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  • Mistakes that Salt Lake Sellers Make. Number 1

    Posted on September 23rd, 2010 admin No comments

    1. The neighbor said his daughter wants to buy my house.  Should I see if they’re serious before listing?

    Selling your home to the neighbor and listing your home are not necessarily mutually exclusive.  This scenario happens more often than you might imagine.  Letting friends and family know that you are going to sell brings out all sorts of responses in people.  Most of them well meaning.  Yes, your neighbor, cousin, or orthodontist  may suddenly announce that they have always wanted your property but they also want to bicycle across France someday.

    There is a way to force them into action, still list your home and be fair to everyone.  It is called an exclusion clause.

    Simply put, let your agent know the whole story and suggest that you want to still list your home but with the neighbor excluded from the listing contract “for a specific time period” because of course you found them yourself prior to the listing being signed.  This means that if the neighbor follows through and really does make an offer in writing then you pay no commission.  In the mean time your agent is going to start marketing your home which will motivate the neighbor into getting off the fence.

    Both the potential buyer and your agent are motivated to make things happen, and you don’t waste valuable marketing time waiting for the neighbor to make up their mind.

    I would also recommend that you offer to pay the listing agent (through their broker) a reasonable fee to write up this offer and follow through to closing represented your interests.  The buyer feels they got a discount, your agent is gainfully employed and you get a legal  binding contract with professional representation at a discount.