find any house we want to buy that has a better setup than ours. How do I tell my realtor. The people that want to buy it are trying to get financing. What do I tell my realtor?
2007-01-31 03:20:16 · 13 answers · asked by 1st-time-mommy 1 in Business & Finance ➔ Renting & Real Estate
no contract signed or aeven presented
2007-01-31 03:57:38 · update #1
couple of things as stated above have you accepted an offer already? if so you may not be able to break the contract, and if you do the other party can sue you for specific performance and the courts could force you to sell the house to them
now if they do not get approved finance by the closing date if you have a sale contract then you do not have to extend the contract and you can terminate
now with the Realtor what does your listing agreement say?if the real estate agent makes a fuss about taking the house of the market until the listing agreement ends, then few things you can do, first you do not have to take a penny less then the listing offer, second you can make it difficult to show your house etc
2007-01-31 03:32:47 · answer #1 · answered by goz1111 7 · 0⤊ 2⤋
Hang on, don't panic yet. The first poster is incorrect...you either have a lease, or you don't. It's that simple. Are you CURRENTLY under a lease that is NOT month-to-month. The reason I am asking is that you said he sold it 12 months later, and I am wondering if your landlord didn't offer you a new, 12 month lease because he knew he was selling it. If that is the case, then he is within his legal right, and that is the difference between renting and buying. DO NOT stop paying your rent. That will ruin your credit and make finding another apartment difficult. Just because you don't like the circumstances, doesn't mean you don't have to pay. Second, call a local Real Estate agent, ANYONE can tell you whether or not when a landlord sells a property, if the buyer MUST take the lease that is already on it (but only IF you have one, but it doesn't sound like you do). The landlord must give you a 30 day notice, but you need to find out if your landlord would be willing to prorate the rental if you find something sooner. If he is confident that escrow will be closing soon, he will most likely honor the request.
2016-05-23 22:51:32 · answer #2 · answered by Anonymous · 0⤊ 0⤋
They "want to buy it". You don't state if there is a contract.
Is there an accepted offer that all parties have signed?
If there is:
Your new home search is something, unfortunately, you should have investigated prior to accepting an offer. Why did you decide to sell without knowing what else you would/could purchase? I am surprised the Realtor didn't delve into this with you before listing your home.
You need to tell your Realtor the truth - please.
They will assist you or should assist you in reviewing the contract to establish what penalties or ramifications there are for your failure to perform with the agreement that you made with the buyer of your home.
The best case scenario is that they don't get qualified for financing and had that as a contingency to their offer.
Best of luck to you.
2007-01-31 03:33:27 · answer #3 · answered by ☼High☼Voltage☼Blonde☼ 4 · 0⤊ 0⤋
As stated above, you can choose to cancel the listing agreement with your Realtor at any time as long as:
a) there is no sales contract in effect
b) you do not accept a contract to sell and cut out the original listing agent
If your agent is good, he/she will understand even if disappointed.
If they have been a good agent, be sure that when you do sell, you list with them and maybe even buy through them, because they don't get paid otherwise. Also, recommend them to anyone you can.
If they have been an outstanding agent, send them flowers! (you can't pay them legally)
2007-01-31 08:46:20 · answer #4 · answered by Lovejunk 3 · 0⤊ 0⤋
From my understanding your question -- the people that want to buy your property were not PRE-APPROVED and this maybe your saving grace typically a contract will not go forward if a person is unable to obtain financing.
And, if they put up a good faith offer that money is turned over to you because of their circumstance.
If that’s the case, just ask your agent to remove your listing with their agency. However, there usually, is a clause that prevents YOU from selling your house for up to a specified amount of time. In most cases if you sold within that time frame your agent will still receive their commission.
Best wishes…
2007-01-31 04:07:48 · answer #5 · answered by ipc.1008 3 · 0⤊ 0⤋
It does depend on whether you have signed any type of contract with the potential buyers (i.e. accepted their bid based on their ability to obtain financing, etc. ) Tell your realtor as soon as possible to make sure that if anything can be done, it can still be done.... your realtor knows the most about your specific situation and where you are in the process and will be able to help.
2007-01-31 03:26:16 · answer #6 · answered by Jodi F 2 · 0⤊ 1⤋
Talk to your lawyer. If you don't have one, get one. If there is no signed contract, you just tell agent you've decided not to sell, give honest reasons, hand her/him a box of tissues, and you're done. If there is a signed contract, in general at most you theoretically would theoretically be responsible for paying agent the commission. They can't force you to sell your house, they could possibly sue to make you do so but that makes no sense unless you have the greatest house on the face of the earth. A good agent shouldn't even push it on the commission if they want to have you for a future client and keep up a good reputation in the community. I broke a contract years ago, just offered the listing agent something like 2K for their troubles which was probably more than i even had to do.
2007-01-31 03:31:40 · answer #7 · answered by jim06744 5 · 0⤊ 2⤋
Unless you have signed a contract just tell them it is no longer for sale. If you have signed then wait to see if they get financed in time. if not so advice realtor. If they do you are probably commited to selling.
2007-01-31 03:29:13 · answer #8 · answered by Jim7368 3 · 0⤊ 1⤋
It's your house! Tell the realtor that you are taking it off of the market!
2007-01-31 03:36:03 · answer #9 · answered by Anonymous · 1⤊ 1⤋
If you have entered into a contract which both parties have signed they may try and hold you to it. Contact a real estate attorney quick before it is too late. Remember your agent cannot give legal advice for fear of a lawsuit! They can sue you for Failure to perform!!!!
2007-01-31 03:24:47 · answer #10 · answered by Paul V 6 · 1⤊ 1⤋