[5-DayForum] Using 5 Day after home was listed on MLS

[Julie Batt]

Jean,
Actually, this question wasn't about the commissions.  I'm currently
relisted with a friend, whom I'm sure would let me out of my contract to run
the 5 day sale and just pay him for his time thus far.  Although I have a
related question, if my current agent lets me do this, and a buyer comes
around from when I was listed with my FIRST agent, could my first agent take
the commission?  Does having a second agent, even though he lets me out of
his contract and the 90 day safety clause hasn't ended with the first,
automatically negate the first agent's commissions claim?  I think I might
have just answered my own question.  Do you think my agent could take me off
the MLS, but keep me on contract while running the sale?  Would this be a
problem with his broker though?
 
Anyway, my original question in this post was has the additional exposure
from the MLS currently harmed any potential for a successful 5 day sale?
I'm listed at 435 and haven't received any offers since.  If I didn't have
to pay a commission, I could happily take 410 and that would be a "steal"
for my house/neighborhood.  But if I'm not getting any offers at $435, it
doesn't seem very likely anyone would find and want my house for $410 with
even less exposure.  Makes sense?  $25K is not a far cry at this point, and
you'd think if someone was interested at that point, they'd submitted an
offer by now.
 
Julie
 

________________________________

From: 5-dayforum-bounces+julie=batt.com at mailman.howtosellyourhomein5days.com
[mailto:5-dayforum-bounces+julie=batt.com at mailman.howtosellyourhomein5days.c
om] On Behalf Of Jean McCormack
Sent: Monday, June 04, 2007 8:21 AM
To: How To Sell Your Home in 5-Days
Subject: Re: [5-DayForum] Using 5 Day after home was listed on MLS


In Illinois there is absolutely a problem with Realtor commissions. If you
gave them exclusive right to sell, they collect whether you sell or they
sell. If you sell by owner after your listing expires with your agent, the
agent has claim to a commission (usually for 30 to 90 days) to any buyer
that had seen your home during its time with them. The work around is to
re-list with another agent. The first agent then has no claims. And don't
think they won't be watching. I've been involved with our local board and
seen agents that have enough time to read all the public documents to find
such an opportunity. One case I was involved in, the first agent was awarded
the money. Be careful, you could do the work and they could collect a
commission. So, just cancellation alone is not enough; you'll have to
re-sign with another firm to avoid paying the first firm. Read your fine
print. Or wait the cooling off period which is 90 days here.

OK, now you ask, "So, how do I get around those big commissions? How do I
avoid the MLS?". Easy, there are real estate firms that do this for a
living, nationwide. Many of the discount real estate firms will offer to
sell your home for a flat fee, directly to the public. Do you need to pay
them what they ask? No, of course not. Everything is negotiable, just make
sure you are speaking with the owner. They can wheel and deal. We once got a
call from a FSBO asking us to help with paperwork and inspections. They
offered about $1000, we said fine. You'll need to sign a contract, and
notice of no MLS or something like that in your state.

Read your contract.

Good Luck
Jean McCormack
 (a broker owner agent in Illinois)

Paul Miller wrote: 

	Julie, 
	
	I think your realtor or a realtor that brings a client to your
inspection could claim a commission.  I'm cancelling my listing before I
start. 
	
	Paul 
	
	
	

		From: "Julie Batt" <Julie at batt.com> <mailto:Julie at batt.com>

		Reply-To: How To Sell Your Home in
5-Days<5-dayforum at mailman.howtosellyourhomein5days.com>
<mailto:5-dayforum at mailman.howtosellyourhomein5days.com>  
		To: <5-dayforum at howtosellyourhomein5days.com>
<mailto:5-dayforum at howtosellyourhomein5days.com>  
		Subject: [5-DayForum] Using 5 Day after home was listed on
MLS 
		Date: Sun, 3 Jun 2007 20:23:21 -0700 
		
		Finally finished the book, anxiously watching the sales of
those in 
		progress, and have a couple questions... 
		
		Do you see any potential problems or changes for people who
want to utilize 
		this 5 day sale method even though their home was previously
listed on the 
		MLS with a traditional method? 
		
		The book mainly speaks from the standpoint of trying the
sale BEFORE one 
		lists or INSTEAD of listing.  My house has been listed for 4
months, and I 
		just found this method.  I started out at $475K, what we and
my realtor 
		thought was VERY competitive, and have since dropped the
price twice.  I've 
		currently been at $435K for 3 weeks.  I seriously can't
afford to loose 
		anymore money, else I might be forced to become a renter for
a while, but we 
		can't afford to stay in the house either.  My thought is if
no one is 
		willing to pay $435 with the wide spread exposure it has
now, it doesn't 
		seem very likely someone would be willing to pay $410K (
minus 6% 
		commission) using this 5 day method.  Thoughts? 
		
		Julie