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#412416 - 09/09/12 06:54 PM Realtor Signed Up with Only Some of the Sellers
daver1 Offline
Junior Member

Registered: 09/09/12
Posts: 1
Loc: North Carolina
A piece of property has 6 Owners, all of whom have decided to move in the direction of selling. The sales goals of the 6 owners differ (some would accept lower prices, some want higher prices). A Realtor signed some type of contract with two of the Owners, without knowing whether all Owners would sign up with her or not. The Realtor indicates she is working for buyers and also the two Owners (dual agent). The Realtor indicates she is not marketing the property, but has offers, presumably from buyers who are also her clients (I presume Realtor cannot market the property since she has contracts with only two of the Owners instead of all of the Owners).

The other four Owners do not wish to sign up with this Realtor, and things have become adversarial between the Realtor and some of these. These other four Owners have attempted to find another realtor with whom all the Owners would be willing to sign up as a Sellerís agent rather than a dual agent. But no other realtors are interested given that there is the Realtor discussed above who is already signed up with two of the owners. It seems therefore, that to market the property, the other four owners have no choice but to sign up with the Realtor above.

By signing a contract with only two of the Owners, the Realtor cannot be representing the best interests of all of the Owners, some of whom prefer a Sellerís Agent, and some of whom want to sell at a higher price versus a lower price. The Realtor has put herself in a position of advantage where the other four owners need to sign with her in order to have the property actively marketed. Since the property is not being actively marketed, some of the Owners doubt that the offers that the Realtor is bringing from buyers are really competitive.

Is this activity by Realtor above ethical? Are the contracts signed with the two owners valid, given that contracts have not been signed by other four owners with Realtor?

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#412417 - 09/09/12 07:33 PM Re: Realtor Signed Up with Only Some of the Sellers [Re: daver1]
Ben34105 Offline
Ubiquitous Mod
Major Contributor

Registered: 02/25/05
Posts: 2304
Loc: Florida
In my area the contract is not valid. Sounds like a wonderful bunch of owners. I wouldn't work for them either.

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#412418 - 09/09/12 07:44 PM Re: Realtor Signed Up with Only Some of the Sellers [Re: daver1]
broker Offline
Major Contributor

Registered: 08/16/04
Posts: 2066
Loc: Cary, NC
How is title held - is it Tenants in Common, Joint Tenants? are they selling only their interests or does it require all parties to be party of the listing agreement? that info will provide your answer.
_________________________
the real estate industry is changing...

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#412422 - 09/10/12 12:11 AM Re: Realtor Signed Up with Only Some of the Sellers [Re: daver1]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7950
Loc: Vermont's North-East Kingdom
Originally Posted By: daver1
". . . Are the contracts signed with the two owners valid, given that contracts have not been signed by other four owners with Realtor? . . ."

So what's she doing, entering into separate Listing Agreements with each Owner? With the same start and stop dates ?

If I were this Agent, I'd just forego the Listing(s) all together and write up an Offer on behalf of my Client Buyers and then try to locate and present it to as many of the Six (6) Owners as possible . . . . maybe if a majority can be convinced to make a Counter-Offer, the minority will come around ?

Why fiddle around becoming a Dual Agent when you don't need to? Life's complicated enough without going through all that nonsense; but these are strange times and desperate people will sometimes engage in wishful thinking and activity like this . . . . especially new Agents ! And now maybe even some who are not-so-new.

I won't comment on whether all of this activity is ethical, or even legal, in North Carolina; but it certainly does appear somewhat bizarre, and I don't smell money coming out of all this effort.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#412444 - 09/10/12 01:35 PM Re: Realtor Signed Up with Only Some of the Sellers [Re: daver1]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2404
Loc: Outer Banks
2 out of 6 signatures does not make a contract. You do not have to work with this agent and you should be able to find an agent willing to help. Keep looking.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#412446 - 09/10/12 01:56 PM Re: Realtor Signed Up with Only Some of the Sellers [Re: daver1]
Kjmendy Offline
Veteran Member

Registered: 05/17/10
Posts: 935
Loc: London, Ontario
How is the property registered? Locally we would require signatures from everybody who is on title.

So that should be all 6 people based upon the OP, however it is possible that not all 6 are on title if a corporate or trust was used.

If you require all 6 signatures, then the 4 non signers need to take the issue either to the broker or the MLS board and get the listing declared invalid.

In any event the 6 all need to get on the same page if they are going to have any chance of selling successfully.

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#412447 - 09/10/12 02:28 PM Re: Realtor Signed Up with Only Some of the Sellers [Re: Kjmendy]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7950
Loc: Vermont's North-East Kingdom
Originally Posted By: Kjmendy
If you require all 6 signatures, then the 4 non signers need to take the issue either to the broker or the MLS board and get the listing declared invalid.

Or they could do nothing, and just refuse to sign any Purchase and Sales Contract or any Deed that is drafted to transfer the property.

Who is the OP in this discussion anyway . . . . one of the other 4 Owners, a dis-gruntled Broker who wants the Listing, or just an interested by-stander ?
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#412452 - 09/10/12 03:12 PM Re: Realtor Signed Up with Only Some of the Sellers [Re: daver1]
slcagent Offline
Member

Registered: 05/11/12
Posts: 37
Loc: Salt Lake City, UT
Sounds like a mess to me. If I were the Realtor I would just focus on the buyers, drop the sellers side and present all offers to all the sellers. Sounds like a pocket listing at this stage, but I really don't know enough info to say for sure.
_________________________
Salt Lake Condos for Sale

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#412474 - 09/10/12 07:11 PM Re: Realtor Signed Up with Only Some of the Sellers [Re: Vermont]
DueDiligence Offline
Major Contributor

Registered: 12/05/06
Posts: 1635
Loc: Wild Wild West
Originally Posted By: Vermont
Originally Posted By: Kjmendy
If you require all 6 signatures, then the 4 non signers need to take the issue either to the broker or the MLS board and get the listing declared invalid.

Or they could do nothing, and just refuse to sign any Purchase and Sales Contract or any Deed that is drafted to transfer the property.

Who is the OP in this discussion anyway . . . . one of the other 4 Owners, a dis-gruntled Broker who wants the Listing, or just an interested by-stander ?


I agree. Any owner can sign a listing agreement, whether per the example in this thread, or a spouse can sign a listing agreement without the signature of the other spouse, etc. HOWEVER, a Purchase Contract has to be signed by ALL owners. If not, the property cannot be sold.

Depending on how title is held between the six parties (tenancy), the agent who signed only TWO of the owners may be involved in a futile effort OR may be able to sell the two shares depending on the agreements between the parties including but not limited to, right of first refusal, right of approval, etc.

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