Seller's listing about to expire- How to handle? - Posted by rayrick

Posted by DaveD (WI) on April 05, 1999 at 10:58:25:

Typical listing agreement holds that all offers made during listing period give agency the right to claim commission. You can put your paperwork together with seller on back burner, but you have to wait for listing to expire, or sooner if agent and seller agree to withdraw listing. Just missed a great one - was ready to L/O house, agent brought in cash offer with 2 days of listing left. Sucks!

Seller’s listing about to expire- How to handle? - Posted by rayrick

Posted by rayrick on April 05, 1999 at 10:37:07:

I got a call on my ad this weekend from a seller who’s house has been listed for almost a year and who’s agreement expires in about 10 days. They close in three weeks on another house and seem QUITE motivated.

So here’s my question- is there any problem with meeting them and discussing terms of a possible sale before the listing agreement actually expires? I want to move quickly here, since these folks seem hot to go. Do we need to wait until after the listing actually expires to sign an agreement? Is it okay to have a verbal agreement before that date?

Note: the seller approached ME on this and no marketing efforts on the part of the agent had anything to do with us getting together, though I suppose that’s irrelevant.

Thanks all.

-Ray

Re: Seller’s listing about to expire- How to handle? - Posted by JohnBoy

Posted by JohnBoy on April 05, 1999 at 23:17:24:

Sure, you can meet with them and discuss all the terms you want. But don’t sign anything until after the listing expires. Explain to the sellers that if they inform the agent about your deal then they will have to pay the commission. You might also read the listing agreement to make sure there isn’t anything in it pertaining to the commission being due even if the seller sold the property within x number of days after the listing expired. Double check on that while your sitting with the sellers and read their listing agreement. If everything looks ok then have them sign the contract as soon as the listing expires, unless they don’t care about paying the commission then sign it up now if the deal looks good.