Home Selling in New Jersey>Question Details

Jay, Home Seller in New Jersey

I have my home listed with an agent but my niece is interested in buying it? Can I sell it directly?

Asked by Jay, New Jersey Tue Sep 2, 2008

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7
As already stated, if you speak to your listing agent and his or her broker, more likely than not they'll be willing to work with you. If you listed with an Exclusive Right to Sell contract, the agent/broker is entitled to a commission. Again, they'd probably be willing to reduce the commission if you have someone ready willing and able to purchase.
The only listing agreement in NJ that would enable you to sell on your own, with no commission liability is an Open Listing Agreement.
0 votes Thank Flag Link Wed Sep 3, 2008
That is called a "named exception". However, Jay is already listed so it is too late for that.

-Marc
Web Reference: http://www.marcpaolella.com
0 votes Thank Flag Link Tue Sep 2, 2008
Jay
I do not practice in New Jersey, so this suggestion might not work...but it should
When you list your home for sale you can name people with whom you already have a relationship..your niece for instance. The stipulation is that if she buys it, then she is excluded from the listing agreement requirements.

You should know that even if you sell "directly" you are still legally required to fulfill all state and local requirements and paperwork. I would be suggest negotiating an arrangement so you have your Realtor handle the transaction and protect you from liability.
0 votes Thank Flag Link Tue Sep 2, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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Hi Jay,

Basically you are throwing yourself on the mercy of the court. Legally you are stuck for the commission. However, many agencies might cut you a break and let you pay a sharply reduced fee. It comes down to letting go of the short term monetary gain for the future goodwill. If you were my client, I'd let you off the hook and just let you pay a fee for my time and expense, maybe $1,000-$2,000 depending upon how long you were on the market.

However, there are some barracudas in the industry who might not be so pliable. Hopefully you have not signed on with one of those.

-Marc
Web Reference: http://www.marcpaolella.com
0 votes Thank Flag Link Tue Sep 2, 2008
Hi Jay,

depending upon you relationship with the agent and the office, you are bound by the contract to sell the house through the Realtor. You can also contact the Broker and explain the situation and maybe they will cut the commission and still act on your behalf.

I am sure you can work it out.
0 votes Thank Flag Link Tue Sep 2, 2008
Jay,

What you could do is tell your agent that you have a prospective buyer. And ask if they would reduce their commission if you gave them a referral. Most reasonable agent will agree.
0 votes Thank Flag Link Tue Sep 2, 2008
Jay,

According to my CBSchmidt listing agreements, the answer is no. Unless of course she was listed as an exclusion.

I'd recommend looking over the documents you signed to have your home listed.

Hope that helps!
0 votes Thank Flag Link Tue Sep 2, 2008
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