The first thing Tim said when I picked up his call was, ‘you know you’re not getting rid of us right?’
They closed on their new home in Oregon earlier this month. Now they’re selling their long time home out of state and Tim took me seriously when I said ‘I’m always one call away.’ I had a feeling the phone call had nothing to do with their new home, and I was right. He was looking for advice on their sale and well, that’s what I’m here for.
Long story short, their listing agent brought a buyer their way, first day on market who wants to write an offer. Should the sellers choose to accept this offer it would become a dual limited agency situation, meaning that the listing agent is now equally representing both parties (buyer and seller). When this happens, the listing agent becomes partial to both parties, they cannot give unbiased advice because they know the cards on both sides. The sellers, Tim & his wife in this case, lose their individual representation by the listing agent.
The first thing we discussed on the call was keeping all scheduled showings. As it stands now, there is not an offer -in writing- on the table, so they need to proceed forward with all the buyers interested in their home.
Secondly, I suggested that they negotiate the commission down should they agree to dual limited agency and move forward with this buyer. I gave him a range, suggested he start low at a specific percentage and agree to an upper amount 0.5% higher should there be any push back.
All in all, the call took 10 minutes. Tim felt equipped with an outside opinion to properly advocate for himself in this unique situation. The next day he texted me with an update, his call to me is saving them $14,000.
I mean it when I say I’m always one call away. I love a good negotiation, even if it’s not my own transaction. Clients call me all the time for advice, sometimes it’s a family member going through a real estate transaction or their friend. While real estate practices vary state to state, laws as well, generally the overall business is similar.
If I can be of sound advice – assuming the question doesn’t require a professional in a different field – I’m here to help!
Amanda
Blog Post Photo - A picture I took from the yard of their new home in Oregon.
