Relocate to Wisconsin : A One Party Listing...IS all about the Party...

A One Party Listing...IS all about the Party...

 The longer you are a Realtor, the greater the possibility there is for a one party listing. One party simply means that the listing agent knows someone.. it may be their own customer one of another agent's...that buys a listing that never goes to one partyMLS. There is a listing agreement of course, but it is limited to the private showing of a specific or sometimes more than specific buyer for a limited

 period of time.

     For the Seller, it means that the listing does not "hit the market"...there are not multiple prospective buyers and agents. No competition. For some Sellers, that can be a welcome relief...the elderly or for someone who may be physically incapacitated or for other personal reasons, welcomes the privacy of fewer showings.bidding

   There are no bidding wars...the Seller(s) set a price on the contract and decide whether or not they want to accept it. A one party is not a guaranty the Buyer will buy or the Seller will sell at the price listed on the contract...which in no way differs from any other contract.

   It can be a comfort to a Seller to know that the property is sold without the disruption that a typical listing brings while at the same time, they are choosing  a price that they believe is equitable and works for them.

    One Party...is really a party...all about the Seller(s)...an option they chose that is comfortable for them in every sense of  the word.

       This is a Real Estate public service post brought to you courtesy of Sally K. & David L. Hanson, Broker Associates with Keller Williams Realty...honored to be at your service for all things real estate in southeastern Wisconsin.

 

    

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Comment balloon 36 commentsSally K. & David L. Hanson • December 10 2016 10:55AM

Comments

Often I do inspections on a property for a buyer who was introduced to the property before it went on the market because the agents knew each other and each other's clients.

Posted by Jay Markanich, Home Inspector - servicing all Northern Virginia (Jay Markanich Real Estate Inspections, LLC) about 1 year ago

Good morning Sally K. & David L. Hanson , it happens a lot around here.  Places are sold before they hit the market. 

Posted by James Dray, Exceptional Agents, Outstanding Results (Fathom Realty AR LLC) about 1 year ago

Some MLS services require that all listings must be placed on the MLS.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) about 1 year ago

Good morning Sally and David.  We call them conditional listings here in Florida (or that's what I call them anyway).

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) about 1 year ago

Good morning Sally and David. Happens all the time, especially if you have someone interested in a FSBO.

Posted by Wayne Martin, Real Estate Broker (Wayne M Martin) about 1 year ago

Again, that happens in my market here in Phoenix.

Posted by Harry F. D'Elia, Investor , Mentor, GRI, Radio, CIPS, REOs, ABR (Real Estate and Beyond, LLC) about 1 year ago

This is what I would call a pocket listing. It can have its advantages, but I also think there may be potential liabilities if not handled correctly.

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (RE/MAX Executive | Charlotte, NC) about 1 year ago

So nice to have this and the buyers ready and panting for this one house in a private sale...I hope this happened this month & a true wrapped present for you Sally K. & David L. Hanson 

Posted by Ginny Gorman, Homes for Sale in North Kingstown RI and beyond (RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate) about 1 year ago

I am sure some sellers prefer this . This way the photos of their home are not all over the internet.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) about 1 year ago

Good morning Sally & David. A one party listing can work for some and when it does it makes life easier.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) about 1 year ago

Good morning, Sally K. & David L. Hanson what a nice post for all agents to read, understand and remember....I've done this many times in the past....and it's always welcomed by the seller....no open house events...no showings to tire kickers... PAINLESS.....

Posted by Barbara Todaro, "Franklin MA Homes" (RE/MAX Executive Realty ) about 1 year ago

Used to in the early 1980's have a slew of FmHA repos that I would see a lock box go on and we waited for the card in the PO box that signaled the starting line gun shot. And by the end of the day could pull off three sales because it was first come, first serve. And had to get the buyer ready before it hit to be ready and drop everything on these houses selling for in the teens and with 10% down, 12% financing for buyers. Small comissions but resales on these happened. But you are talking a little other horse of a different real estate house color. It happens.

