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Home Selling in Glen Park : Real Estate Advice

  • All25
  • Local Info3
  • Home Buying7
  • Home Selling5
  • Market Conditions0

Activity 5
Mon Apr 20, 2015
Hugh Groocock answered:
Hello Donald,

I think it would be helpful to look at the mutual expectations that were in place when you signed the agreement. Whether the agreement (or an offer delivered by the agent) is legally enforceable is a question that requires legal advice (I'm a marketing specialist, not an attorney).

It sounds like you may have signed a "Pocket Listing" with a "Make-me-move" price and that the agent's expectation is that if they bring you an offer at or above your desired price, then you will accept the offer.

One could argue that would be a reasonable expectation from the agent's point of view, because otherwise why should the agent and the potential buyer invest the time to see your home in the first place? However an offer at a high price may not be very appealing if the terms are wobbly so it's also reasonable that there should be a way for you, the seller, to say no to an offer which did not meet your expectations in terms of financing or other contingencies.

It sounds like you are worried that you could be cornered with an offer that sort of meets or even exceeds your "list price" and yet which you suspect may nonetheless be less than what your home would fetch on the open market. That is an apprehension shared by many sellers who show their homes on a private basis without full market exposure.

The best way to relieve anxieties on that count to expose the home to the open market with a listing agent who is committed to getting you the highest price and best possible terms, preferably an agent that does not already have a buyer in mind for your home.

It's true there are certain situations where full exposure might NOT be advisable (for example, some sellers require a fast or discreet sale, or it may be a home occupied by tenants and quite difficult to show, or you may own a home that is so unique that only a very few buyers would potentially be interested in it).

In those cases, a popular route is to list the home with an agent that belongs to T.A.N. (Top Agent Network -- a private networking group of prominent agents) where the home's availability can be quietly advertised to other active agents who might have qualified buyers, but in such a manner that your asking price and other private details regarding your home are not released to the general public. This is different than signing a one-time-showing agreement, and would still likely produce enough exposure to get you a good price.

Pls call if you would like to discuss your situation in more detail.

Hugh Groocock, Zephyr
Top Producer, Member of T.A.N.
Ranked Top 10% in San Francisco
http://www.hughgroocock.com
hugh@hughgroocock.com
cell: 415-971-4414
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Tue Mar 31, 2015
Karen Peyton answered:
Hi Demetra,

Unless you are your own broker, you should take this question to your broker or managing broker. They will tell you the office protocol for handling such matters.

As pointed out by Richard (below) an agent solicitation of a property listed exclusively for sale (with a sales proposition) constitutes a violation of the Code of Ethics (article 16). Could be the other agent needs to be "reminded" of this fact and how our local "boards" don't take kindly to this type of behavior. On the other hand, this situation begs the question of whether or not the other agent knew or knows of your listing. Their involvement may simply be a mistake.

Of course your options are: allow cancellation of the listing agreement with no compensation, cancel with compensation, match the price of the other agent, or negotiate and amend your existing agreement.

Unless your listing agreement with the Seller allows for unilateral cancellation, take a moment to think all scenarios through. Hopefully you know what services have been promised by the other agent and can therefore "strategize" a successful outcome.

Best of Luck!

K.
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Wed Jun 5, 2013
Trung Lam & Evan answered:
Beside talking to an attorney; maybe you should open it up with all parties with the reason why you are changing your mind. A mutual agreement with all parties may get you out of contract as well. Good luck! ... more
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Mon Oct 10, 2011
Kevin Ho answered:
George:

There isn't a cooling off period in California for property sales like there is for cars. If you're using the standard California Association of Realtors or San Francisco Association of Realtors contract (which most agents do), then take a look at your buyer's remorse clauses that the others have mentioned. They're broadly drafted and allows the parties to cancel for any or no reason up to a point so long as you're all acting in good faith. These two form contracts also contain a series of very important deadlines for contingencies to be removed. Think about these items as the checklist of things that need to happen before escrow can close, e.g., appraisals, inspections completed to buyer's satisfaction, financing. As you can see, they're usually buyer-oriented. But after a point, the progress has become so substantial a buyer's reasons to cancel a deal become less and less reasonable as time goes on and contingencies get removed.

I would bet your real question is more likely focused on your 3.5 percent deposit and whether or not its fully refundable. That answer also depends on the above and human nature in general. Real estate is more emotional than you'd think at first.

Ideally, your agent can answer your question and when making an offer on a property you would have done so thoughtfully so you never get to the point where you want to cancel.
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Tue Jul 1, 2008
No One answered:
9x the cost of taking it down (if it is a single family & u need to take it down)
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