Home Buying in Miami>Question Details

Celia Bravo, Real Estate Pro in 33175

I have a question for my fellow Realtors. What do you do with a seller that doesn't want to accept good cash offers, even over the price of the most?

Asked by Celia Bravo, 33175 Sat Feb 9, 2013

recent sales in the same community? His property is remodeled and he is not in a rush to sell.

Thank you!

Celia Bravo
License Realtor/Mortgage Broker
Realty World REC
786-200-9375
csbravo@att.net

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Answers

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BEST ANSWER
A seller is (almost) never obligated to sell. He is, however, obligated to pay a commission if you bring him an offer of at least the asking price, an offer with no contingencies. If you have not done this, there is little recourse other than withdrawing from the listing or expending minimal effort on it. Consider it a lesson that you have now paid for.
1 vote Thank Flag Link Sun Feb 10, 2013
I am glad you brought the subject up LOL.

I see properties listed ridiculously over its value all the time, I call the listing agent (when I have a client interested on the property of course and insists on me calling) and the listing agent kindly explains:

Yes, I know is WAY over-priced but he is not interested in selling otherwise, he just asked me to place it on the MLS to see if some crazy investor will pay his price. If he does not get his price he is simply not going to sell.....

Really?

I am talking about properties that are listed 50% or more above their fair market value!!

Thank you but no thank you.

Honestly I do not have the time to waste on such a transaction, phone calls, showings, emails, reviewing reasonable offers and trying to convince the Seller every time that even though our market conditions are currently appreciating his $200,000 home will not sell for $400,000.

Mr Epstein thumbs up, take this listing and
4 votes Thank Flag Link Sat Feb 9, 2013
He is NOT motivated, extend the listing for as long as you think the market will take to get him his price or fire him. You don't need this listing unless you're desperate & specialize in listing properties that woon't sell. Of course if you bring him a contract at full price & terms and he still doesn't accept it, advise your Broker and attorney and request the Broker to pursue the full commission to the fully extent of the law and if possible place a lien on his property for the amount of the commission so he will have to pay it when & if he ever sells regardless of whom the buyer/broker is at that time. Protect your Assets ... Move on!
3 votes Thank Flag Link Sat Feb 9, 2013
Hi Celia! There could be several different reasons why. As the professional stay in control of the listing agreement, marketing of the listing and seriously get down to the bottom of what's really going on.

Did the seller communicate with you before taking the listing that he wasn't in any rush to sell? If so that was a warning flag.

In our profession we are compensated when a meeting of the minds has been fully executed. If your seller is not allowing this to happen and you're not receiving leads from this listing contrary to popular belief it's time to have a professional heart to heart talk with the seller to determine where does the working relationship go from this point moving forward.

Also a final thought in closing, I recommend reading over the listing agreement to just check if your broker included a clause on handling matters such as when a real estate agent brings a ready, willing and able buyer to the table offering list price or above (if this is the case) is the seller liable for commission.

Andre Shambley
Real Living FSR
786-704-8482
1 vote Thank Flag Link Sat Feb 9, 2013
Keep extending it until some crazy cash overflowed person comes by, play into the same insanity of the seller, or you will go mad trying to find a logical explanation.
1 vote Thank Flag Link Sat Feb 9, 2013
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John Walin,

I agree with you, but many of these FL realtors often take a brutal beating by sellers and buyers who have no problem using and abusing their good faith efforts because they won't stand up for their selves.

They're terrified of enforcing their own contracts...."scared of getting a bad reputation" for what? Demanding compensation when they have fullfiled their contractual obligtions and not allowing being taken advantage of?

If more realtors would enforce their contracts it would help clean up the industry and there would be a lot less of this BC that the poster is having to deal with!

===
0 votes Thank Flag Link Sun Feb 10, 2013
Maybe I wasn't clear... The listing agreement has a "specified list price" and unless a buyer agrees to pay that price and have terms acceptable to an owner (ie even pay all the seller's closing costs, pay to relocate the seller, close in 3 days, offer up the buyer's first born, etc.) the Seller has no obligation to pay the listing Realtor the commission "BEFORE" he accepts an offer and closes the sale.

