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Attention Home Buyers and Listing Agents

By
Services for Real Estate Pros with The Real Estate Investment Institute 1retiredsage

 

 

 

Attention home buyers the listing agreement is not part of the your Sales Agreement, Offer and Acceptance, O & A, or Purchase Agreement! No matter what the listing agent might say!

 

Attention listing agents your agreement with the seller is not part of their contract with the buyers!

 

Buyers beware! If it’s not in your contract your are not bound by it!

 

Attention Buyers, Sellers and Agents. Sellers will often put conditions of sale in their listing agreement and well they should, but they have no effect on your contract to buy.

 

One frequent item is personal property to be included, just because it’s on the listing agreement (A contract between the Sellers and their Agents employing Broker.) Does not mean you’re entitled to the personal property! If you want it, it’s got to be included in the purchase agreement!

 

It’s the same with improvements, repairs, and even finishing a new property!

 

FHA use to play this game by claiming that items on their web sight and handbook were part of the Agreement, with out referencing them on the O & A. They claimed that it was their rules. The problem was they operated through brokers who had to comply with local law! I got that stopped 12 years ago in 12 states when they sized my clients deposit. I don’t know what they’re doing now it was the last time my clients or students tried to by an FHA-REO.

 

Another potential evil is a file fee imposed by the listing broker to collect money they don’t split with their listing agents! They included this charge in the listing agreement saying it’s to be shared buy the sellers and buyers! The problem is it’s often left off the sales agreement, if it is you the buyer are not responsible for it. I’ve seen this hyped as necessary to keep the records for 7 years, but though it varies from state to state they are required to keep them by law.

 

You, whether buying or selling  take your O & A to closing to compare what you agreed to pay with what you’re being charged! Every thing must be included. Usual and customary is never acceptable! If it’s not in the offer it’s not part of the sale.

 

Buying or selling your only protection is the personal integrity of your agent, not the other guys agent or sub agents!

 

 

Posted by

Bill

William J Archambault Jr

The Real Estate Investment Institute

wja@reii.org      Cell 832-259-7078,      Houston 832-582-8415,       Las vegas 702-516-1569

     http://www.reii.org  Back Cover One House At A Time http:www//reii.orghttp://www.flippingforfunandprofit.info/ http://www.billarchambault.com   

From my past: GRI 1975, FLI 1974, Catalyst from a client 1974 an agent that makes things happen, REII, The Real Estate Investment Institute 1995.

http://www.reii.org

©William J Archambault Jr   ©The Real Estate Investment Institute   ©REII

Comments(8)

William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I tell my agents this all the time.  If your buyers want it....write in the PA otherwise they could be out of luck.

Aug 21, 2011 01:32 PM
John Pusa
Glendale, CA

William - Thank you for sharing detailed quality information and blog about listing agreement between seller and listing agent.

Aug 21, 2011 04:47 PM
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Bill Mr. Feela,

It can't be said enough!

If it's not in writing it's not part of the deal!

Keep up the training, we're all better off from it.

Bill

Aug 22, 2011 12:52 AM
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

John,

You're welcome.

Bill

Aug 22, 2011 12:53 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Bill, a Buyer can never be to careful, and never assume anything.  Putting it on the Purchase and Sales agreement removes the doubt, unfortunately there are still those that assume.

Aug 22, 2011 01:02 PM
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

George,

If it's not in the O & A it doesn't exist! Listing contracts only bind/obligate the sellers to pay their broker. Content included in the listing, even the legal description does not bind the seller to the buyer.

Bill

Aug 23, 2011 07:45 AM
Maya Swamy
Funds Available - Long Beach, CA
Ph.D. Long Beach, CA - fundsavailable.com

You've made some important points here. Points that are easy for a startup agent to miss.

Aug 28, 2011 03:00 PM
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Dr. Swamy,

I wish it were limited to startup agents.

Bill

Aug 28, 2011 04:47 PM