If your agent is asking for a longer period of time than you are comfortable with, then it is likely that you might want to keep looking for another agent, one that you feel confident will see you through the entire process; in today's market, with limited inventory, this can be a more lengthy time frame than in days when inventory is plentiful. This is a negotiable item, but it is important that both parties feel comfortable with this issue.
The holdover period is, in my opinion, fair. It simply protects the broker, making sure that they get paid if they are, indeed, the procuring cause for your purchase. Somewhere between 30 and 90 days is fair. And there is a clause that, if checked, protects the buyer from paying the agent a commission, even if in the holdover period, if another agent is getting commission for this transaction.
Best of luck.
Your Castle Real Estate
I also don't do a holdover period, I have never used it in the 10 years that I have been in business. Hopefully you are just happy with the service I provide and I enjoy working with you as this relationship is a two way street!
Best of luck to you,
Bill Pearson GRI, SRES |"Your Denver Realtor For Life"
ERA Herman Group Real Estate| 201 Columbine Street| Suite 301| Denver CO 80206
5280 Magazine FIVE STAR Real Estate Professional â€“ 2010, 2011, 2012
In these type of Colorado Agreements, nothing is 'standard' or customary. Everything is negotiated and agreed at the time of signing during the buyer presentation meeting. I normally use 6 months as a time frame unles the buyer wants to come to another agreed time frame. That usually gives us time to find the 'right' home, although we have to be more motivated and diligent now that the home inventory is so historically low. If that doesn't work, we can always extend the time frame. As far as the Holdover period, i usually go with 90 days and also state that the buyer is not obligated to pay if they are working with another agent during that time. I have never had to have that enforced in my experience over many years. Good question and I hope that helps. if you are still interviewing agents let me know. We are here to ssist you with all of your real estate needs.
Your Castle Realestate