Posted by Andrew Mooers | 207.532.6573, Northern Maine Real Estate-Aroostook County Broker (MOOERS REALTY) about 1 year ago

Good morning Sally K. & David L. Hanson ,

Each seller is different and some just don't want to go through the whole process with photos, open houses etc. I just had a client call me several months ago . I sold her a home in 2011 and due to a wonderful new relationship she told me she wanted to sell her home. We met and after signing everything a neighbor approached her and wanted to buy the house through his realtor she gave him my name and they presented an offer and my seller accepted. She is a private person and didn't want to go through the whole process, liked her neighbor and wanted it to work. I did list it in MLS as Pending after we were through the option period and financing condition was removed. The MLS needs comparable sales and these really help other sellers that come on the market to justify their prices. When they aren't reported appraisers have a tough time on the next listing making value.

Posted by Dorie Dillard, Serving Buyers & Sellers in NW Austin Real Estate (Coldwell Banker United Realtors® ~ 512.346.1799) about 1 year ago

Great post. I am dealing with a similar situation. In this case, the buyer is a renter that is going to purchase the rental property from the seller. We are still in the early stages but hopefully this "one-party" listing will go off without a hitch!

Posted by Jeff Stevens, Jeff Stevens REALTOR®/Associate Broker (Berkshire Hathaway HomeServices New Mexico Properties) about 1 year ago

Interesting, I understand the benefits to a seller who does not want a lot of showings for health or related issues. Not sure they get the best price, but if the seller sets the price with their eyes open to that, then you have met your obligation to introduce a willing and able buyer to your seller.

Posted by Nick & Trudy Vandekar, 610-203-4543, Tredyffrin Easttown Realtors, Philly Main Line (Long & Foster Real Estate Inc 610-225-7400) about 1 year ago

Good morning, Sally and David -- this is an important post for those in and out of real estate to read so I'm glad it has been awarded a gold star to increase visibility.  Real estate is not one size fits all so this strategy definitely has benefits.

Posted by Michael Jacobs, Los Angeles Pasadena Area Real Estate 818.516.4393 (Coldwell Banker Residential Brokerage) about 1 year ago

I wasn't familiar with the term. I guess this is my "learned something new" for today!

Posted by Sharon Tara, New Hampshire Home Stager (Sharon Tara Transformations) about 1 year ago

We call them one-party shows, and our MLS allows a waiver in Sacramento. Personally, I think a seller loses by signing one-party listings because they take will never know how much they might have sold for if they let every buyer see it. Limiting buyers generally means less money. Unless the buyer is so in love that they will pay any price, but I haven't run into too many of those.

Posted by Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents, Put 40 years of experience to work for you (Lyon Real Estate) about 1 year ago

Sally and David I can see the benefits of a One Party Listing, but giving up the competition for the property, and the opportunity to sell at a high price is a lot to give up.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) about 1 year ago

I just finished a similar transaction for one of my clients. He wanted to buy a lot next to one he already owns.  It was not on the market, so I contacted the owner. We have a form in Arizona called The Unrepresented Seller Compensation Agreement. I used this form in my approach to the Seller in order to claim my commission. This transaction was closed last month and my Buyer was able to buy the property at a price he wanted to pay.

Posted by John Mosier, Prescott's Patriot Agent 928 533-8142 (Realty ONE Group Mountain Desert) about 1 year ago

I beleive this is almost is standard practice in one of our upscale ski resort areas, however, these "insider listings" often come with a twist that all listings are kept in-house, or exclusive, and are kept to a small group of insiders.

..and as you are so good at public warnings....how about that double ending?  You know, where the Listing Realtor® takes both the BUY side & the SELL side commisisons...and while we are warning the public here, why don't Realtors® make sure their clients put down RETAIN SELLER'S RIGHTS in their listings so sellers can sell to their family and friends without paying $24,000 to the listing Realtor® for nothing but uploading a listing to listing site?

So please pity the poor Realtors® as they are always getting picked on and it is not their fault their training sucks.

Posted by Robert Harrington, Buy & Sell Homes by Phones (Harrington Homes Realty Inc) about 1 year ago

This rarely happens in my market. The closest is when the seller is approached by an agent and asked if they will sell to the agent's buyer. Some do say yes.

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) about 1 year ago

I've been asked to do this as well - I give them my pros and cons list, including the fact that they can likely sell at a higher price if given the opportunity for a bidding war.  Otherwise, they get everything they want, including a hastle-free 'listing.'  Some opt for the no-hastle and others will give take a long weekend away to give me the 3 days to bring them multiple Offers.  Those who opted for the 3-4-day active listing, always sell for more than they thought they would!  

