Just got an email from a company to list a REO. They stated the list price, requirements, ect...and for me too get this done in the next 24 hrs.

Question...all the other companies have sent me an actual listing agreement...do they all send one or do some of the companies not? I really want something in writing...and I have no idea what the commission would be and the BB side nothing...so I really can't put this in the MLS until I have more info...would I assume this is correct that I do indeed need an agreement???
Thanks!

Angie

Not that I'm an expert, but I have always gotten an actual agreement and I think you need one for the reasons you mentioned. You can't put it in the MLS without knowing the BB % anyway.

Thanks, that is what I thought too...

Angie

I would contact them and let 'em know that you cannot proceed without a legal contract, on paper, signed by all parties, and that you cannot put it on the mls without that.

Some use a master listing agreement and then a supplement for each property. Do you remember if you signed or agreed to a master listing agreement when you registered with this company.

In general, they can use their own letter as a listing agreement, but it needs to state the parties, property description, beginning and ending date, list price, and commission rate.

I did not sign up with this co. they just emailed me and asked me too take a listing for their co.
They gave only general info like the price and what they want the MLS to say about pre-approval and earnest money...just general stuff but no specifics.
I thought I needed an agreement,without one everything is just kinda up in the air and I don't know anything... thanks everyone~
I appreciate the help!!

Angie

If I have a company that doesn't have their own listing agreement, then I fill out one of ours and send it to them to be signed. I put my regular commission on it, and if they have a problem with that, they will let you know. Tell them it doesn't go into the MLS without a signed agreement. You especially don't want to spend any money on this without something in writing and knowing reimbursement procedures.

Exactly what KY just said.

All of that, and make sure they're not going to try to take back half of the listing commission on a "referral" fee......I've seen one that had the referral at almost 50% but, of course, none of that was mentioned over the phone; I found that when I asked them to send me their listing docs to review.

They do want a referral but not too much. How is this taken off the commission? If it's 20% is that taken from the commission?? Like 20% of whatever the commission is..not sure I understand how that works...

Thanks!
Angie

The 20% should come off the listing side. For example--if commission is 3% list and 3% sell, on a $100,000 home the listing commission would be $3000, you would pay a referral fee to them of $600. It should not affect the selling side.

Oh okay..thanks KY. I understand alot better now!!

Angie

Somtimes companies will take 1% of the 6% total commission and split what is left 50/50.

Example:
6% total comm
1% referral
2.5% listing comm
2.5% co-op comm

Or here's another

6% total
1% referral
2% listing
3% co-op

Sometimes the percentage is taken off of the total sales price, and that total subtracted from the listing comm. and somtimes it is a percentage of the listing comm.