Would you pay a broker commission on...

[pete_ussery]

a deal where you had the buyer interested before you ever hired a broker?
Here's my situation: I am selling my family's farm which is in a rural part of another state and have 4 or 5 people that I know are interested in the property for farming. It almost 700 acres and only a few miles from a major interstate highway and could potentially be developed for something other than farming. I am thinking of hiring a broker/professional that could market this property to companies or individuals that would utilize this for other purposes and probably willing to pay more. My question is this - Can I hire a broker and tell them that I have already been contacted by these various farmers and that I will only pay them a commission if we decide to sell to someone they identify? Why should I pay a commission to someone if one of these farmers would have bought it from me anyway??? Thanks in advance for your help!

[Cedar City Utah Realtor]

In Utah you can have certain people excluded. IE Farmer Joe Is Excluded from the listing agreement. Basically that means if Farmer Joe buys the property then you dont have to pay a commision. You could also do a exclusive agency agreement wiht a right to sell. This is a little more techincal but would still work here in Utah. Anyways hope that helps

[renewbie]

I only read your first line and can tell you to read your listing agreement. Most listing agreements are for a specified time after the listing expires, not prior. Your best bet is to make a list of people who are interested before you sign up with a broker. That way you have advised the brokerage in advance who the people are that you WONT be paying out on.

[TagTeam]

A lot depends on how much work you want from that broker.
Ok you brought the buyer....Will you want the Broker to follow the transaction to closing ,or are you going to take care of them by your self?
I would have the broker reduce their comm on your list of buyers.
If the broker works, Even with your buyer, the broker carries the liability if something goes wrong, Not you.
Lets face it, people are sue-happy

JMO