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Buying or Selling a Home/Listing agreement & finding an unexpected renter
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Question
My husband and I have had our home listed for sale for 9 months. We built a new home and moved into the new house in January. The real estate market is terrible here in Ohio. We have had our house listed by a licensed realtor and have an exclusive right to sell listing with her. Unexpectedly, a relative came to us and inquired about renting our old house. It would be a win-win situation for all. They want to rent for a year and then buy a home and that might give us the time we need to ride out the poor market. How does this affect our listing agreement with our realtor? Can we decide not to sell and then sign a lease with a renter? How should we handle this with our realtor?
JEAN--
Your Listing Agreement is a legal contract between you and your Realtor. It would be inappropriate for anyone but a licensed Attorney --or your Realtor--to give you an opinion or advice on a contractual matter, as anyone else would be practicing real estate/law without a license! Further, without actually reviewing the written contract, one cannot answer your question with any specificity!
I suggest, though,that you talk to your Realtor about this situation; see if this can be a "win-win" for him/her, too! Perhaps the Realtor will let you out of the Listing Agreement just as a matter of "good will," OR for a promise to re-list it later--OR for a small "contract termination" fee--OR replacing the Listing Agreement for a contract making the Realtor your Property Manager for a small part of the rent generated by the relatives living in the house!OR maybe the Realtor will come up with some other way to make this work for all of you!
(NOTE:Being a landlord is NOT easy--especially with the tenants being relatives! It's so hard to deal with family or friends about late rents, damage to the home, unsightly yards, etc. It's best done by a Property Manager. Believe me;I speak from experience!)
I hope this has helped you get a good start on the solution to your problem... Good luck!
--JIM
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Answers by Expert:
- Dick Dennis
- Jessica Bryan
- liznarr
- Hans Weber, Licensed Broker Associate
- Sue Bernstein
- Karyn Foley
- Dottie Worthington
- Jim Root
- Russel Ray
- Connie Wildasinn-Broker,GRI,RealtorŪ
- Todd C. Menard
- Diann Tonnesen
- John Hendricks
- Jay Denit
- Matt Heisler
- Lisa Webber
- John
- Laurie Stephenson
- Marvin G. Bobbitt, III
- Nori J. Muster
- Sharon Huneycutt, Realtor, Associate Broker, GRI, e-PRO
- CJ Brasiel
- Jeff Kessler
- Kathryn Hisert
- Emily
- Ted Lewis
- Kerrin Kostelic, FL Broker Associate, GRI, AHWD
- Tim Norris
Jim Root
Expertise
How to select the right Real Estate Salesperson & Loan Officer--ones who will serve your best interests! House-hunting tips & suggestions on selection of the home best for your family needs. Introduction to the Home Buying Process & all the "Players" involved.What is of utmost important to the Homebuyer? Real Estate Contracts & Negotiations, Appraisal needs, Title Co. involvement, Home Inspection issues& the Closing/Escrow systems, etc. Whatever your question, the answer will follow, whether from personal knowledge or research! Gale, shown here with me, has been a Real Estate Office Administrator, licensed Realtor & has served as my Research Assistant over the years!
Experience
Over 30 years as a "Real Estate Professional." including Real Estate Marketing & Sales, Appraisal work, Mortgage Banking & as a Realty Officer with U.S Dept. of HUD's FHA Homeownership Division in Alaska, Washington & Idaho! Some experience in Montana, California, Utah & Nevada markets!Knowledge of National Markets by continuous Research!
Organizations
Former member of Nat'l Ass'n of Realtors (NAR) & Mortgage Bankers Ass'n of America (MBAA). Currently with National Association of Review Appraisers & Mortgage Underwriters (NARA/MU).
Publications
Published in various local, state, regional & national Real Estate-related magazines & newsletters!Co-author of various Govt. publications on Homeownership, Appraisals & Mortgages while with HUD/FHA.
Education/Credentials
Associate Degree in Real Estate Studies plus:
Numerous Real Estate-related Courses conducted by the U. S. Government & Private Industry over the past 30 years.
Bachelors Degree in Mass Communications,
Masters Degree in Education/Teaching
Awards and Honors
Professional Designations: Certified Residential Originator (CRO) from MBAA, Registered Mortgage Underwiter (RMU) & Certified Review Appraiser (CRA) from NARA/MU. Outstanding Peformance Awards for 10 of the 12 years with HUD/FHA & numerous Sales/Listing Awards while a licensed Real Estate Agent.
Past/Present Clients
No longer selling/listing Real Estate, nor Appraising properties, nor working in the Mortgage business, this "Real Estate Pro" serves as Director of a Company that provides Professional Development Seminars & Workshops to the "Real Estate Industry" and provides free (as needed) & fee-paid (on a sliding scale) consulting & inspection services to members of the general public.Your questions will be answered without "salesmanship" & with your best interests in mind!
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