Can I list a home for sale/lease?

I have my first listing up (33 DOM), was given advice to remove from MLS, relist at lower list price with option to lease...but am being told I can’t because home is NOT owned outright by my client..they have a mortgage on it...not sure what to do?? Do I need a new listing agreement if I can list FOR SALE/LEASE?

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Can I list a home for sale/lease?

By Virna Contreras-Zela   
Posted on Oct 02, 2019 in Topic: Realtor Only
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I have my first listing up (33 DOM), was given advice to remove from MLS, relist at lower list price with option to lease...but am being told I can’t because home is NOT owned outright by my client..they have a mortgage on it...not sure what to do?? Do I need a new listing agreement if I can list FOR SALE/LEASE?
Status: Open
Viewed: 145
Asked by: REALTORS®
Posted: 3 weeks ago
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Yvonne Chauvin
about 3 weeks ago
Hi Virna
You need 2 separate listing agreements- one for the sale and one for the lease. Both are different and both will be listed in different sections of the MLS. You can’t list home for lease or for sale without having a written agreement.

Having a mortgage does not prevent anyone from renting out their home, unless your clients are applying for another mortgage (to buy a new house?) and their income to debt ratio is affected by the existing mortgage.
Thank you, hope this helps.

Yvonne Chauvin REALTOR
Better Homes and Gardens Gary Greene Real Estate


about 3 weeks ago
Diamond
Veronica Mullenix
about 4 days ago
Good questions for a situation with many moving parts! When you posted that "you were told by someone" it made me think immediately to mention in my reply that the first person you should be getting guidance from is your sponsoring broker. When I sponsor a new agent I am personally advising them through their first transactions and reviewing all their paperwork before signatures. It is SO IMPORTANT for a brand new licensee to receive a solid foundation of best practices in the use of your contracts and addenda and in customer service. You are trying to build a repeat and referral based business and every satisfied client is very important for making that happen for you. There are courses you can enroll in and books you can buy to learn best practices if your broker is not guiding and teaching you. For your listings, it will be according to your office policy whether or not you will need to terminate the original listing and start over, or use the Amendment to Listing form to make any changes to the "for sale" listing. You will need to prepare and have a Lease Listing Agreement signed by the clients to offer this listing For Lease. In Matrix there is a "copy listing" function that makes it easy to completely copy (photos and all remarks) into the Lease property classification.


about 4 days ago
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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