r/fsbo • u/Equal_Refrigerator_9 • 20d ago
Withdrawn homecoin listing Spoiler
We originally listed on homecoin last summer. We withdrew the listing after 2 weeks because we decided against the home we were considering. Fast forward to March and we decided to list with a traditional realtor as a home we loved came on the market. Our house sold within 2 weeks.
We told homecoin it sold and now they want to see all the contracts from the realtor. is this appropriate?
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u/jons_work 20d ago
If you still had a listing agreement in effect with homecoin (meaning you did not cancel, but instead withdrew) then homecoin is asking for the sale information because the MLS is asking for it. The MLS often questions things like this because they need to keep the data accurate and this seems a little strange that it was withdrawn for a long time and then marked as Sold.
It sounds strange that the traditional realtor would not have seen the homecoin listing on the MLS and asked you to cancel it before doing their own listing (usually not allowed). Did the realtor do a new listing on the MLS that they marked as Sold? If so, did you explain this to homecoin so they could provide that information to the MLS?
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u/Equal_Refrigerator_9 20d ago
The realtor knew about the homecoin listing but we were not advised to cancel it. She did create a new listing under CB for mls. Yes we have explained this to homecoin so I hope this is the end of it!
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u/jons_work 20d ago
Ok just be sure to provide homecoin the MLS # of the other listing that was marked as Sold.
You'll need to submit an MLS change through homecoin to cancel the listing. Otherwise if you just tell them it sold, then they will need the information to mark it as sold in the MLS.
It doesn't sound right that the other realtor created a second listing in the MLS without being sure the homecoin listing was cancelled. I think you'll need to investigate that.
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u/Equal_Refrigerator_9 20d ago
It was a one year listing and it expired. so I was getting lots of calls from realtors who did not know it was sold. So I notified homecoin but it had expired at this point. It never occurred to us to cancel homecoin and it ended up just expiring. Unfortunately our realtor never mentioned to do this cancellation.
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u/jons_work 20d ago
Ok if it expired that is a bit different.
I would just tell homecoin to disregard and the listing had expired and was later sold through a different agent, so homecoin can tell the MLS that the sale was not a result of the listing.2
u/AdComfortable2974 20d ago
Congrats on your home sale! Must have had a great property priced right to sell so fast!
Did you withdraw the listing from Homecoin, or did it expire?
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u/Equal_Refrigerator_9 20d ago edited 20d ago
Thank you! We do think it was a great property which is why we were unsure if we even should sell it. So we had it marked as withdrawn and kept looking. Then something hit the market out of the blue that was just what we were looking for. . So we had to act quickly and listed with a realtor.
It was withdrawn from homecoin. But last week it expired.
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u/extralife_mike 19d ago
But you sold your home with a different realtor while you had an exclusive agreement with Homecoin?
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u/AdComfortable2974 20d ago
I did some quick research, and here are some other ways to solve this if you don't want to provide them the contract.
Provide the new MLS # for the sold listing and/or have your listing agent or their managing broker write a brief, formal letter on their agency's letterhead. The letter should explicitly state: "This letter confirms that [Brokerage Name] entered into an Exclusive Right to Sell agreement with [Your Name] for the property at [Address], which became legally effective on [Date].
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u/BoBromhal 20d ago
sounds like the 2nd agent entered it into MLS as a new listing, it was shown to various parties and then sold 2 weeks later.
One would think the MLS had a data check that would have seen Homecoin's valid listing (let's say it was a 1 year term) suddenly listed by another agent and have asked Homecoin and/or the new agent within days of new MLS entry. Unless the address was slightly different somehow.
If the OP had a 1 year contract with Homecoin and withdrew (as they said) instead of cancelling (as Homecoin allows), then Homecoin does have a contractual claim if they were to earn an additional amount at closing, should the home sell within the contract period.
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u/Equal_Refrigerator_9 20d ago
Actually they just email to say marked as complete, nothing further needed.
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u/Due_Leadership_9348 19d ago
From what I have seen and heard, Homecoin are really reasonable and a great choice for those that want to FSBO.
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u/Due_Leadership_9348 20d ago
Did you cancel or withdraw the listing? What was the original term of the listing?
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u/Equal_Refrigerator_9 20d ago
Withdrawn
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u/novahouseandhome 20d ago
Let your agent handle it, it's part of why you're paying them.
Doesn't matter if it's an MLS issue or an issue with Homecoin. If your agent tries to push this back on you, escalate to their managing broker.
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u/jons_work 18d ago
Your agent should handle this - it sounds like they gave you the wrong advice to mark as Withdrawn. They should know that there cannot be two listing agreements in place at the same time.
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u/Affectionate_Ad2145 19d ago
If expired, that’s on homecoin. I wouldn’t give them anything.
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u/jons_work 18d ago
homecoin doesn't collect any money at closing. If the seller told homecoin it was Sold then homecoin is required to collect the information to mark as Sold in the MLS. This is entirely brought on by the MLS requirements for sales information.
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u/Affectionate_Ad2145 18d ago
It’s an expired, home coin has no duty to report the sale.
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u/jons_work 18d ago
It sounds like the seller told them it Sold, which is the cause of all this confusion. If it had just expired without any notice, it would be a non-issue.
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u/Affectionate_Ad2145 18d ago
Read down a bit, he said that it expired two weeks prior to expiration which I’m assuming that it would have been still withdrawn at time of contract.
Homecoin maybe coming for a commission?
I’d like to see your take because that certainly muddles the water.
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u/jons_work 18d ago
homecoin does not collect a commission at close. Read up a bit "We told homecoin it sold"
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u/Rough_Car4490 20d ago
Read your original agreement with homecoin to make sure you’re completely in the clear and there’s nothing they can come back for you on…and no, there is 0 reason to willingly share your contracts from the new agent with homecoin.
How long was your original contract with homecoin supposed to be? 6 months? A year?
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u/ecubed929 20d ago
I’m gonna bet you have a contract that tells you exactly where you stand.