Home Selling in Racine>Question Details

Sissy, Home Seller in Milwaukee, WI

I signed a contract with a real estate agent and he represents buyer and seller. The price he came in with is

Asked by Sissy, Milwaukee, WI Sat Nov 17, 2007

way low, he showed me no FMA . I am seeing I can ask much more for my home. I wish to switch realators but he said no, now he wants me to sign something saying that if i take my house off the market, I can only try to resell if I go with him until the contract is up, is that legal? I dont like it that he represents the buyer and seller. There is a house in my neighborhood 15 years older and much smaller that is priced higher than mine. I am thinking he knows someone who wants my house and wants it for this low price. Any suggestions. He is pressuring me to show the house or sign this paper that states I cannot put it back on the market unless its with him until original contract is up. He doesnt want to raise the price for me.

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Darren Kittleson’s answer
Sissy-Based on what you're describing your agent is not following license law. 1. In order for the agent and/or broker to represent both buyer and seller in a transaction, both buyer and seller would have to agree, in writing to dual or designated agency. This assumes that the agent has a buyer agency agreement with the buyer and has a listing contract with you as the seller. It's possible that the agent doesn't have an agency agreement with the buyer, thus should only be representing your best interest in this transaction. 2. As for asking you to sign an agreement that would restrict you from listing your property with another agency, to my knowledge there's no state contract condition that would require such. The standard exclusive right to sell listing agreement (WB-1) does have an extension provision in it that states any offers received during the course of the listing would be a "protected" buyer for a period of 1 year from the end of the contract. What this means is the buyer who's offer you currently have would be covered under this contract for 12 months if you and the buyer would come to agreement on a purchase. This condition, however, doesn't restrict you from entering into a listing agreement with another brokerage/agent.

I would suggest your contact the agent's supervising broker and have a conversation with them. In addition it's always wise to hire an attorney to give a legal opinion. I am not an attorney, just a broker who feels that based on what you've stated, you aren't necessarily being treated fairly in this transaction.
5 votes Thank Flag Link Sat Nov 17, 2007
Carrie wrote:
You can ask whatever you want for a house. It does not mean that you will get a buyer at that price.
. . . or an agent who will list it at that price.
1 vote Thank Flag Link Sat Nov 17, 2007

This sounds like a big misunderstanding that could be resolved by involving a third party. Try contacting the agents broker and ask for an explanation. The broker needs to know what is happening from your perspective and might possibly be able to resolve the problems or explan the issues more clearly than the agent has.

Remember that real estate agents have rules, laws, and a code of ethics to abide by. The broke understands the guidelines he has to follow as well as the consequences if he doesn't.

If you are unhappy with the results of this meeting, you can refer the problem to the local real estate board for their response.
0 votes Thank Flag Link Sun Oct 19, 2008
I don't know if you are stuck in the contract. I do know that you set the price of your house not the realtor. He cannot choose what you sell your house for. You tell him what to list it for. If he refuses to raise the price of your house then tell him you will report him to his company. I had some questions before I signed and called 6 different real estate attorneys and they just answered my questions over the phone and charged me nothing. I would try that and see if you can get out of this contract.
0 votes Thank Flag Link Sun Oct 19, 2008
Sissy, you might want to start by asking to speak with the broker-in-charge of the Realtor you are working with if you feel that you are not being treated fairly. I am assuming that you are working with a Realtor; that is an agent who is a member of the National Association of Realtors, which has a Code of Ethics for its members. If you need to go futher you should contact the consumer office at your state's Real Estate Commission. They will have a staff attorney or consumer advocate who can guide you.
0 votes Thank Flag Link Wed Apr 9, 2008
I would suggest that you contact a real estate attorney ASAP. I sounds like you need some expert legal advice.
0 votes Thank Flag Link Wed Apr 9, 2008
An agent can't make you list a home at a price you don't want. On the other hand, he doesn't have to take a listing with a price he doesn't either. If you are having issues talk to The Broker of the Real estate company you are working with. Also talk to an attorney. A listing agreement is a service contract. They can be broken. as the Listing agent, you are his client. Any buyer he may have on your property is his customer. He can not work as a buyers agent on your home unless you approve it. DO NOt sign anything else before you talk to an attorney. You may also tell the agent that you would like to change the price of your home. If he doesn't agree, tell him you would like out of your listing contract.
0 votes Thank Flag Link Wed Apr 9, 2008

Darren sums it up well. To continue I am a little confused as to whether you are refering to an offer or a listing contract in regards to the price. In a listing contract you would agree upon a price, so if you dont agree you wouldnt sign the contract and would look elswhere. If you are refering to an offer on the home you certainly have the right to reject the offer. Just because a Realtor is bringing you a low offer doesnt mean that he is working for the buyer, perhaps that is all he could get in the current market. Still if you are unhappy with your realtor I would follow Darren's advice and contact the supervising broker of the office you are listed with and seek proffesional legal help with regards to the contract. TY
Web Reference: http://www.homes4salewi.com
0 votes Thank Flag Link Wed Nov 28, 2007

I would agree w/ Darren. It boils down to agency laws. Not sure how the laws differ up there than from here in TX, but you would have to agree for "intermediary w/out appointments" before this could be allowed. ALL parties have to agree w/ this arrangement to be in compliance.
Web Reference: http://www.exposedhomes.com
0 votes Thank Flag Link Fri Nov 23, 2007
I really believe the first answer is the one you should go with. I'm just a new salesperson but what I have learned is exactly what the ist person has told you.
0 votes Thank Flag Link Fri Nov 23, 2007
Hi Sissy,

You have already received excellent advise on this situation which I agree with 100%. I was wondering what the definition of "way low" is? The market is very slow right now. I have several homes listed that priced well below what I would have sold them for six months ago. Also just because a neighbors house is listed at a higher price does not mean that is what is will sell for or even get any offers on.

I would not advise any client of mine to reject an offer in this market. If you feel it is low, than propose a counter off meeting the prospective buyer half-way. You do not know how long you will have to wait before another offer comes your way. Also keep in the mind the cost of upkeep including heat and utilities during the winter months if no offer comes your way.
0 votes Thank Flag Link Sat Nov 17, 2007
You can ask whatever you want for a house. It does not mean that you will get a buyer at that price. As a general rule, the market is soft. Meaning you have a lot more sellers than buyers. Buyers have more to choose from! Have your agent give you a list of home for sale in your area at the price he wants to list. Compare your house objectively to this list. Have your agent show you the numbers he is using to get your list price. If you don't want him to represent the buyer tell him you do not want "dual agency". That is your right. If you can't get the answers you need out of him, get is broker involved. It may not be as bad as it sounds. Communicate your concerns to your agent.
0 votes Thank Flag Link Sat Nov 17, 2007
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