The last one I did like that stayed in town at a hotel with their children and had family time without the worry of having to cook, clean and exit the house for showings!  We sold for well over the price that they thought they would be happy with.  We also had a back-up Offer and because of the back-up, the first buyers didn't request any repairs because they thought the sellers would say no to making any repairs!  Those clients are my walking billboard now!  LOL

Posted by Debe Maxwell, CRS, Charlotte Homes for Sale - Charlotte Neighborhoods (www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310) about 1 year ago

This is an interesting concept and it seems it may be appropriate in some situations.  

Posted by Joan Whitebook, Consumer Focused Real Estate Services (BHG The Masiello Group) about 1 year ago

Never been involved with one of these as an agent, buyer or seller. However, the seller should know the home's true market value to avoid regrets.

Posted by James (Jim) Lawson, DBA, Broker Associate, RSPS, BPOR, HI & PE (DomainRealty.com LLC) about 1 year ago

You raise excellent points that can be shared with a buyer and seller. It is important that everyone is clear about the sellers motivations and informed consent

Posted by Lise Howe, Assoc. Broker and Attorney Licensed in DC, MD, VA, (Keller Williams Capital Properties) about 1 year ago

I have taken many one party listings where the seller does not want to sign a long term contrct with a sign in the yard and you have a buyer for their property

Posted by Sham Reddy, CRS (H E R Realty, Dayton, OH) about 1 year ago

I have had many happy sellers and buyers when we did a single party listing.  That makes for a very happy ending for all involved.  

Posted by Teri Pacitto, Real Estate, Your Style...Your Home...My Specialty (Compass) about 1 year ago

I get quite a few sellers who opt to use this, they dont want to list, they dont want a sign, they dont want massive amounts of people but do want to sell. It works well Sally K. & David L. Hanson 

Posted by Scott Godzyk, One of Manchester NH's Leading Agents (Godzyk Real Estate Services) about 1 year ago

Single Party Listings are what it is - good for sellers and good for buyers, too Sally K. & David L. Hanson.

Posted by Praful Thakkar, Andover, MA: Andover Luxury Homes For Sale (LAER Realty Partners) about 1 year ago

There are times when this is the right way to go, as long as the seller has been fully informed about the market, pricing and the potential that they may be taking less than they might get on the open market.

Jeff

Posted by Jeff Dowler, The Southern California Relocation Dude - Carlsbad (Solutions Real Estate ) about 1 year ago

Sally and David, we sometimes get what we call a "One-Time Showing Agreement" that applies to a specific buyer or buyers.  It has a price and may contain other terms.  But it's more than an option.  

To make one work in this market, the price has to be high enough to make this pre-emptive offer attractive to the sellers.  And it does work best where the sellers need a hassle-free transaction, with not scrubbing or staging or people coming by.  

Posted by Patricia Kennedy, Home in the Capital (RLAH Real Estate) about 1 year ago

I believe a seller will get top dollar by putting the property in MLS.  That said, there are many reasons such as health that may make the idea of people coming through the house unacceptable.  As long as the sellers understand they MAY get more and agrees to waive a MLS listing this may be the best situation for the seller.  It is all about choices and we strive to provide the best service to our clients, and for some, this is the best approach to selling.  Nice post.

Posted by Shirley Coomer, Realtor, Keller Williams Realty, Phoenix Az (Keller Williams Realty Sonoran Living) about 1 year ago

Dear Sally & David,

I have used these with unrepresented sellers. They clearly want to sell, but are not hiring anyone to help them with the process.

Posted by Dörte Engel, ABC - Annapolis, Bowie, Crofton & rest of Maryland (RE/MAX Leading Edge) about 1 year ago

Your post and the comments just serve to show that different people have different objectives, and not all transactions can fit a cookie-cutter.

Posted by Marte Cliff, your real estate writer (Marte Cliff Copywriting) about 1 year ago

I have a client like that - they will sell but only if it is a private sale - two babies under 3 is too much for them to deal with and to sell their house - just can't do it! 

Posted by Lise Howe, Assoc. Broker and Attorney Licensed in DC, MD, VA, (Keller Williams Capital Properties) 5 months ago

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