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Have never heard the term....
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Nina Hollander, Broker
Charlotte, NC
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Richard Weeks
Dallas, TX
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jacquelene rivers Our MLS doesn't accomodate this - however - if the Seller does the math - they will not accept one penny less than "x" (net), then the commission and closing costs can be added to that "net" and the listing could reflect that the list price is the "bottom line" price. Buy or don't buy.
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Beatrice Hobson
Cleveland, OH
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It is not illegal, but since 95% of active agents are members of the National Realtor Association and the associated MLS and local REALTOR organizations, these membership clubs forbid this seller/agent solution.
This is one reason why it is important to know who the non-member players in your area are.
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Beatrice Hobson
Cleveland, OH
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4,900,435
The are legal; however our local board will no allowing them in our mls.
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Nina Hollander, Broker
Charlotte, NC
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5,253,385
They are not illegal but, they are strongly discouraged in North Carolina. I have only done one.
4,403
I know this is an old post, but I believe these are legal in CA, TX, MN, and FL. Possibly other states as well. They should be illegal though as this could lead to problems on both sides. The seller feels cheated cause they didn't make as much as they could have, or the agent could end up making $0 off sale of a home.
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Hey! I know this is an old question, but someone has recently asked on RealEstateAgent.com if net listings were illegal in Kentucky. I just thought that it is an appropriate time to remind you all that net listings are illegal in most states and obviously unethical, no matter how tempting the offer may look. And yes, net listings are illegal in Kentucky!
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They are illegal in Tennessee and have been for many years. It is not in the best interest of the consumers.
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I would think a net listing would go against a seller's best interest. Why would a seller agree to it? I believe it is illegal in most states. Will be following this thread.
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jacquelene rivers I do not believe it is legal in any state by any real estate board - at least it is not legal in MA. (It can be - for non-members, I guess.)
And if it is illegal, why should I risk my license by entering into such agreement?
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I have no idea what a net listing is. Been in this business for almost a quarter of a century and that's a new term on me. Maybe there's a blog in your future on this subject?