A One Party Listing...IS all about the Party...

By
Real Estate Agent with EXP Realty 414-525-0563 57026-90 Broker

 The longer you are a Realtor, the greater the possibility there is for a one party listing. One party simply means that the listing agent knows someone.. it may be their own customer one of another agent's...that buys a listing that never goes to one partyMLS. There is a listing agreement of course, but it is limited to the private showing of a specific or sometimes more than specific buyer for a limited

 period of time.

     For the Seller, it means that the listing does not "hit the market"...there are not multiple prospective buyers and agents. No competition. For some Sellers, that can be a welcome relief...the elderly or for someone who may be physically incapacitated or for other personal reasons, welcomes the privacy of fewer showings.bidding

   There are no bidding wars...the Seller(s) set a price on the contract and decide whether or not they want to accept it. A one party is not a guaranty the Buyer will buy or the Seller will sell at the price listed on the contract...which in no way differs from any other contract.

   It can be a comfort to a Seller to know that the property is sold without the disruption that a typical listing brings while at the same time, they are choosing  a price that they believe is equitable and works for them.

    One Party...is really a party...all about the Seller(s)...an option they chose that is comfortable for them in every sense of  the word.

       This is a Real Estate public service post brought to you courtesy of Sally K. & David L. Hanson, Broker Associates with Keller Williams Realty...honored to be at your service for all things real estate in southeastern Wisconsin.

 

    

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Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Ambassador
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Sally and David I can see the benefits of a One Party Listing, but giving up the competition for the property, and the opportunity to sell at a high price is a lot to give up.

Dec 10, 2016 04:59 PM #19
Rainmaker
538,465
John Mosier
Realty ONE Group Mountain Desert - Prescott, AZ
Prescott's Patriot Agent 928 533-8142

I just finished a similar transaction for one of my clients. He wanted to buy a lot next to one he already owns.  It was not on the market, so I contacted the owner. We have a form in Arizona called The Unrepresented Seller Compensation Agreement. I used this form in my approach to the Seller in order to claim my commission. This transaction was closed last month and my Buyer was able to buy the property at a price he wanted to pay.

Dec 10, 2016 05:01 PM #20
Rainmaker
37,783
Robert Harrington
Harrington Homes Realty Inc - Victoria, BC
Buy & Sell Homes by Phones

I beleive this is almost is standard practice in one of our upscale ski resort areas, however, these "insider listings" often come with a twist that all listings are kept in-house, or exclusive, and are kept to a small group of insiders.

..and as you are so good at public warnings....how about that double ending?  You know, where the Listing Realtor® takes both the BUY side & the SELL side commisisons...and while we are warning the public here, why don't Realtors® make sure their clients put down RETAIN SELLER'S RIGHTS in their listings so sellers can sell to their family and friends without paying $24,000 to the listing Realtor® for nothing but uploading a listing to listing site?

So please pity the poor Realtors® as they are always getting picked on and it is not their fault their training sucks.

Dec 10, 2016 05:13 PM #21
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

This rarely happens in my market. The closest is when the seller is approached by an agent and asked if they will sell to the agent's buyer. Some do say yes.

Dec 10, 2016 05:39 PM #22
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

I've been asked to do this as well - I give them my pros and cons list, including the fact that they can likely sell at a higher price if given the opportunity for a bidding war.  Otherwise, they get everything they want, including a hastle-free 'listing.'  Some opt for the no-hastle and others will give take a long weekend away to give me the 3 days to bring them multiple Offers.  Those who opted for the 3-4-day active listing, always sell for more than they thought they would!  

The last one I did like that stayed in town at a hotel with their children and had family time without the worry of having to cook, clean and exit the house for showings!  We sold for well over the price that they thought they would be happy with.  We also had a back-up Offer and because of the back-up, the first buyers didn't request any repairs because they thought the sellers would say no to making any repairs!  Those clients are my walking billboard now!  LOL

Dec 10, 2016 07:03 PM #23
Rainmaker
1,317,551
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

This is an interesting concept and it seems it may be appropriate in some situations.  

