Understanding Seller’s Rights Reserved (SRR)
What is SRR? A brokerage may agree to permit a seller client to market their property themselves at the same time as it is listed for sale with the brokerage on the board’s MLS® System.
Typically, remuneration will not be owed to the brokerage if the property is sold due to the seller’s own efforts. If this is the case, most board rules state that “SRR” must be shown in the commission code field or disclosed in some other manner.
So often I see this NOT used properly. YES, as a SELLER if you have your own buyer this may be the way to proceed, and still have your REALTOR list the home on the MLS and make all attempts to sell the home as well.
NOTE: I've always added a time limit on something like this or excluded the potential buyer if they happen to come back into the situation and want to buy the home.