Seller’s broker wants to buy his client’s out-of-state property for below list price
Q: I just signed a oneyear listing agreement to sell some out-of-state vacant land. The broker called me the same day to make me an offer on behalf of his construction company at about 15 percent lower than list price. I countered and he said he would talk to his partner and get back to me. Now I fear my property is tied up with him for a year and he hopes I will tire of the carrying costs and meet his price. I fear he will not use his best efforts to sell it. Is this ethical or legal?
A: In California, you could easily end a listing with a bad beginning. Your fear is correct. Let him be afraid of being fired with cause. Politely detail all your thoughts. Once he knows you are not stupid, he might smarten up and get to work.
Q: Last year, after listing our home, we were not able to find a replacement home, so we asked our agent to cancel our MLS listing. He claimed that if we did, that agents trying to take over his job would inundate us. He asked that we let the MLS expire instead. We listened to his advice, and since our MLS expired a couple of months ago, we’ve gotten so many calls from agents. Somehow, these agents were able to contact our daughter. Not only that, but we are hearing from unethical agents criticizing what he may have done wrong! Two months later we still get calls up until 8 p.m.! What gives?
A: Bad advice. Letting a listing “E” (for expire) is asking for trouble. “C” for cancel indicates you probably decided not to sell. “W” for withdrawn means you still have a valid listing contract. Your agent should have removed your phone number earlier off the listing. Then change the listing status to “W” for withdrawn, and then run out the clock. And always write remarks in the MLS that the seller has decided not to sell. In the future, have your agent use their own phone number to take calls from prospective buyers.
Buying or selling real estate? Realtor Pat Kapowich provides turnkey services including relocation, staging, market analysis and strategic planning. 408-245-7700 or Pat@SiliconValleyBroker.com.