 status change (by 6x6 [TN]) Jan 7, 2021 1:10 PM
 status change (by Ken [NY]) Jan 7, 2021 3:53 PM
status change (by razorback_tim [AR]) Jan 7, 2021 4:00 PM
status change (by 6x6 [TN]) Jan 7, 2021 4:55 PM
status change (by Hoosier [IN]) Jan 7, 2021 7:18 PM
status change (by Nicole [PA]) Jan 7, 2021 8:19 PM
status change (by 6x6 [TN]) Jan 7, 2021 8:36 PM
status change (by plenty [MO]) Jan 7, 2021 8:37 PM
status change (by 6x6 [TN]) Jan 7, 2021 8:49 PM
status change (by plenty [MO]) Jan 7, 2021 10:32 PM
status change (by Robin [WI]) Jan 7, 2021 11:27 PM
status change (by 6x6 [TN]) Jan 8, 2021 9:16 AM
status change (by Ray-N-Pa [PA]) Jan 8, 2021 11:42 AM
status change (by Nicole [PA]) Jan 8, 2021 12:00 PM
status change (by plenty [MO]) Jan 8, 2021 5:15 PM
status change (by plenty [MO]) Jan 8, 2021 5:34 PM
status change (by 6x6 [TN]) Jan 8, 2021 6:16 PM
status change (by Dee Ann [WI]) Jan 8, 2021 6:39 PM
status change (by 6x6 [TN]) Jan 8, 2021 6:52 PM
status change (by Cat [WI]) Jan 8, 2021 10:49 PM
status change (by 6x6 [TN]) Jan 9, 2021 8:23 AM
status change (by 6x6 [TN]) Posted on: Jan 7, 2021 1:10 PM
Message:
Has anyone ever had an agent do a change of status when selling a property. If so what were the pros and cons?
I am selling a property and the buyer has no representation. My agent(friend) is going to do a change of status to be a facilitator of both parties. We already have a not signed agreement on a price. I am a little hesitant as I have hired her to represent me as to protect my interest. She is a long time friend that I do not wish to loose. I am trying to decide if I should move forward. This would mean that she is not an agent for either party.
Just wondering what the pros and cons are?
Thank you for your time and wisdom. --73.120.xx.xxx |
status change (by Ken [NY]) Posted on: Jan 7, 2021 3:53 PM
Message:
Any agent who signs a contract to sell a house for me represents me and me alone,if the buyer uses my agent that is fine but the agent represents me,if they say no then they wont get the listing,if i am paying the commission then they do what is in my best interest. --72.231.xxx.xxx |
status change (by razorback_tim [AR]) Posted on: Jan 7, 2021 4:00 PM
Message:
If you do it, ask for a discount on the commission since your agent is getting both sides. --98.174.xxx.xxx |
status change (by 6x6 [TN]) Posted on: Jan 7, 2021 4:55 PM
Message:
I am getting a discount at 3% which is great but it leaves me with no agent representation. My wife and I talked it over and decided that it should be fine as that should mean that if this doesn't go through then we shouldn't have any obligation to her anymore as she has dropped her obligation to us from what we understand because it says in the paperwork that as a facilitator that she is no longer our agent and does not represent either side.
I think by accident she did us a disservice as she is new to the game as are we.
I was just now looking over the sells contract and thought of a problem that I believe we now have. My wife and I would have no representation sitting with us at closing to make sure all of the numbers are correct.
Am I thinking correctly? --73.120.xx.xxx |
status change (by Hoosier [IN]) Posted on: Jan 7, 2021 7:18 PM
Message:
But I thought you said she wanted to represent both sides. If that's true, then she WILL be looking over the numbers at closing for you.
You are right to be wary of an agent that wants to represent both sides. While it is common around here to do that, I don't trust that situation and would want my own agent. Ask the title company how they would handle it, they are a good resource. --99.92.xxx.xxx |
status change (by Nicole [PA]) Posted on: Jan 7, 2021 8:19 PM
Message:
After the contract is signed, the agent really shouldn't have anything to do other than a final walk through. So if you agree with the deal, I don't see the problem.
Above stated she will be looking over the numbers at closing for you. Why? That's what your lawyer does. Represents you at closing. A realtor lists and sells the property. --72.70.xxx.xxx |
status change (by 6x6 [TN]) Posted on: Jan 7, 2021 8:36 PM
Message:
Thank you everyone for the help.
She will be there at closing and apparently our original agreement remains in effect accept for this buyer situation she will be the facilitator for both. I will not do this again. --73.120.xx.xxx |
status change (by plenty [MO]) Posted on: Jan 7, 2021 8:37 PM
Message:
So you have an offer but the agent wants to change their status so she is not representing you or the buyer but just overseeing the transaction and is reducing their commission in doing so... interesting. Why would they think that was a good idea for them? take less commission? ANyways an agent is for marketing and advertising and gets paid to bring the buyer and seller together at the closing table. In my state a title company really does all the numbers and handling of monies. So if she is willing to do that then GOOD FOR YOU!!! You'll pay less in closing cost!! And if you decide not to sell it may be that you are DONE WITH her. Put a sign in the yard FOR SALE by owner and have the title company handle the rest, I have used a one page contract for the buyer to take to their bank to start the process. Anyways, this is interesting. Anyone else ever had this happen? Any pit falls by signing... does this end the first contract you signed with the agent? So you can move on if this buyer falls thru the cracks? Does sound like you have a signed offer yet ?? Verbal? --172.58.xx.xxx |
status change (by 6x6 [TN]) Posted on: Jan 7, 2021 8:49 PM
Message:
Hi plenty,
She reduced the commission because she will not have to split it with another realtor.
Thank you for the added tips.
