I am in the process of buying a house which was just for sale by owner. My financing didn't go through with the first mort. company and so the sellers listed the house with a realtor also, just to make sure they sell it before their balloon payment is due. The realtor knew I was excluded from the contract he made with the seller and now that he sees my financing is going through he still wants to collect his commissions off the sale of the house. The thing is I already live in the house. I have been renting it for a few months(which was also before the contract was made with the realtor) So he should certainly know that I don't have anything to do with his contract but he insists on being an a**.
I am wondering what the seller can do to get out of this contract with the realtor?
2007-10-26 12:57:45 · 6 answers · asked by lparker_2005 2 in Business & Finance ➔ Renting & Real Estate
I know it isn't my fight but the sellers have been really nice to me and I would like to help get them out of this.
I had a contract with them but I think it expired already. There were 4 adults in the room who heard the realtor say I was excluded from his contract.
2007-10-27 04:55:40 · update #1
Are you just trying to be nice and help the seller? Let them figure it out. Even if the seller promised to "share" the commission they might save with you, still it's not your fight.
2007-10-26 14:24:03 · answer #1 · answered by REALTOR 3 · 0⤊ 0⤋
Another option is to NOT buy the house until AFTER the "listing contract" expires. If the agent was told you should have been excluded and he is not honoring that part; in writing or not; then just have a talk with the sellers and if they are willing to NOT sell the house until after the contract expires, wait him out. Interest rates may come down soon so it would save you money and save money for the seller to not pay a commision. But you do run the risk of somebody offering full price for the house and the seller being forcced to sell to somebody else.
2007-10-26 22:06:16 · answer #2 · answered by Jerrold J 3 · 0⤊ 0⤋
The seller must have listed your name in the actual listing contract as an exclusion, or there is no exclusion, whether or not the realtor involved was aware of the situation. If the sellers failed to properly exclude you from the contract, they are stuck paying the commission according to the contract.
2007-10-26 21:54:50 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
The key word here is excluded. Did the seller put in writing that you were excluded. If not, the realtor is due the money.
Plus these really isn't your problem since you don't pay the realtor.
What happen to the original contract you had with them. It may still be in force. You may want to contact a lawyer.
2007-10-26 20:04:16 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Your question is not for you to answer but is between the seller and his agent he hired.
You were not privy to the contract they signed with each other and whether or not you are excluded from the seller having to pay a commission to the real estate agent.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-10-26 20:33:55 · answer #5 · answered by loanmasterone 7 · 0⤊ 0⤋
Honey, this isn't your fight, since the seller pays the commission.
The seller needs to see an atty, not you.....and they should have a conversation with the Realtor's broker!
I would like to see that contract with the exclusion of commission if you purchase the home....but again, that is not your battle.
2007-10-26 21:13:30 · answer #6 · answered by Ginger 6 · 0⤊ 0⤋