Dec 10, 2016 07:04 PM #24
Rainmaker
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James (Jim) Lawson, DBA
DomainRealty.com LLC - Bonita Springs, FL
Broker Associate, RSPS, BPOR, HI & PE

Never been involved with one of these as an agent, buyer or seller. However, the seller should know the home's true market value to avoid regrets.

Dec 10, 2016 10:07 PM #25
Rainmaker
1,678,461
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker and Attorney Licensed in DC, MD, VA,

You raise excellent points that can be shared with a buyer and seller. It is important that everyone is clear about the sellers motivations and informed consent

Dec 11, 2016 04:07 AM #26
Rainer
520,277
Sham Reddy CRS
H E R Realty, Dayton, OH - Dayton, OH
CRS

I have taken many one party listings where the seller does not want to sign a long term contrct with a sign in the yard and you have a buyer for their property

Dec 11, 2016 06:52 AM #27
Rainmaker
351,591
Teri Pacitto
Compass - Westlake Village, CA
Real Estate, Your Style...Your Home...My Specialty

I have had many happy sellers and buyers when we did a single party listing.  That makes for a very happy ending for all involved.  

Dec 11, 2016 09:25 AM #28
Rainmaker
2,997,982
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

I get quite a few sellers who opt to use this, they dont want to list, they dont want a sign, they dont want massive amounts of people but do want to sell. It works well Sally K. & David L. Hanson 

Dec 11, 2016 03:19 PM #29
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Single Party Listings are what it is - good for sellers and good for buyers, too Sally K. & David L. Hanson.

Dec 11, 2016 03:50 PM #30
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

There are times when this is the right way to go, as long as the seller has been fully informed about the market, pricing and the potential that they may be taking less than they might get on the open market.

Jeff

Dec 11, 2016 04:56 PM #31
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Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Sally and David, we sometimes get what we call a "One-Time Showing Agreement" that applies to a specific buyer or buyers.  It has a price and may contain other terms.  But it's more than an option.  

To make one work in this market, the price has to be high enough to make this pre-emptive offer attractive to the sellers.  And it does work best where the sellers need a hassle-free transaction, with not scrubbing or staging or people coming by.  

Dec 11, 2016 05:11 PM #32
Rainmaker
294,827
Shirley Coomer
Keller Williams Realty Sonoran Living - Phoenix, AZ
Realtor, Keller Williams Realty, Phoenix Az

I believe a seller will get top dollar by putting the property in MLS.  That said, there are many reasons such as health that may make the idea of people coming through the house unacceptable.  As long as the sellers understand they MAY get more and agrees to waive a MLS listing this may be the best situation for the seller.  It is all about choices and we strive to provide the best service to our clients, and for some, this is the best approach to selling.  Nice post.

Dec 12, 2016 04:57 AM #33
Rainer
497,783
Dörte Engel
RE/MAX Leading Edge - Bowie, MD
ABC - Annapolis, Bowie, Crofton & rest of Maryland

Dear Sally & David,

I have used these with unrepresented sellers. They clearly want to sell, but are not hiring anyone to help them with the process.

Dec 12, 2016 09:17 PM #34
Rainmaker
1,537,730
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

Your post and the comments just serve to show that different people have different objectives, and not all transactions can fit a cookie-cutter.

Dec 13, 2016 10:44 AM #35
Rainmaker
1,678,461
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker and Attorney Licensed in DC, MD, VA,

I have a client like that - they will sell but only if it is a private sale - two babies under 3 is too much for them to deal with and to sell their house - just can't do it! 

Oct 05, 2017 04:50 AM #36
Anonymous
Randi Biba

I wasn't familiar with the term One Party Listing. So if I wanted to do this one party listing, does the Seller sign a Listing Agreement, and how long is the term of the listing, just for one day? Can you be more specific please? Thanks for your help.

Sep 11, 2019 10:19 AM #37
Rainmaker
3,253,133
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

You should check with your Broker for the procedure if there is one in your state @Randi Biba. Here it is from the date before the listing is shown thru closing that the listing agreement is signed which can also apply to a FSBO which you may be taking a Buyer to see.

Sep 11, 2019 10:28 AM #38
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Sally K. & David L. Hanson

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