My understanding now is that the first contract is still in effect except for the agency status for this buyer/seller transaction.
I am still reading and thinking but she gave a expiration time 10 tonight. I only received the contract after 3pm. She didn't give enough time. I am a slow reader and my first sale. --73.120.xx.xxx |
status change (by plenty [MO]) Posted on: Jan 7, 2021 10:32 PM
Message:
Not sure what you did, sign or expire offer. But if you need more time then ask for extension, don't rush. --172.58.xx.xxx |
status change (by Robin [WI]) Posted on: Jan 7, 2021 11:27 PM
Message:
My attitude any time I feel rushed into anything is to automatically say "no."
A seller's agent should act as an advocate for the seller. A buyer's agent acts in the interest of the buyer.
One agent can't do both without a conflict of interest. This is called "dual agency," and although realtors claim that they can be unbiased, they're human. Anything you tell her in confidence could make its way to the buyer.
I see a couple of mistakes here.
--you hired a friend. My dad once told me that he never does business with friends or family. He's a wise man.
--she's an inexperienced friend.
--you're an inexperienced seller.
--she didn't give you enough time to review and research the document. That pressure tells me she's not on your side anyway.
Normally in a case like this, your agent would ask someone else from their agency to represent the buyer. It may be too late for this advice, but I'd just tell her no, the buyer needs to find someone else to represent them. Do they really even NEED representation? They make an offer, you accept, and the title company handles the rest.
Let us know how this ends up! --74.132.xx.x |
status change (by 6x6 [TN]) Posted on: Jan 8, 2021 9:16 AM
Message:
Thank you Robin for the response.
I have certainly made some mistakes here. Will be an education for me.
Yes, hiring a friend is not a good idea for this situation.
Hiring an inexperienced person in this situation is also not a good idea.
I guess I was looking for a beating as I combined the two. Come on brain.
I believe the reason that she rushed the time on the document is because the buyer had a perk test lined up for Monday. I don't know how they got that done so quick.
The agency status went to facilitator but I believe she acted more as a double agent. I also believe there is a very fine line between the two.
In the end my wife and I decided to sign and sell the property as it has been a problem of sorts and my favorite uncle who lived up there died. I bought the property with the wrong intentions and need to let it go and move forward. My intentions are to reinvest the money. Hopefully more wisely this time.
If this deal falls through then I have a new plan A and B to resolve some of these problems we have had with this sale.
Thank you all so much for your help and time. --73.120.xx.xxx |
status change (by Ray-N-Pa [PA]) Posted on: Jan 8, 2021 11:42 AM
Message:
Taking a discount on doing both sides can happen......maybe from 6% down to 4-4.5%. If they are willing to go down to 3%.....basically do twice the work for only half the pay - I would be scratching my head on that.
When a realtor represents both sides - who is paying the commission? It comes out of the sellers proceeds. So they will be basis towards you in a dual representation manner. I don't know if I would like that though if I told the realtor what my lowest and best offer would be - to have them represent a buyer of the property. So if you disclosed info like what you will take or will not take for the place - you are setting yourself up for a stumble. --24.101.xxx.xx |
status change (by Nicole [PA]) Posted on: Jan 8, 2021 12:00 PM
Message:
She only goes to closing to pick up her check and hold your hand if she's convinced you that you need hand holding. She reviews the settlement sheet to be certain her fee is correct and her agency fee is on there.... truly, she has ZERO other business there.
Hire your own lawyer, not the one she pushes you to. Your lawyer will prepare the deed (might be area specific), review the final CD/Settlement sheet and review with you two or three affidavits. You pay for the peace of mind. Should anything legal pop up at closing (and it really shouldn't), you've got your lawyer with you. --72.70.xxx.xxx |
status change (by plenty [MO]) Posted on: Jan 8, 2021 5:15 PM
Message:
Is this the same property that the other buyer did a perk test on? Was that test good? Seems agent would have offered him the results...how interesting! Will you be on sight Monday for perk testing? --172.58.xx.xxx |
status change (by plenty [MO]) Posted on: Jan 8, 2021 5:34 PM
Message:
Is this the same property that the other buyer did a perk test on? Was that test good? Seems agent would have offered him the results...how interesting! Will you be on sight Monday for perk testing? --172.58.xx.xxx |
status change (by 6x6 [TN]) Posted on: Jan 8, 2021 6:16 PM
Message:
Plenty,
My agent is supposed to let me know when the perk test will be done as I was told that they don't know a specific time. I would like to be there and see how they do it.
This is the same property but the other buyer never had one done. --73.120.xx.xxx |
status change (by Dee Ann [WI]) Posted on: Jan 8, 2021 6:39 PM
Message:
6X, don't beat yourself up on any mistakes. I have gone to a realtor friend before because I felt safer with a friend. Not that my friend did me a disservice, because I didn't "hire" her, but as a long time professional as a realtor, I found her professional "opinion" to be off. Or maybe the company she works for sells low? Just saying....we are always learning in this field, and especially at this time in history :) --75.11.xx.xx |
status change (by 6x6 [TN]) Posted on: Jan 8, 2021 6:52 PM
Message:
Thank you Dee Ann, that is basically why I hired a friend as I thought it would be a safer rout as well as a lower commission. --73.120.xx.xxx |
status change (by Cat [WI]) Posted on: Jan 8, 2021 10:49 PM
Message:
I believe in a dual agency, both sides pay part of the commission as both sides are being represented by the agent. If only one side pays the full commission, the agent should be only representing them. --50.105.xxx.xxx |
status change (by 6x6 [TN]) Posted on: Jan 9, 2021 8:23 AM
Message:
I would agree Cat, and I also will never agree to this type of situation again. --73.120.xx.xxx |
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