Question about open listing??

[gobear]

I've been approached by a real estate agent 2 days ago....well, ti is not really an real estate agent, it's more like independant and\or invdidual because I was told that they don't promote or advertise on newspaper or their real estate shop etc, but rather they deal with connections from overseas who are interested in the property

The guy is obviously interested in my property and has been telling me they already have potential buyesr from overseas bla bla bla. They said that they could push it to the top price. I am very skeptical about it and I don;t trust agents. The agent said that if it was to deal with him, I would need to sign a 3 month sale contract under him or something and saying that it would be sold less than this required period of time (yeah right....good try).

The thing is......at the very first, I intend to sell privately anyways, say the market price is I list out is $3M and then he tells me he got potential buyers who would be willing to pay $3.5M or more. Well I don't know whether he said is true or not

However, I do not know whether this method can be done. If he wants me to get a deal, that's fine, BUT I will NOT sign the agreement under him. I will be advertising privately myself....saying $3M (as this is the market price) and becasue he stated that he can get a higher price, $3.5M, fine, go and get one, if the deal is geninue and is settled, he will get the commission, but certainly, I won't be signing the agreement as I do not want to be locked for 3 months or so.

So is this possible? It's pretty much like open listing here, except the deal is between em and the private buyers AND the agent and his potential buyers so I have more choice. I guess it is like a race competition here, whoever gets the higher price, I will accept it. If I already got a interested buyer (from my own advertisement) who offers higher than this agent, then can I say to him "sorry, I don't need you anymore since I have already deal with him and is happy with this price" and then tell him to cancel the deal since I have not signed anything between me and the agent?

Also, can I have a few agents at the same time (which I guess is the official open listing) without having to sign teh contract with the agent and whoever sells it first or higher than each other's offer will get the commission instead?

I mean like I said, I can sell it privately myself but if it requires me to sign anything from the agent and have me locked for 3 months or something, I rather step out but if it is flexible, then this is something I may consider doing so that's why I would be appreciated if anyone can advice on this issue

Thanks and have a great weekend

 

[Rolf Latham]

Separate but related

Private sale at 3 mill ????

You dont think someone like McGrath would be able to add more value that their comm is worth ?

ta
rolf

 

[marg4000]

If you are interested in using this person's services, I suggest you get a copy of the agreement he wants you to sign and run it past your solicitor.

If all above board then he should be happy to supply the document.

I would not sign without legal advice - it is a legal document.
Marg

 

[Collector]

I take it we a talking about a property in NSW

I don't like the sound of the guy that has approached you; you say he is not a real estate agent but wants to act as your agent to sell your property to his clients that are overseas, he wants you to enter into an agreement for a period of time in order for him to do so, he wants you to sign the agreement so he is ensured his commission - (which you have not stated).

First of all in NSW the agent would need to be a licenced real estate agent or hold a certificate of registration and work for a licenced real estate agent - if he is neither then he is acting illegally - so be careful.

If he or any other agent represent you they need to have a sales agency agreement with you (contract) regardless of it being exclusive or open; for the agent to act on your behalf with out this would also be illegal.


That does not mean the agent(s) wont do what they say they will without an agreement - it just means that they wont be entitled to any commission or fees and they will be acting illegally and could face fines up to $22,000 for an individual or $110,000 for a corporation - I'm sure you will still be able to find one or two agents out there that will take the risk - with that being said would you want to use such an agent?


You are better off either selling it yourself privately or listing with the best agent in your area exclusively.

 

[willair]

The thing is......at the very first, I intend to sell privately anyways, say the market price is I list out is $3M and then he tells me he got potential buyers who would be willing to pay $3.5M or more. Well I don't know whether he said is true or not

However, I do not know whether this method can be done. If he wants me to get a deal, that's fine, BUT I will NOT sign the agreement under him. I will be advertising privately myself....saying $3M (as this is the market price) and becasue he stated that he can get a higher price, $3.5M, fine, go and get one, if the deal is geninue and is settled, he will get the commission, but certainly, I won't be signing the agreement as I do not want to be locked for 3 months or so.

Sounds like a "blow in"to me,with no moral ethical or commercial obligation to perform, on the other hand if you think the propertry is worth 3 mill,and some tosser is telling you he can get 3.5 mill, then give her or him the listing for one month and tell them to bring the cash contract around
as you know the real estate industry operates on a success fee basis,no success no selling fee pure and simple..imho..willair..