Hi - I'm a newbie here and this looks like a resourceful forum so I'll try my question here...

I signed a 6 month listing agreement about a month ago after negotiating a rate for the same realtor to both buy and sell for me. We were re-assured that our property would not be listed until we've found the right home to buy and I assumed that we're setup as far as contracts go for the next 6 months.

1 month in we're still looking at potential homes to buy, but now the agent is asking us to sign an extension to the listing agreement for an additional 60 days. I don't have too much of a problem with this as obviously I'm still not ready to list yet and so far am happy with this agent ... until he mentioned that if we don't sign the contract he will have to list our property !

He didn't mention to me when I signed the original 6 month contract that I'd need to come back to sign again in 1 months' time, so this is a surprise for me.

So is this normal practice and is there some other reason why he would ask for this?

I am assuming that we had to sign a listing agreement to guarantee the rate we negotiated - am I wrong?

Advice appreciated,
Thanks.

None of what your doing is normal. Your first mistake is shopping for a house before you sell the one you own. When you do find the perfect house at the perfect price will you be able to buy it without selling? If not then put your house up for sale first.

If I were your agent I would not discount both deals. I might offer a discount on the second deal if you weren't too difficult of a client.

I was thinking the same thing.

Why would you hold off from listing your home until you find a home to buy? Can you afford both homes? If not, you will need to sell the first one. Why not list the home, then go house hunting? I don't know what the market is like in Canada, but it is taking longer for most homes to sell right now. That means that you should have a bit of time to look while your home is listed.

Very uncommon situation.

I can't even think of what your agent is doing???

Just to get one thing out of the way...everything is negotiable.
Although some brokerages have certain commission rate policies.
But either way, just because an agent offers you a "deal" doesn't mean you are bound to sign an agreement and go with that agent.
Especially if you feel uncomfortable with the situation you are being put in.

I'm with Bigtoe and Agent007 regarding selling first.
Especially if you need the cash from your current home to buy your new home, I would list it.

If you are seriously uncomfortable with that option, and feel discouraged because you aren't finding the right home for you, I would check with your lender and look see if you might qualify for a Bridge Loan that would enable you to buy first and sell after. There are added fees, etc. So talk to your lender about this and other possible options.

Hey you can do everything, He signed with you lock you up and you signed with this agent to lock up your rate. So you can extend with one more or more months. If the market is your area is bad just sell first then buy because your property losing value every day, if the market is appreciating so first buy then sell. Simple math........