After the 60 days

[Stella]

We have a 60 day agreement with an agent to sell our PPOR.
The 60 days ends soon - if we want to continue with this agent, is there any reason we have to actually re sign with them? The contract states the listing will continue as an open listing until we advise otherwise.

Does this also mean we can have other agents list the house if we want to?

Cheers
Stella

 

[Propertunity]

if we want to continue with this agent, is there any reason we have to actually re sign with them?

No, only if you want them to be the exclusive agents (again)

Does this also mean we can have other agents list the house if we want to?

Yes, but most agents aren't that interested in Open listings. They'll most likely want an exclusive listing themselves. Then you'd need to terminate the REA#1's agreement to be on the safe side.

All the best with the sale Stella.

 

[marg4000]

Just remember, if you choose to sign with someone else, that if the purchaser has been introduced by agent #1 and he/she subsequently buys the property, even after the agreement has expired, agent #1 is entitled to commission.

Please don't sign an "exclusive" agreement with anyone else or you may find yourself up for double commission.
Marg

 

[Stella]

Looks like we will just stay with same agent & sit it out. We aren't really in a rush so are happy to wait - although at times it is a pita keeping the house 'presentable'

On the upside, if we are stuck with the place long enough and if things pick up (if) maybe the bank will reval to what we would need them to so we can keep it...someone please pass our broker some smelling salts hehe

Cheers
Stella

 

[urban cowboy]

Just remember, if you choose to sign with someone else, that if the purchaser has been introduced by agent #1 and he/she subsequently buys the property, even after the agreement has expired, agent #1 is entitled to commission.

Please don't sign an "exclusive" agreement with anyone else or you may find yourself up for double commission.
Marg

not necessarily...depending on the state, the onus of proof is on the original agent to show that s/he "effected the sale". simply introducing the purchaser is no longer enough.

there is recent case law in qld on this.

even if the agent does try and claim - they have to take it to small claims and the tribunals...expensive and low chance of winning. At most you will generally find that the second agent would share the commission - double comms is rare now unless it can be proved the vendor had some dodgy intent.

 

[twobobsworth]

If you're solicitor was smart enough they should have been a clause in your contract switching liabilty from the vendor to the purchaser for any commission claims by previous agents.

 

[urban cowboy]

If you're solicitor was smart enough there should have been a clause in your contract switching liabilty from the vendor to the purchaser for any commission claims by previous agents.

only applies in states where the solicitor draws up the contracts as part of the pre-sale/sale process

 

[Stella]

Oops - started this in a new thread then found this earlier....so here is where we are at now in this ongoing PITA trying to sel our PPOR......

Ok after having our PPOR listed with one of the 'budget' agents, we have learned why they are 'budget' - not a single offer - low or otherwise - on a house which should be right in the middle of FHO territory.

We have an open tomorrow & if there is no contract after the open we will be telling the agent their services are no longer needed - the 60 day agreement ended 4/9 so no problems there. we were going to just hang in there but cant really see the point with no offers at all coming in?

We will give them something in writing - any suggestions apart from thanks for wasting 60+ days of ours & your time?

Also, we still want/need to sell this PPOR (unless it has picked up $25-30k in value since May?) so we can start building a new PPOR - how long should we wait before appointing another agent? Dont want to end up paying 2 commissions.
I am happy to pull it off the market now & wait till around early November & put it back on (place has a pool so the weather should help its appeal) but partner is keen to list it straight up with another agent.
Cheers
Stella

 

[RumpledElf]

Mine just passed the 90 day contract (seems 90 is standard not 60 in my area). I got the current agent to change the price into a different price range - up by around 20% - and if its not gone by the end of the month we'll clean up some small niggling issues with the house and throw it to the rental market. I don't think it will change anything going to a different agent, they're all pretty mediocre out here. Probably different for you.

But not going to take it off the sale market. If it gets rented out, the for sale sign can come down but it stays for sale. If it doesn't rent out either, we'll sell the house we're in (which is easily worth twice as much, both value and rental), move back into the old house and put in that loft I've always wanted so it becomes a 4br house. Loft would be brilliant during the day in winter - think of all that lovely warm sunlight!

So many options ...

 

[Smithy]

May I be a little bit in your face and suggest that the problem with your property isn't the agents efforts..... but the price...... in my experience a baboon can sell a correctly priced property.... but more often than not it's been a baboon that's put the price on a property.

Any hoo do with it what you will

 

[Stella]

Hey Smithy - no probs - your comments are not in my face at all...I did wonder about the pricing but I also have to wonder how the agent expects to attract potential purchasers to an open house when they failed (again) to note anywhere on the listing that it was OFI on realestate.com?

Also about the price, given they haven't even had any low ball offers - I would still expect low offers if the property was listed too high?
Given there have been no offers, what figure to use to set price? Property is listed either close to or slightly under nearby comparables - some of which have sold but others havent.

Different agent from same agency turned up for yesterdays open. They are calling Monday with a CMA so we will have a bit better idea then I hope.

Cheers
Stella

 

[RumpledElf]

Its not always the price. I've had two offers at the previous asking price (both withdrawn because their mates scared them off). My problem is location - if I had the house at $40,000 it would still take several months to sell (or maybe not because it *is* a large, very nice house). I'd make a nasty loss at that price though.

The house I am in now had multiple contracts fail subject to finance before we got it - all considerably higher than our offer. They would have sold it faster if it was priced the same as other houses in the area - ie, priced 30-50% higher. Might have attracted people who actually had the ability to, you know, get FINANCE.

 

[Stella]

Its not always the price. My problem is location.

I know that feeling - we are close to M1 & train line. Depending on wind direction depends how noisy it is. After 7 yrs here sometimes we notice the noise sometimes we don't.
Neighbors (in the only IP in the street which happens to be 2 doors away) with a crappy caravan in their front 'jungle' didn't help us much either!

Street is starting to look like a trailer park!

 

[RumpledElf]

Hah - I have that problem too. REA said my shed was full of junk (it came with the house, I was ignoring it) and the neighbour was eyeing it off so I let him take the lot. I have a lovely clean empty shed now.

Problem is he didn't move it from my shed to his (and it is more RUBBISH than junk), he put most of it proudly on display in his front yard. Considering his house has a very small front yard and my shed is about the same size as his entire house, you can imagine his house is kind of buried to half way up the walls in trash ... some mine, some his original collection. Old tyres, broken chairs, a very grotty beach umbrella, sewing machines, rotten wood, car seats, broken trellis, rusty sheet iron, the works. And a bright pink fence to boot, now covered in graffiti and home made signs saying not to steal the trash. His backyard is full of car bodies. The place is a fire hazard and then some.

Went to my old house yesterday, after living in this little cottage now for some months my old house seems so big, airy and ... nice. *sigh* if only it was 35km further west ...

 

[Stella]

Problem is he didn't move it from my shed to his (and it is more RUBBISH than junk), he put most of it proudly on display in his front yard. Considering his house has a very small front yard and my shed is about the same size as his entire house, you can imagine his house is kind of buried to half way up the walls in trash ... some mine, some his original collection. Old tyres, broken chairs, a very grotty beach umbrella, sewing machines, rotten wood, car seats, broken trellis, rusty sheet iron, the works. And a bright pink fence to boot, now covered in graffiti and home made signs saying not to steal the trash. His backyard is full of car bodies. The place is a fire hazard and then some.
.

Sounds like we can look forward to seeing your neighbor & his yard on a Today Tonight type show soon! I feel sorry for you - knowing exactly what you are going thru!