Real Estate

We signed a listing agreement that is only valid for a specific buyer. The agreement is valid for ~1 month. We thought things would move quickly and get an acceptable offer but the buyer is low balling. We have a specific house we want to purchase and are concerned it may sell before we are able to get a contract on our house (the builder will not take a contigent contract).
We are concerend If she decides to come back weeks from now before the listing agreement expires and make a full offer. We are then required to pay the realtor commision even if the specific house we want to purchase is already sold (and we have noplace to move).

Can we ammend the listing agreement to set a new date or cancel the agreement if we don’t get a decent offer within the next few days?
To first answer, agree that we would owe if we receive full asking price. But if in the next few days the buyer does not accept our counter offers or come in at full asking price and we consider it a closed deal, do we really have to wait a month to make sure she won’t come back and make a full offer? We would only cacel the listing the listing agreement when we consider the negotiating over.

Not without the agreement of the real estate firm. You signed a valid binding agreement, and you can be held to it unless the agency allows you to modify the agreement. And, yes, if this buyer makes a full price offer, you can be required to pay the full commission even if you do not accept the offer.

Not sure how you got yourself into this one, but don’t do it again. If a real estate agent approaches you with the notion that they have a buyer for your property, tell the agent to contract with the buyer as the buyer’s agent. That will keep you off the hook in the future.

Posted realtor listing |