marketing strategies will reach far more Buyers than postcards, brochures, info box flyers and newspaper ads.

Unless a Broker is running expensive ads in Sotheby's and DuPont Registry, installing very large signs on raw land, or hosting Wine and Cheese Open Houses with Original Art, it does not take that much labor nor cost that much money to effectively market real estate in the Information Age.



Best wishes,
   Fred
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August 24
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ruggster

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Thanks for all the good advice.  We called the realtor and explained that we had originally discussed 8% and she said that she didn't have a problem honoring that.  We also asked about the exclusion and she explained that they have to put out labor to sell a home and that if we bring a buyer and cut her out completely she would have done all that work for nothing.  We settled on a lower percentage for that specific buyer and set a time limit so that it doesn't look like we're just waiting to get another offer to set a market value.  In fact, we have already offered the property to the potential buyer at a specific price for both lots(we're subdividing a property).  If he buys them both he gets the discounted price.  Anyway, thanks again for the advice.
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August 24
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DEBORAH CONTI, "ListingSpecialist"

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Call the Broker or "Manager" of the agent of the company and tell them you changed your mind.  Plain and simple.  If they don't release you, call a lawyer!  Good luck.
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August 24
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rockinblu

Glen Carbon, IL

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ruggster,

I have a serious problem with the commission discrepancy as well as the agent lying about the exclusion issue. The truth of the matter is that listings with exclusions are often skipped by agents when showing properties, and for good reason. There have been situations where sellers have been known to have a buyer, and that to agree on a price, the seller puts the property on the open market to see what offers  come in. After the agents do all the work, the seller pulls the rug out from under them, and sells to their buyer at the offered price from the agent's client. Just thought you should know about that when asking for an exclusion.
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August 20
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Roberto Ribas, "azrob"

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an exclusion to a specific buyer certainly is allowed, and all commissions are negotiable. If the broker truly told you this, he/she was not honest. Call the designated broker of the office, and state your case. (no there is no general 3 day right or rescission, though state laws may vary)
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August 19
 

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