We have had our house listed with a real estate agent who has had little contact with us in the past 4 months. We have been approached by a private buyer - can we legally break our sales contract?
2007-04-28 13:42:47 · 11 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
sure, but you would still pay the agent his commission,, wait until the contract expires
some contracts say that even if the time has expired, the agent is entitled to fee for so many months, read your contract
2007-04-28 13:47:42 · answer #1 · answered by Jo Blo 6 · 0⤊ 0⤋
Most real estate listing contracts have a clause in them which states how you would terminate an agreement (most agents will let you out of the contract quickly) and how long after you are out of the agreement before you will not have to compensate the agent. However, you may want to consider allowing your agent to help you with your contract. In this "lawsuit happy" world, it is important that you make sure you protect your assets. That is what the agents job really is -- to make sure you have a clear contract and don't violate laws. Can you do this yourself, possibly -- do you know what information you must disclose to a buyers? Who will hold the good faith money (there is no contract without the exchange of a deposit). What happens if the buyer cannot obtain financing for the home after you have your house off of the market for a month. What about home inspections, title searches, and lead-based paint.
If you are willing to learn about this (or get can find and follow a good book on selling your house), then save your 6%. I hope the person is offering you full price with no contingencies.
BTW, I am NOT a real estate agent, but I work in an office with many of them and hear the stories of deals gone bad due to unethical buyers (and sellers, too).
2007-04-28 13:53:40 · answer #2 · answered by starrd616 2 · 0⤊ 0⤋
If your contract is 6 months, then it might be difficult, but I would talk to the agent, and tell him you have decided to take it off the market, or tell him you want to end the contract. Seeing he has not represented you like he is supposed to, that could be a breach of contract, therefore, the contract is null and void. You might need a lawyer, to get out of this. In the meantime, tell the private buyer you are interested in selling to him, or her, then all you have to do is get a real estate attorney, he will draw up the paperwork, and then enter it into escrow, and soon, the house will close, and it is that easy. I did that when I bought my first house, and the seller and I used a lawyer, instead of a Realtor, and by doing this, it saves a lot of money, for the seller. It is the best way to go, as long as you have a good real estate attorney, then you will be protected, and not sued. Also, you can sell your house, AS IS, and you will not have to deal with any repairs.
2007-04-28 14:01:49 · answer #3 · answered by Ron 7 · 0⤊ 0⤋
Yes, you can break your contract. You do not have to wait for it to run out, you have a right to terminate it whenever you want. However, you will still have to pay the agent's commission if you break the contract. Also, you may want to find another agent to handle the paperwork with the private buyer, or else a real estate lawyer. The paperwork can be rather complex if you're not familiar with all the laws.
2007-04-28 22:35:30 · answer #4 · answered by kansas_girl_28 4 · 0⤊ 0⤋
You should send the private buyer to your agent. You never know when you are about to be had by someone. You should have contacted your agent after not hearing from them in 30 days..... You must pay a commission under contract. Read your contract and/or ask your agent if you can look for your own buyer and pay a reduced commission.
2007-04-28 13:50:32 · answer #5 · answered by communityinflorida 3 · 0⤊ 0⤋
Your listing has a start time and a ending or expiration, there may be a protection clause that the agent will notify you that he was working with a buyer?
Its always best to read the contract and ask a broker or real Estate Attorney your options.
Good Luck
2007-04-28 13:49:44 · answer #6 · answered by Jimmy 5 · 0⤊ 0⤋
Probably not. The listing agent gets paid for any buyer that approaches you during the listing period. Odds are good that they knew the house was for sale by the sign in the yard, so you know you owe them the money.
2007-04-28 14:07:25 · answer #7 · answered by open4one 7 · 1⤊ 0⤋
Get your own representation, not a designated agent from the same brokerage firm. That makes it more of an arms length deal and you can be assured you are being represented fairly and equitably. Dual agency is when the listing agent represents their listing and the buyer. Designated agency is when the listing agent and the buyer agent are from the same brokerage..... how impartial can that be?? Sometimes good, but if you are uncomfortable, then you have a choice. YOU choose your own agent to represent YOU and the seller would pay their commission if you buy. Then your agent could give you guidance on an offer price, negotiate the deal and help you get the house.
2016-05-21 02:53:51 · answer #8 · answered by ? 3 · 0⤊ 0⤋
No. Check your contract it should say if the house isn't sold in x amount of days, weeks or months then the contract is done. Check the contract you can get out legally. Don't mess it up Realtors feed their families on commission so it is a big deal.
2007-04-28 13:47:13 · answer #9 · answered by bobbalou27 4 · 0⤊ 0⤋
So, your Realtor has a sign in the yard. A snake in the grass sees the sign and says to you that he'll buy the house if you're willing to cheat your Realtor (who's sign led to getting a buyer) out of his earned commission.
How honestly do you think this buyer is going to treat you?
BTW - If he does cheat you out of your house after you've cheated your Realtor out of his earned commission, you deserve it.
2007-04-28 17:20:18 · answer #10 · answered by teran_realtor 7 · 0⤊ 0⤋