Home Selling in New York>Question Details

Horace Bryan,  in 11235

If I list a property at the net that the seller wants to walk away with, and I note on the remarks that the

Asked by Horace Bryan, 11235 Fri Jan 11, 2008

seller will allow up to 10% above said price, is this a NET listing? Think carefully.

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NET listings are illegal in New York State.
0 votes Thank Flag Link Sat Jan 12, 2008
Are you trying to establish a type of auction? What seller would set a cap on the maximum amount over the minimum that they will allow?
0 votes Thank Flag Link Sat Jan 12, 2008
Deborah Madey, Real Estate Pro in Brick, NJ
Horace a net listing is where the seller lists the property with the agreement that they will net a specific amount of money. Anything above that amount is your marketing fee and your commision percentages do not apply.
For example if the seller wants to net 20,000 and owes 80,000 on a home you could not sell it at 100,000 because the selling fees would come out of the sellers net.
Also before you sign a net agreement check and make sure they are legal in your state. Because of the potential for consumer fraud in some states they are not legal.
0 votes Thank Flag Link Sat Jan 12, 2008
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