Also although some well known firms may limit their agents to only work as a "Transaction Broker" my firm actually encourages all Realtors to act on a "Single Agent" basis representing either the Seller or Buyer--unless the property is listed by our firm then the buyer and seller would have to agree "in writing" to be able to transition to the lower form of representation of "Transaction Broker".
0 votes Thank Flag Link Sun Feb 10, 2013
Really?
With normal exclusive right to sell listings thats part of the contract, seller will provide access, and pay compensation laid out. Is this part of FL transactional brokerage deal I hadnt thought of before? You FL agents represent the transaction so that means if there is no transaction you have no recourse. In IL we go after sellers that get sneaky and win!

I would be paranoid that the buyer has contacted the seller directly and is trying to cut you out.
0 votes Thank Flag Link Sun Feb 10, 2013
Hi Celia,

Unless you get a full priced cash offer (doesn't sound like it's possible) you can't take legal action to try to collect a commission. Also would not be good for your reputation!

What I would suggest is hiring an appointment desk like 800-Showing to take all appointment requests and they will contact the Seller for showings.

Hopefully you didn't agree to accompany every showing!

Good luck,

Alma Kee
http://www.SoldOnTampa.com
0 votes Thank Flag Link Sun Feb 10, 2013
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I agree with Nereida Figueroa, Agent, Miami, FL below

===
0 votes Thank Flag Link Sun Feb 10, 2013
If you produce a Sale in the listing price or above with reasonable contract terms, them you are entitle to be compensate with your commission.
Ask more to your Broker.
0 votes Thank Flag Link Sat Feb 9, 2013
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Some may roll their eyes at this, but whatever...

If the seller is a man and if the listing agent is an attractive female, the first thing that I would wonder, is he not selling because it would mean the end of the seller / realtor contact?

If this could be the case, try bring on a male realtor partner to help handle the deal, NOT becuse they are better realtors, but to see how the seller reacts.

Is this the situation?

===
0 votes Thank Flag Link Sat Feb 9, 2013
Steve if you are trying to hit on Celia why not email her directly. ROTFL.
Flag Sat Feb 9, 2013
I would seriously sit with my seller and have a meeting of the minds if you will. What type of offer is he expecting? If he's not in a hurry to sell then why does he even have his house listed? Depending on his answer I would consider dropping the listing because why do I want to work with a seller who is unrealistic? What is his motivation to sell? Cash buyers are investors most of the time and if the house is way overpriced, do you think he/she will want to invest in a property where the appraisal is well below his/her offer? These are the questions that I would ask myself about my seller.

Regards,
Alberto Baca
The Keyes Company
0 votes Thank Flag Link Sat Feb 9, 2013
What do I do with a seller like that??


Well, it's quite easy, really - - I simply tie them up and tickle them with feathers until they sign one of the offers!
Piece of cake!

:)
0 votes Thank Flag Link Sat Feb 9, 2013
Maybe a real cute seller...
Flag Sat Feb 9, 2013
Funny.
Flag Sat Feb 9, 2013
Hi Celia,

You state the offers are over recent sold comps. Are the offers over his list price? If they're not, I'm assuming you took the listing at a list price over comps? Why? Did you discuss with him the possibility of lowering price if no offers at list price? (I won't list properties over current market value if seller won't agree to lower price if no offers in 30 days - at too high list price). If he won't take offers under his too high list price, you might want to just keep hoping someone will buy the property for more than it's worth, or cancel the listing so as not to waste your time if it's never going to sell due to seller delusion.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Sat Feb 9, 2013
Is it the asking price? it depends on what his price is- I've had similar cases such as this but I was able to be upfront with them and help them understand the meaning of a CASH OFFER
0 votes Thank Flag Link Sat Feb 9, 2013
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