today is the last day on my contract to sell my house - i've had no offers...made several offers on houses my self and even went as far as 2 days from closing on a new house and then everything went screwy. I've decided to stay put and not sell my house. Yesterday, my agent called me and said someone wanted to look at my house Friday...and he was aware that their contract with me expired thursday (today) and could he show it anyway...or would I sign an extension on their contract. I told him I was no longer interested in selling my house. He still wanted to show it as the people were flying in from out of state. I said there was no point, as I would not accept an offer as I AM NOT SELLING. But, I said he could show it...but I would NOT be open to offers. WELL, the couple showed up early and are coming to look at my house today in about 2 hours...and my contract is still valid through the end of today. Am I obligated to sell or accept an offer even though I said I wouldn't sell?
2007-11-29 06:26:44 · 14 answers · asked by Pepsi_Frog 1 in Business & Finance ➔ Renting & Real Estate
This is just one of the reasons that I never hire a real estate agent or REALTOR to represent me.
Although you are not obligated to sell your house, according to the language of most listing contracts that I have seen you could owe the agent a commission if you refused to sell.
I would show the house and hope that these people do not make a full price offer. In this market I would be very surprised if they would make a full price offer.
I would contact an attorney who specializes in real estate law, show him all of your paperwork and ask him if there is a way for you to refuse a full price offer if that becomes necessary without becoming liable for a commission.
2007-11-29 08:52:46 · answer #1 · answered by Anonymous · 0⤊ 1⤋
no you dont have to sell and even if they make an offer you dont have to accept it many realestate agents do this not to loose a listing so I would not pay much attention to this and just say no like you have doone the expiration of the contract is final and you dont have to renue. just let it die and the consequences are none at all. dont worry be happy and worry about oher more important things the realtor just wants you to extend the contract ( if you do want to sell make sure they qualify get a pre qual letter from a bank not a broker and then sign an extension but reduce the commission they will accept ) good luck
2007-11-29 06:39:02 · answer #2 · answered by Fabio G 3 · 0⤊ 0⤋
You are never obligated to sell. However, if this couple should happen to be a 'ready, willing, and able buyer' who happens to offer your asking price, then you will owe the real estate agency the full amount of the commission.
The logic behind that is you hired the agency to procure such a buyer at a specific price. If they have fulfilled their end of the contract, and you refuse to sell, they deserve to be paid for doing what they contracted to do.
Doesn't make a difference if you wait to reject the offer or not. In fact, the offer need not even be written during the term of the listing, as long as the property was shown during the term of the listing.
2007-11-29 06:33:46 · answer #3 · answered by acermill 7 · 2⤊ 1⤋
No you are not obligated to sell. It is your home. Look carefully at the fine print in your contract with the agency regarding a full price offer during the contractual time frame and you will have your real answer. Or call the broker in the agency and ask them or another broker in another agency or the local Board of Realtors.Good Luck!
2007-11-29 07:27:12 · answer #4 · answered by Christiane 3 · 0⤊ 0⤋
If you have a cash buyer it can be done in a matter of a couple days.....they will need an inspection at least. Once you already have a buyer, normally people set up 30 ,60 or 90 day closings along with a starting period of about 10 days for contract negotiations. So it can be anywhere from 40-100 days for most people. But, if you have a cash buyer and everyone is ready to go it can be done in a week or less.
2016-04-06 04:01:50 · answer #5 · answered by ? 4 · 0⤊ 0⤋
You don't have to sell just because you have a contract. They can make an offer and you can counter with something ridiculous. Like ask double the value-if its worth $100K ask $200K. The reason agent wants a contract is so that you don't sell the house on your own or go around them with another agent to sell. You have the right not to sell it.
2007-11-29 06:35:44 · answer #6 · answered by #2 in the oven 6 · 0⤊ 0⤋
You will need to check with a lawyer to verify my answer...
But I believe you would be obligated to pay the realtor fee IF someone brings a full price offer but not actually obligated to accept that offer.
Update: Hey - you could always dirty up your house! Get something stinky and put it behind the couch... Or mention the ghosts! Just joking - sort of ...
2007-11-29 06:32:46 · answer #7 · answered by Anonymous · 1⤊ 0⤋
If the broker brings you an offer within the listing period that meets your listing requirement you are legally obligated to pay his/her commission.
Some brokers are crooked enough to bring a phoney buyer to a seller who's changed his mind so if you refuse they'll claim their commission. If you accept the buyer will be unable to qualify & they lose nothing. I'm not saying that's what happens here -- but waiting until the day the listing expires is awful suspicious.
2007-11-29 08:34:02 · answer #8 · answered by Anonymous · 2⤊ 1⤋
No you are not obligated to sell. Just reject the offer if they even make one. To be on the safe side, wait until tomorrow before rejecting the offer.
2007-11-29 06:31:01 · answer #9 · answered by countryguyhfc 5 · 1⤊ 0⤋
Absolutely not.
You are not obligated to sell if you have a listing contract.
You still have the right to refuse an offer.
2007-11-29 07:24:48 · answer #10 · answered by thebigcheese1993 2 · 0⤊ 0⤋