Ronjon, Home Buyer in Center City East, Ph...

i have a friend who has his home listed thru an agent,that has been on the market for some time. I have a home nearby,that is not on the market yet

Asked by Ronjon, Center City East, Philadelphia, PA Thu Apr 15, 2010

but we might be interested in a house swap with me adding additional money to make the deal right. My question is...do i need to go thru an agent? or can we work out the details thru a settlement attorney?

Help the community by answering this question:

Answers

6
You can go directly to a settlement services company (title co,) or an attorney. You don't have to involve an agent except that your friend's place is under listing contract so you will be required to pay the listing broker's commission. I'm sure the agent will discount his commission. I would suggest you offer the listing agent 3% of the purchase price of the house. That is half of the customary and ordinary full commission normally paid to market, sell and convey a house. Good luck with your swap.

All the best,
Larry
1 vote Thank Flag Link Thu Apr 15, 2010
Ronjon,
Your friend may be under contract with their broker and will need to have that conversation with them. You can choose whoever you like to represent you. As long as all parties agree, you should be able to produce mutually beneficial outcome. Best of luck
0 votes Thank Flag Link Sun Apr 18, 2010
Hello Ronjon,

I say always get your own agent. The key word here that screams out to me is "FRIEND." If you want to remain friends, have your own agent and let them have their own agent. If you use their agent, that is dual agency and no buyer or seller should ever want to be in a dual agency situation. Your friend's Realtor was hired to get the highest price for the home at all costs. The only person who would win in that situation where you use their Realtor, is the Realtor who would keep both sides of the commission and one of you would get hurt. A dual agent is not allowed to negotiate for either of you or give one of you an advantage over the other. You should only want to purchase the home at market price and that is what your Realtor will make happen.

You mentioned "adding additional money to make the deal right." What does that mean? Are you saying that you will pay more for the home just to get it? That is a bad business move. If the home hasn't sold by now, it means its already priced too high.

Find yourself a buyer agent.

I fight for every penny for each and everyone of my buyer clients. Nobody needs to be spending more than they should especially in this economy and home values declining the way they are.

Renee Porsia
Associate Broker
RE/MAX ACTION
(215) 669-0589 Direct
(215) 358-1100 Office Ask For Renee
http://www.reneeporsia.com
0 votes Thank Flag Link Thu Apr 15, 2010
I would suggest to request the listing agent to facilitate the transaction and compesate him/her accordingly as long as there is a listing contract in place.
0 votes Thank Flag Link Thu Apr 15, 2010
Do not entice your friend to drop his listing agreement. Wait until it expires. You may get sued for the tort of contract interference or tortious interference. The penalty is actual damages plus three times punitive damages. YOU CANNOT INTERFERE IN A CONTRACT THAT YOU ARE NOT A PARTY TO. I use this on builders here when I have a buyer under contract and they try to intice the buyer to drop me to sell the house. It is very effective.
0 votes Thank Flag Link Thu Apr 15, 2010
You can go through an attorney, but the problem is that your friend is currently under a contract with an agent who will be needing compensation unless your friend can be released free and clear from the contract.

Terrence Charest
0 votes Thank Flag Link Thu Apr 15, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer