Q:My home is a standard sale in a very sought after neighborhood. I hired the area experts after sitting down and meeting with them. They prepared a net sheet with a breakdown of all of the fees involved in selling our home and a final net balance that we would receive. We signed a listing agreement along with a copy of the net sheet that night. All of the terms and conditions for selling our home were made very clear. Our agents were able to find a buyer within three days that met all of our terms and conditions that we had asked for in the listing agreement. We were very excited, but felt it happened much too quickly. Maybe we could get better offers if we left it on the market a little longer. We have not accepted the offer yet, but have asked our Realtors to discount their commission. They said that they had done their job and had exceeded our timeline expectations, so they have earned their commission?and that we signed a legal document agreeing to those terms. Is it illegal for me to go back and ask them to renegotiate their fees so that we can get more money for ourselves? It just doesn?t seem like they deserve to get paid such a large amount of money for such little time invested. Are we legally bound to accept this offer if it was everything that we had asked our Realtors to do, but now we changed our minds? Can the buyer sue me if they have agreed to all of my terms and I just changed my mind and decided to rent out my home instead? Please advise.
?Concerned Seller, Temecula, CA
A: First, read over the listing agreement. Are there any circumstances/conditions by which you can unilaterally cancel the listing agreement when a qualified buyer has presented an offer that meets all your terms/conditions? Consult a real estate attorney for further clarification.
But let?s discuss further. Your agents listed your property and a buyer submitted an offer within 3 days. That goes to show that you and your agent priced it well (presumably based on comparable sales) ? proper pricing is a combination of art/science. But even though this buyer submitted an offer, there is still much work to be done. There may be a number of contingencies that need to be address along the way and the expertise of your Realtor will prove to be invaluable. And if it falls out of escrow (life happens, there?s always the possibility of this) then you are back to square one. Best case scenario, you will close on your property as scheduled and you can move on with your other plans. Worst case scenario, this buyer will not pan out and your property could be listed for the next year trying to lure a buyer. Hope for the best and happily pay your Realtors the commission they earn. Best of luck in your endeavors.
Alex Cortez is a Realtor? with Wailea Village Properties LLC dba/Island Sotheby?s in Kihei, HI.
A: Since there is no accepted offer, the buyer likely could not go back and sue you. The ?agreement? part must be in writing and signed too.
Now, can you go to the doctor and ask for a diagnosis then once diagnosed tell the doctor you do not want to pay them as much because he/she figured what was wrong with you to quickly? Should have the doctor gotten 2-3 more visits out of you before telling you what was wrong? Should have the Realtors taken their time and had you make 2-3 additional payments on your home before finding a buyer so that their commission would have more creditworthiness?
What you should do is verify through the use of comparable sales data that you have gotten fair market value for your home. If you have, then it was luck on your side that a buyer was found so quickly. If your home was under-priced, then do not accept the offer and have it re-listed it at a higher price (with or without the same Realtor).
Reminder: there are usually clauses in a listing contract that stipulate if the seller decides to undermine the sale of the home in order to not pay commission by canceling the contract and then later selling it to someone who came by while it was listed, the Realtor has a right to a commission and would likely sue you. This would be a breach of the contract. Consult with a lawyer if you plan to breach the contract, otherwise find an amicable solution with the Realtor.
Adam Aguilar is a Realtor? with Reliantra in West Toluca Lake, CA.
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