What To Do When A Real Estate Agent Knocks On The Door – Zoomer

What To Do When a Real Estate Agent is at The Door

What To Do When a Real Estate Agent is at The Door

Knock, Knock It`s Your Local Realtor


First of all, think before you let them in.  Most of us have experienced getting a letter in our mailbox or a knock on the door from a real estate agent saying they have someone who wants to buy our house.  Now, there are two possible responses. The first, no they are going to have to take me out of here in a box!  Or second, hey,  if the price is right I`ll consider it.

If this realtor is sincere and does have and offer then here is where you will sign  an exclusive agreement to sell the your property.  An exclusive agreement is between you, the owner of the property and the brokerage.  This contract is for a short period of time, in this scenario typically a week, and commission would only be paid to the selling brokerage.  Because it is an exclusive agreement,  be aware that your listing will not be posted  on mls.ca.  as you are not marketing your house to other brokerages.  If you are unable to come to an agreement with the potential buyer  then when the contract expires both you and the brokerage are no longer legally bound.  It should be noted that in exclusive agreements there is no minimum period of time, in contrast with MLS listings where most real estate boards require a minimum contract period.  In Toronto where I work it is 60 days.                                                                                                                   

Now,  you’re not expecting your realtor to work for free.  Considering they have brought forward a qualified buyer then you should negotiate a fair commission to reward them  for their efforts.   The next issue you will want to tackle is determining what is a fair market evaluation of your home.  This should be done by reviewing recent sold listings (within the last 6 months)which are similar to your property therefore allowing you to establish an fair and accurate market price.

With any agreement to purchase expect any offer to contain conditions.  The two most common conditions are financing and house inspection.  These are for the buyers benefit, with the former securing the bank’s approval that the house’s actual value is represented in the agreed selling price and the latter to evaluate the home’s mechanics, structure and appliances to ensure there are no major deficiencies  .  If a home inspector discovers a major problem, the normal recourse is to have the seller either repair the problem or negotiate a reduction in the  price allowing the buyer to remediate once they get possession.

Now when you open the door you will be prepared for what awaits you on the other side.



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