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Updated over 5 years ago on . Most recent reply

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26
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18
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Kathryne Omaits
  • Investor
  • Atlanta, GA
18
Votes |
26
Posts

Real estate commission on one agent (buyer) sale of property

Kathryne Omaits
  • Investor
  • Atlanta, GA
Posted

I'm in Michigan. Selling my home. My previous listing agent contract expired in November. No signage and not listed with anyone. The same agent brought a buyer. Wants me to pay 4% and broker's commission. They are getting the house for a good (fair) price based on comps and this is considering a Michigan winter market. I feel the 4% is generous and do not see any reason to give anything more in the way of commissions. Is this correct and if not, why? Why should I give her 6% or anything more than the 4% I'm willing to contract. Thank you for any comments I may get! I am willing to let this deal go because I am getting ready to put it up FSBO in a couple of weeks.

Most Popular Reply

User Stats

26
Posts
18
Votes
Kathryne Omaits
  • Investor
  • Atlanta, GA
18
Votes |
26
Posts
Kathryne Omaits
  • Investor
  • Atlanta, GA
Replied

Thank you to all who replied, love how helpful the BP community is. The property was post 90 days expiration of listing.   I understand the protection period for bringing buyers and it is there for a good reason otherwise realtors are going to taken advantage of and, in this case, ex-agent is bringing the buyer.

I ended up selling the house and am awaiting inspections which begin today.   What ended up happening was, and this is based on comps, I increased their initial offer of $265k to $268k and decreased 4% commission to 3%.  I thanked the agent for the learning experience and that I actually enjoyed it (new ground for me!)     I was willing to let the deal go because I was not going to pay 4%, only the 3% she would have made during the listing contract. I know I would be able to sell this property within weeks without this deal.

There was language in the one party listing that was really disadvantageous to me (unrepresented) as a seller.   Although boiler plate contract  to the real estate agency,it was a garbage contract for me.  They accepted my counter and it was a fair deal good for all.

THANKS FOR EVERYONE'S COMMENTS - appreciated, Kathy
 

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