Q: I live in Tennessee and placed my house on the market with an agent for six months. I did not receive any offers. I lowered the price three times, made improvements and extended the contract for two more months and still not one offer. My contract expires today and I want to take the house off the market and start all over with a new agent. Do I owe the original agent a commission?
?Leonan, Franklin, TN
A: Dear Franklin, TN
If a buyer who had looked at your home during the period of the first agent listing makes an offer during the protection period, if it is on your listing contract, you may be liable for commissions; however, since you are listing with a new agent that protection period, if it exists, is terminated and you have no further obligations to the first agent.
It is a tough market out there and, though it might seem like the lack of offers must be the fault of the agent, may I recommend that you discuss the situation fully with your first agent before moving on, as he/she may have invested considerably in marketing it on your behalf. It could very well be that the second agent in today?s market cannot do much differently.
Good luck to you on the prompt sale of your home!
JoyceM
Joyce Mitchell is a Realtor? with Mitchell & Associates Real Estate in Bigfork, MT.
A: It depends on your listing agreement. Remember, always look to that (specifically the termination clause) to see what it says. Sometimes agents put automatic renewals or if not if they found a potential buyer and are working on a prospect and that prospect doesnt buy immediately but later on (say after your listing agreement expires) you may be liable as the agent may claim ?procuring cause.? In my book REO BOOM i discuss how real estate agents operate especially with bank owned properties (REOs). Remember, the letter of the law always prevails. good luck.
Aram Shah is a Realtor? with Florida Capital Realty in Doral, FL.
A: You may if one of those buyers that were brought to you by the first real estate agent during your contractual period comes back to buy your home. You will have to read carefully the listing agreement that you had with your first real estate agent and if you have any questions about it, contact a real estate attorney and get his/her opinion. Good selling! The market is starting to pick up dramatically in many areas of the country and inventories are low in many which is a formula for better prices and selling success if your home is priced right. That all depends upon your specific area, my comments are about Brevard County Florida in particular.
David Congdon is a Realtor? with Islands International Realty in Satellite Beach, FL.
A: It depends on what your contract states and the laws that are specific to your state, but typically the way that commission works, is that you do not owe any commission to the agent if your property does not sell. Please be sure and check your contract or have another agent that is familiar with your state laws to review your contract to find the information that you need. I hope this has helped you. Good luck to you!
Misty Perkins is a Realtor? with CENTURY 21 Gail Roe & Associates in Temple, TX.
A: When you find a new listing agent, discuss your concerns with him, before you agree to list. Also, read your original listing agreement and check for an agent?s protection period clause that would protect the agent in case a buyer that saw the property while listed originally, decided to purchase the home while listed with your new listing agent. Typically, the protection clauses do not exist in listing agreements and you would not have to pay the previous agent a commission. However, it is always best to be safe now than sorry later. Do your due diligence and check your current listing agreement and you could also have your New listing agent double check for you as well.
Ed Corbett is a Realtor? with Keller Williams Realty, First Atlanta in Atlanta, GA.
A: This would be entirely decided by the contract you signed. But many listing agreements say that if a buyer goes through the home while you have a contract with agent A and later buys the house, you might owe a commission. Discuss this with the new agent and see what they suggest. You should never have to pay twice.
Linda Walters is a Realtor? with Sage Realty LLC in Wayne, PA.
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Source: http://rock-n-rollrealestateagent.com/do-i-owe-a-real-estate-commission-if-the-contract-has-expired/
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