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Rainmaker
1,005,259
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

I am doubtful that a 40 obligation to list with a certain broker would survive a legal test.

Jun 13, 2022 09:17 PM
Ambassador
2,106,342
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

What a concept! Committing property owners to future listings with only one specific company and cutting out the competition right from the start! And if they do list with someone else, they have to pay the company a sizable fee. Seems someone should look into consumer protection issues. 

Jun 14, 2022 04:50 AM
Ambassador
2,605,868
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Yahoo, like most MSM, writes confusing stories.  Is this a Florida Broker writing contracts to list houses in the State of Michigan?   

And why would these be recorded in the the Public Record?

Good luck enforcing these "contracts". 

Jun 13, 2022 03:58 PM
Rainmaker
566,802
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

I never heard of these type of contracts.  After reading the article, I would stay away from any type of agreement.  40 years is way too long to be obligated to a company or agent.  This is a great example of Caveat  Emptor "Buyer Beware"!

Jun 13, 2022 03:52 PM
Ambassador
3,946,863
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I haven't heard much about those but I think Candice A. Donofrio is right, there are a lot of dumb people in the world.

Jun 14, 2022 05:48 AM
Rainmaker
4,518,838
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Anytime, a legal agreement creates a value that can be securitized, look for attorney's to get rich and the little guy to get screwed! It just happens after someone gets rich and disappears and attorneys clean up the mess they helped create.

Jun 14, 2022 04:45 AM
Rainmaker
995,272
Diana Zaccaro Broker Associate
Tropical Beachside brokered by eXp - Cocoa Beach, FL
"The Accidental Blogger" Cocoa Beach, Florida

I had not and thank you for posting this, Gary.

 

Jun 13, 2022 07:51 PM
Ambassador
2,763,427
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate Brokered by Real - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

Oh lawd! They lost me at 'up-front money for nothing' (there's always a catch) and 40 years...I'll be dust by then! LOL

Jun 13, 2022 05:49 PM
Rainmaker
939,570
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Runs with the land for 40 years?
Lord  . . . people are dumb.

For a pittance, too!

Jun 13, 2022 05:42 PM
Rainmaker
2,685,152
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

You can make a contract or option out of anything as long as it has the legal guidelines. For instance: you can write out an order to pay someone that we commonly call a check on a paper bag, dish towel etc. as long as it has the right language. The bank will cash it. 

Jun 13, 2022 03:47 PM
Ambassador
1,879,149
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

I'm pretty much at a loss for words. There are so many unknowns to be making a 40-year commitment on your home. I can't imagine someone doing that but it sounds like around 10,000 people have. You'd have to be pretty desperate for that upfront money.

Jun 14, 2022 05:42 AM
Rainmaker
1,426,200
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Interesting.  A 40 year agreement for at most 5 grand?  That's pretty strange.

Jun 13, 2022 10:31 PM
Ambassador
3,389,472
Anna Banana Kruchten CRS, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

No what is it?

Jun 13, 2022 08:56 PM
Ambassador
4,725,403
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Haven't heard of them and didn't check out the link. Why am my suspicious?!

Jun 13, 2022 07:55 PM
Rainmaker
965,595
Peter Mohylsky. BRIX REALTY
Brix Realty - Destin - Miramar Beach, FL
BRIX REALTY -DESTIN

Nope, but thanks

Jun 13, 2022 04:17 PM
Rainmaker
1,760,639
Lyn Sims
Schaumburg, IL
Real Estate Agent Retired

Someone has invented the true pre-listing agreement. Not sure if it would legally hold in IL regarding the 40 year option. I do think that is excessively timed.

Jun 14, 2022 05:17 AM
Rainmaker
1,049,927
Doug Dawes
Keller Williams Realty Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Right to List is not familiar to me

Jun 14, 2022 07:55 AM
Ambassador
3,147,717
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Why would anyone in their right mind, IF they truly understood what they are signing, SIGN that agreement?  

Jun 14, 2022 07:36 AM
Rainmaker
810,058
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
Carolina Life RealEstate & Relocation 919-602-8489

40 years is excessive. If it runs with the land it could hurt the sale of the land. I hope this agreement won't be held up in court. It doesn't sound like it is in the customer's best interest.

Jun 14, 2022 06:15 AM
Rainmaker
5,274,028
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Had not heard of this, interesting.

Jun 14, 2022 05:37 AM
Ambassador
5,708,458
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Not until now.

Jun 14, 2022 03:27 AM
Rainmaker
845,022
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

What a scam! I am quite certain that if challenged, these "documents" would not stand up in court. At the very least, it should be mandatory for the homeowners to have these contracts reviewed and explained by their attorneys.  I doubt the agents do any explaining except in regard to the monetary "reward" upfront. All a notary does is certify the signature, they are NOT trained in law and are working for the real estate agency here.

Jun 14, 2022 11:09 AM
Rainmaker
868,688
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

I'm working with an owner in Frederick MD and she has gotten several of these offers in the mail. They do offer some $, I think she said around $500.00 or so for the  right to list her property. they send a notary to the house to get signature before giving suckers the $500.00

Jun 14, 2022 03:49 PM
Rainmaker
2,057,480
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

I wrote them all the time Gary Frimann, CRS, GRI, SRES when I was active. It was a very useful tool to me.

Jun 15, 2022 12:46 PM