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Old 12-31-2020, 11:36 PM   #21
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OP - My biggest concern would be that you didn't have other agents view the house for possible listing, and show you why the price at $x is the "right" price.

If you are confident about the price because you had other opinions (estimations) then just the timing and commission are an issue.
I like the rent it back cheap idea, so you close the sale.

On our house purchase, the seller had an issue, so we rented the house for $1/month until they got the issue resolved. Turned out to be nearly 6 months of $1 rental
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Old 01-01-2021, 10:09 AM   #22
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If you can determine that the price is fair, sell the house if you're comfortable with the later possession date.

As to giving some of the commission to charity, I can't think of any reason why any charity should be involved in the normal sale of a house.
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Old 01-01-2021, 10:42 AM   #23
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... I wouldn’t ask the agent to reduce the commission. Why should it matter how hard the agent works. The agent brought you a buyer and that’s what matters. You would have paid the commission anyway. You don’t want to come off as a miser or petty. That’s how it works sometimes. If they sell the house quickly in-house, they should get all the commission. It’s the way the business works. ...
I don' understand this at all and I think it's a bit idealistic.

OP hired the agent to sell the house. Her role is legally as a fiduciary, to get the OP the best deal regardless of her own financial interests. I'm sure there was also the usual sales pitch for her skills, her resources, etc. and how hard she would work.

Bringing an offer like this is suspiciously close to being a breach of fiduciary duty, by avoiding exposure to the market and ensuring that she gets both sides of the commission. And, as someone mentioned, did she lowball the asking price to make the property easier to move? Hard to tell.

So for the OP to negotiate for a reduction of thousands of dollars in commission is neither petty nor miserly. His fiduciary agent is asking to be let off the hook on really working the listing and optimizing the price, plus she is feathering her nest by arranging to not risk having a commission split. (@Letj, if you think worrying about a few thousand dollars, please send me your petty cash.)

One tack I might take is to say "Gee, this is great. We got a full price offer before the property was even exposed to the market. Let's raise the price when you publish the listing." At that point she will be well set up for the commission negotiation.

And, who cares about being viewed as petty or miserly? This is almost certainly a one-time transaction with someone the OP will never see again. It is not happening in the context of a bigger relationship where what the agent thinks might matter. Negotiation is the way business works.
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Old 01-01-2021, 12:00 PM   #24
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I don' understand this at all and I think it's a bit idealistic.

OP hired the agent to sell the house. Her role is legally as a fiduciary, to get the OP the best deal regardless of her own financial interests. I'm sure there was also the usual sales pitch for her skills, her resources, etc. and how hard she would work.

Bringing an offer like this is suspiciously close to being a breach of fiduciary duty, by avoiding exposure to the market and ensuring that she gets both sides of the commission. And, as someone mentioned, did she lowball the asking price to make the property easier to move? Hard to tell.

So for the OP to negotiate for a reduction of thousands of dollars in commission is neither petty nor miserly. His fiduciary agent is asking to be let off the hook on really working the listing and optimizing the price, plus she is feathering her nest by arranging to not risk having a commission split. (@Letj, if you think worrying about a few thousand dollars, please send me your petty cash.)

One tack I might take is to say "Gee, this is great. We got a full price offer before the property was even exposed to the market. Let's raise the price when you publish the listing." At that point she will be well set up for the commission negotiation.

And, who cares about being viewed as petty or miserly? This is almost certainly a one-time transaction with someone the OP will never see again. It is not happening in the context of a bigger relationship where what the agent thinks might matter. Negotiation is the way business works.
Being fair is nice though, who knows how many homes or how long the agent worked with the potential buyer? So that part of the commission is separate from the other part. We actually have no idea that the agent isn't bringing a great offer for both parties. In theory the agent will eventually sell the house hunter a home somewhere and get a commission. This breach of duty stuff is a little overblown.
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Old 01-01-2021, 08:57 PM   #25
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Being fair is nice though, who knows how many homes or how long the agent worked with the potential buyer? So that part of the commission is separate from the other part. We actually have no idea that the agent isn't bringing a great offer for both parties. In theory the agent will eventually sell the house hunter a home somewhere and get a commission. This breach of duty stuff is a little overblown.


Exactly my sentiments. I have no idea how Oldshooter came to such a conclusion. Many agents work with buyers for months before they find them a house so she may have earned her commission and presumably the agent did a market analysis and presented it to the seller before they settled on a listing/sales price. She may have even helped the seller to stage and prepare the house for sale. We don’t know all the facts.
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Old 01-01-2021, 11:09 PM   #26
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Years ago I saw a house I wanted come up for sale, so I phoned the listing agent and told her I wanted to buy it.
I saw it the next day, and put in an offer.
She was both buyer and seller agent, and she did ZERO work before the offer with me.
I didn't care that she got both commissions as the seller pays them, and I figured it would help her with her fiduciary lying to the the seller.
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Old 01-02-2021, 06:44 AM   #27
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...and I figured it would help her with her fiduciary lying to the the seller.
Can you elaborate?
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Old 01-02-2021, 10:58 AM   #28
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I’ll offer some prospective, from someone who just listed and sold my home (in a hot Boston market). Our house sold for 10% above list price (which was above the “zestimate”), with 18 offers in 1 day.

I recommend watching the local market to see what comparable houses are for sale and which have sold recently (we used Zillow, Redfin, etc.). When we did this for about a month we realized the following:

- There was low inventory of comparable homes (1 or 2 comps would pop on the market every week or so).
- Unless the home was dilapidated, almost all homes in our area were selling 5-10% above the Zillow estimate (some homes we bid on and lost, sold for 30%+ above asking).

Some other interesting observations from our housing sale /search:

- Almost no home is being sold with contingencies (so don’t accept any!).
- When we sold our home, the “worse” offer was asking price, with a home inspection contingency.
- Over the last 3 months or so, recent sale prices (listed on Zillow, Redfin, etc) seem to lag approximately 5% of current “home values”.


In brief, I personally wouldn’t accept an off the market offer.
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