If you choose to go FSBO, be sure to read Rockinblu's Blog. Knowledge is power!
I have a couple of suggestions:
Look at the link below. From just that information your market appears to be pretty normal. You do show quite a few foreclosures....
Value is determined by the buyers. If a property is not being shown by Realtors, we are not all on vacation. We are showing others properties that we DO think are priced right and hope that our buyers will like. So no Realtor showings is the first negative sign.
Second negative sign is no offers. On average 10-12 showings will result in an offer. If you have more showings and no offers, the price is too high.
The third negative is market time. The longer a property is on the market, the greater the gap between list price and sale price.
Where to you fit in this?
How did you select the price? Based on how much you need to net, I'll bet.
Before your listing expires, ask your Realtor for this information:
Since your property hit the market, how many homes have:
Had Accepted offers
Reduced their price
Come on to the market.
In five months I'll bet quite a few homes have sold. So why did they sell, and yours did not? Did your Realtor ask you for a price reduction? Did you refuse?
Chances are your property is over-priced. Then you need to think about why you are selling? What is your motivation? What are your options? Stay, do not move, rent it out, all kinds of options.
The thing to remember is this. After four months on the market, the entire Realtor community KNOWS exactly for what price your property did not sell. It is a permanent part of the property online history.
So do your homework. Know also, BTW, that you are missing spring market. In most areas, that market runs until the end of April. People putting their properties on the market now are late and will pay for it with lower prices.
The most buyers are out their RIGHT NOW. They need to be in escrow by April 30th to qualify for the $8,000 Federal tax credit.
Some states have language in the agreement where the agent upon the end of the listing period must provide the seller a list of those buyers that are protected, which includes family members of those that are on that list as well. However, I don't think the Virginia standard "Exclusive Right to Sell" contract has that stipulation, but it doesn't mean that you couldn't ask for one. Good luck in getting it though. As previously stated there is a provision in the VA agreement that after the expiration of the agreement that the protection period ceases with the seller listing with another Realtor. If you do sell as a FSBO to someone during the protection period, and you're unable to document that the buyer was found solely through your efforts, or least none of the agent's, things could get a little dicey without the release that Mack mentioned.
If you do go the FSBO route, you might find the blog attached to the link below of some interest. Good luck.
Hootch would absolutely owe a commission going FSBO, unless they had been released by the Broker, for the reasons you stated and because of the impossibility to accurately record all of the people whose attention was brought to the listing by the broker's actions.
For example, I go an look at your house. I want to purchase your home. Instead of dealing with the Realtors and paying the $13,000 (your number)in commission; I ask you to save me an additional $6,000 or $7000 off the price when the listing expires and I will buy it directly from you.
Your Realotor would have been the casue for the sale and thier marketing and time woudl have procured a buyer for you. This prevents situations like this from happening.
However; if your listing expires and you put a for sale by owner sign up and soemone drives by and makes you an offer within the 90 days that has NOT looked at the house before you are under no obligation to pay the commssion.
I hope this helps.
The bottom line is, there is a very good chance that without your agent's marketing, you may not have ever been contacted by those previous buyers. Therefore, someone finally came up with the idea that when you have a home listed or when you are a buyer's agent and you show a home, you now have the right to submit those names to protect them as your clients or customers. In our state it falls under procuring cause.
Some of the previous comments are correct however. If your contract is over and you put the home on the market and attract a buyer who has not previously come to see your property, in our state, you would be free to go forward.
Hope that helps.
What you are referring to is if someone comes back who saw the house while your agent had the listing and decided to purchase it within 90 days after your agreement ended. The listing agent may be entitled to a commission. This is in most marketing agreements; look for some type of verbage to that affect in your agreement.
There may be buyers who are represented by Realtors that may wish to purchase your home. If you offer the Buyer Agents a commission of 2-3% it could help you get your home sold.
When people switch agents, that language doesn't apply. The new listing agent is entitled to a commission from a sale from Day 1 of the new listing. The language you're concerned about only applies if a new agent doesn't come into the picture.
One other suggestion: Don't do a 6 month listing. Before I became a Realtor, my wife and I insisted on 3 month listings. We told the Realtors: "If we're satisfied with the job you're doing, we'll be glad to extend the listing." And, in some cases, that's what happened. If you find that you've ended up with an agent who really isn't doing the job the way it should be done, you don't want to be locked in for 6 months. Sure, if the agent (and agent's broker) agree, the listing agreement can be terminated earlier. But why hassle that? Try to limit it to a 3 month listing agreement.
Hope that helps.