southern lady, Both Buyer and Seller in Hartselle, AL

We currently have our home for sale through a realtor but are thinking about taking it off the market for a bit (maybe 30 days) then putting it back

Asked by southern lady, Hartselle, AL Fri Jul 23, 2010

on for sale by owner. If a couple who looked at the house with another realtor, later wanted to buy when we are FSBO, how does that work?

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Linda S. Cef…, Agent, Franklin, WI
Fri Jul 23, 2010
Dear Southern Lady,

I completely understand your position. Please allow me a few suggestions. First, talk to your agent, there is a chance that with his/her broker's permission, she would be able adjust her commission to to enable the sale.

Depending on how close you are to what you need to pay off your mortgage, you might try to negotiate that with the potential buyers and be upfront about it, however, please note that the bank providing the financing for the potential buyer will ultimately decide what you home is worth and what they are willing to finance.

Above all, you need to find out what your "protected buyer" time frame is and that is dictated by your state. If they viewed your home during the time that your agent had the listing you could potentially end up owing a commission to your agent.

I'm not sure of you particular circumstances, but you may want to inquire about a loan modification. If you must sell for less than you owe, then you might want to consider a short sale.

If you still have your home listed with an agent, he or she should be able to help you with further information on how to go about doing that.

Hope this helps.
Linda
Web Reference:  http://www.lindacefalu.com
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Thomas Tolbe…, Agent, Savannah, GA
Fri Jul 23, 2010
That would depend on the broker protection period negotiated in your listing agreement with your broker. I am not familiar with Alabama listing agreements but can only speak for how it's handled here in Georgia. I think you should be asking this question of your agent. Good luck with the sale of your home.
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southern lady, Both Buyer And Seller, Hartselle, AL
Fri Jul 23, 2010
Our reason for going FSBO is that out current listing price we can't go much further down in price and still be able to pay off the house. If we were FSBO, then we could drop the price to where we could be more competitive. (We've only been in the house 2 years). I'm not trying to short change the realtor; she has been great. I truely understand the hardwork and money that goes into a listing but in order to sale our house we need to drop the price.
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Linda S. Cef…, Agent, Franklin, WI
Fri Jul 23, 2010
Every state has a period of time that protects the agent, and rightfully so. This came about many years ago due to the fact that a seller would hire an agent to list their home and the agent would spend many long hours and hard earned money advertising the home only to have it sold out from under them. Therefore, laws have been instituted to keep that from happening.

If a listing expires or is terminated the agent will create a list of potential buyers that inquired or viewed the home while listed through the agent. The agent and home owner has an obligation to put them on a protected buyer list. Every state is different in terms of how many months they are protected.

You would need to find out what the State of Alabama's requirements are.

My question to you would be, what would be your reason for taking it off the market for 30 days and then resuming the listing.

Linda
Web Reference:  http://www.lindacefalu.com
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