Home Selling in 46808>Question Details

Frustrated4us, Home Seller in 46808

we live in fort wayne, indiana and verbally agreed to an extended 3 month contract. if we find a buyer for our house, do we still owe the agent

Asked by Frustrated4us, 46808 Sat Jul 17, 2010

money?

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4
Joseph Domino’s answer
Of course. If you went to work and did all your work you would expect to get paid. How would you feel if your boss said, "i decided not to pay you any more, I just forgot to tell you".

If you are unhappy with your agent fire him/her and move on. Don't verbally agree then try to get out of it.
0 votes Thank Flag Link Sat Jul 17, 2010
Why wouldnt you want to compensate your agent if he/she does in fact sell your home? Your agent should have had you sign the extension, as in Indiana only contracts that are signed are binding. However, as a Realtor myself, I dont think you fully understand that your agent works on commission only. There is no hourly wage, salary etc... Your essentially asking how to do I use a Realtors services without paying him/her for their labor. If you feel your agent hasnt properly represented you or met your expectations, then at this point your able to seek out other agents or do a FSBO. I wouldnt recommend that you continue to lead on your current agent, if in the end your plan is to stiff him/her on a commission. Would you like to go to work for the next couple of weeks, to then have your employer tell you, well you know, you didnt fill out this employement form correctly, so technically we dont owe you any wages. Sorry, but thanks for all your hard work!
2 votes Thank Flag Link Sat Jul 17, 2010
Ethically, yes.

Morally, yes.

Legally, read the listing agreement. And, if in doubt, contact a lawyer.
0 votes Thank Flag Link Sat Jul 17, 2010
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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Hi! This is a very good question that I hear quite often. I do feel that all agents should be compensated for their work, especially if they have been implementing the primary marketing for your property and the property sells. That, you will find, is a universal sentiment for most if not all real estate professionals.
When you have a moment, take a look at your listing contract. If it is an Exclusive Right To Sell contract, look at section A. It states that all parties understand that the broker should still receive commission if any event occurs, then you'll see a list of those events. Around lines 36-53. It will clearly define the answer to your question. Sub section 4 states that if "the property is sold, optioned, leased, or exchanged by the Seller or any other person within XX days after termination of the contract to any person procured in whole or in part by the efforts of the Broker, any cooperating broker, or Seller..."
In so many words, that's saying that if that agent was in fact the procuring cause in the transaction (providing the materials that got your property marketed and hopefully sold), they are still entitled to a commission. In my opinion, it would be in your best interest to pay the commission to the agent.
0 votes Thank Flag Link Sat Jul 17, 2010
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