Homes on the "Range"

[Seagrovedude]

Bobby,

I am being sarcastic about Shelley's negative attitude (seemingly toward everything). By the way, I have all of the Robert Fulghum books if you want to barrow.

 

[spinDrAtl]

VRM was used in the Park City, Utah market some years ago but I have not seen any indication of it in the last couple years.

 

[Smiling JOe]

Who's that, SHELLY or SJ?

Everyone knows that Shelly is the expert.

 

[Smiling JOe]

DavisProp,
Would it be true to say that the upper end of the price range is the price a seller will take with a bunch of contingencies and the lower end of the range, the price a seller may take for a cash, no contingencies type of offer?

FYI, Shelly - It is not bait and switch the way Davis is setting it up, because in the MLS, they are currently listing it at the higher end of the range, not the lower. However, each Broker has to determine how they will handle that. The MLS Committee has not set rules regarding that issue, and the last time it was brought up, it was shot down with many guns firing.

 

[SHELLY]

Everyone knows that Shelly is the expert.

Thanks for clearing that up SJ. :clap_1:

 

[SHELLY]

FYI, Shelly - It is not bait and switch the way Davis is setting it up, because in the MLS, they are currently listing it at the higher end of the range, not the lower. However, each Broker has to determine how they will handle that. The MLS Committee has not set rules regarding that issue, and the last time it was brought up, it was shot down with many guns firing.

And what reasons did they give for shooting it down?

 

[Beachlover2]

Trying to understand all this......

So if someone is using this and lists in the range of 350 - 400. If someone bids 350 and the seller turns it down - does he still owe the realtor his commission?

 

[Smiling JOe]

Trying to understand all this......

So if someone is using this and lists in the range of 350 - 400. If someone bids 350 and the seller turns it down - does he still owe the realtor his commission?

Now that is a good question. I guess it would have to be covered in the listing agreement, and the standard FAR lisitng agreement does not cover ranges. In par 6)d)2, it states that the seller is responsible for the Broker's fee "if Seller refuses or fails to sign an offer at the price and terms stated in this agreement..."

So, unless the specific terms are given otherwise, there may be some responsibility on the Seller's side to pay the Broker. That is a very good question and, personally, I would want some legal advice, before I would take it to my selling customer.

 

[Smiling JOe]

And what reasons did they give for shooting it down?

The Committee didn't feel that it buyers, sellers and majority of Realtors would understand it, for the same reasons presented by a few of you on this thread.

I understand the concept, but as Shelly stated, it would be more difficult to communicate it to my buyers, than it would be to have some sellers, lower their price. I have a good group of listening sellers with whom I am currently working, and they are highly interested in listening to me and understanding the market so they can move their property. . However, not all sellers are my customers on the Sell side.

 

[Garner]

Trying to understand all this......

So if someone is using this and lists in the range of 350 - 400. If someone bids 350 and the seller turns it down - does he still owe the realtor his commission?

Hi Beachlover,

Each of my VRM listings has been modified to reflect the top number of the range as the list price and that is what shows in MLS. The seller remains obligated to pay a commission if an offer comes in at the list price, with terms and conditions as described in the listing agreement.

Thanks,