There are many business models for Real Estate companies. Real Estate brokers are not required to be part of the Realtors Association. Listings are not required to be placed on the MLS. Compensations can be different from company to company, if any compensation is offered.
The MLS is an offering of compensation to cooperating brokers. Nothing more. This broker does not appear to be offering compensation to MLS participating brokers. If this is the business model and their marketing efforts are clearly displayed on the listing with the seller then they do not appear to be doing anything wrong.... more
It depends what you need it for and what type of funding you are obtaining or if it is a proof of funds for a cash transaction, if you want to come back and add some details i can go into mroe detail. in most cases a proof of funding letter is used when purchasing a bank owned property and they want proof you are preapproved for financing and if private money, proof they are lending ___ amount for purchase of __ property and closing on ___.... more
The best way to sell anything in a Buyer's market is price it right for the condition and amenities. Make it stand out and shine above all the others so that a buyer can see themselves in it and the value. Usually 5% below the most recent pending, depending on your market segment.... more
If your brother paid for an appraisal from a licensed appraiser, then he should have received a relatively accurate assessment of the anticipated value of your parents' home. Of course, the only real way to value a property is to sell it on the open market with an arms-length distance transaction.
It depends who did the appraisal and for what reason. In MA, Realtors can do a Comparative Market Analysis but an appraiser must be licensed to do appraisals. If someone asked me what the selling price of their home should be I, would do a CMA using comparable properties that have sold within the last 3 to 6 months within a reasonable distance form the subject property. Appraisers use a similar approach but usually provide more details.
If the appraisal your brother received is accurate, it does sound reasonable that the selling price within the family would be discounted to reflect the fact that you're not paying a Realtor's commission.
You may want to consider obtaining a second, independent appraisal of the home and then deciding on a number somewhere between the two.... more
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.... more