Expert: Karyn Foley - 4/3/2008

Question
Hello Karyn,

I hope you can help me.  I signed a Residential Listing Agreement over 2 weeks ago - future dated to begin on 4/11, since we weren't ready to begin house showings.  We spread the word around our neighborhood that we were selling the house, not expecting any interest given the market right now.  However, another agent called us yesterday with possible buyers. Possibly too good to be true, but my question is, with a future dated listing agreement, if we should get an offer prior to 4/11, are we obligated to the terms of the agreement, and the associated commission?

Answer
Dear David:  I do not have a copy of your agreement, so am not certain of your obligations.  However, I am wondering why the other agent is so hot to skip over a colleague.  I am of the mind that everyone needes representations, especially with a situation such as this.  The moral, logical and most strategic thing to do is to have the agent with whom you are going to hire next week call this other agent.  Work with the future agent with this other agent.  If this is a real deal, then you are going to be supported by a professional.  If this is not a real deal, then just wait until the 11th.  I see things like this happen all the time.  I have my doubts about the other agent with possible buyers.  All of us have "possible buyers".  What you want is to have some one else, a neutral professional party who has your interests supported to handle all aspects of your sale.  This not only gets you the best price possible, it directs buyers to lenders, gets them pre-approved, handles all of the mandatory forms such as disclosures, and quarterbacks the entire transaction.  Put the agents in touch with one another, and see how it really plays out.  The other agent, if there is truly real possible buyers, should have asked you if you wished to have the April 11th agents called in your behalf.  Let me know what happens.  If it seems to be too good to be true, go with your instincts.  I share them.  Good luck,Karyn Foley