What's Worse Than A Noose Around Your Neck? A Noose Around Your Money!

By
Managing Real Estate Broker with RE/MAX Executive Realty
http://actvra.in/HDx

Last week, we were asked to do a listing presentation on a single family home while it was listed with another agent.  It was soon to expire.  We did a full presentation, and the homeowner was going to list with us.  We never post date an agreement.   We wait until the listing expires to have an agreement signed. 

The listing agent did a final open house and we would get a call after the open house.  Another agent with a buyer showed the home and there’s interest.  The buyer's agent will be writing up an offer, but the buyer has a condo to sell and the offer will be contingent upon that condo selling.  That’s an empty bag!!

I hope the seller will not be entertaining this offer and the listing agent will not be promoting the offer in order to maintain that listing.  There are a number of negative scenarios that can result from this situation.  The condo listing could be overpriced and not sell; the condo listing could have a buyer with something to sell creating a domino effect; the condo listing might not appraise and then the buyers can’t afford to buy; or there could be a clean deal and everything could close. 

It’s a roll of the dice; it’s a crap shoot, for sure, and the odds are not in favor of the single family homeowner.  There are too many factors that work against any seller taking a contingency today.  There are enough problems with clean deals closing to have to worry about a condo sale contingency. 

Let’s hope the condo is FHA approved for the seller’s sake; but more importantly, let’s hope the listing agent acts in good faith and is honest with that homeowner!!!  The homeowner has purchased another home.  It’s now a noose around the homeowner's bank account!!!

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Topic:
Home Selling
Location:
Massachusetts Norfolk County Franklin Top Listing Real Estate Office Re/max Executive Realty
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the listing agents duty

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Ambassador
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Karen Kruschka
- "My Experience Isn't Expensive - It's PRICELESS"
RE/MAX Real Estate Connections

Barbara  Like you, I will not post date a listing that is currently active with another firm.  The sad truth is too many agents will push the seller to accept a contract that is self serving.  Didn't used to be that way when Arthur and I were licensed 36 years ago

September 13, 2012 05:21 AM
Rainmaker
724,760
Gabrielle Kamahele Rhind
Broker/Owner
KGC Properties LLC, Tucson Property Management & Real Estate

GOOD MORNING BARBARA!  I hope that agent is honest too!  I've done the same as Brian above - with the other home already being under contract and through inspections. In general though - it's not the best situation for a seller.

September 13, 2012 05:45 AM
Rainmaker
1,116,044
Richie Alan Naggar Author PEARLS SERIES of books
on LIFE and LOVE plus Real Estate too!
People first then business! Ran Right Realty Riverside, Ca

Your title of the post triggered my funny bone.....Both can become a nuisance  NOOSE SANCE...Barbara...I couldn't resist and I know you allow this

September 13, 2012 08:50 AM
Ambassador
1,609,801
Fernando Herboso - Broker for Maxus Realty Group
301-246-0001 Serving Maryland, DC and Northern VA
Maxus Realty Group - Broker 301-246-0001

Is all about control ..

why pass that control to a condo that may never sell. . just because your listing agent can't do their job?

 

 

September 13, 2012 10:12 AM
Rainmaker
570,044
Bill Gillhespy
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos
16 Sunview Blvd

Hi Barbara,  It's as if you can smell the desperation ! 

September 13, 2012 11:25 AM
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Rainmaker
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Barbara Todaro

"New Franklin MA Homes"
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Additional Information

The Kuney-Todaro Team is the "#1 team in Franklin's #1 office." Our expertise is in marketing new construction and resale properties. New construction is our niche and we have sold 40 subdivisions in the area of Franklin MA.