Home Selling in 11234>Question Details

Jj, Home Seller in 11234

My parent put their house on sell and the buyer was very intrested and the ask price was for 700,000 the seller offered 663,000 my parent decieded to

Asked by Jj, 11234 Wed Nov 18, 2009

not sell the house anymore than the buyer stated they came up with 700,000 is there a fee my parents have to pay for not selling their house? there was a contract invovled

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Dear Jj:

Nobody can force you to sell a house if you are not in contract. If you signed a legally binding contract with your lawyer and deposited a down payment check the buyer had submitted to you, then you are bound by the wording of the contract.

With regard to if you have to pay a fee or not, it becomes a question if you had some kind of written agreement with a real estate agent or broker. If you were listed with an agent, most listing agreements state that if the agent secures a ready willing and able buyer offering you the full price, then they would be within their rights to stake a claim for the agreed to commission. However, if you informed them that you wanted to "not sell the house anymore" before the buyers gave you the full price, it becomes a gray area. You would have to be able to prove that fact in a court of law and if it was not signed sealed and delivered that could become difficult.

In my 17 years of experience I have never started such a law suit. If my clients decided that they did not want to sell their home at some point in time before we actually got into contract, I would just let it go. This is because I form a close bond with my clients and would not want bad blood between us, to me it's just not worth it. The only exception would be if I felt the homeowner was intentionally trying to defraud me out of a commission, which has never happened to me. I know that when the seller decides to put their home back up for sale that they will come back to me to sell it.

Other agents may have a different opinion than me, to each his own. If you are forced to move forward or threatened with a law suit, speak to your lawyer, usually a good attorney will be able to protect you to make sure you do not have to pay a fee if the property is not actually sold.

If I can be of further assistance, please let me know. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, inc.
Office: (718) 645-1665
Cellular: (917) 805-0783
Email: MitchellSFeldman@aol.com
2 votes Thank Flag Link Wed Nov 18, 2009
I am only permitted to advise my clients, but if you were my client I would advise this:

If your parents rejected the offer of $663,000 then there is no agreement. Even if someone offers you full price you do not have to sell your house. However, if you receive an offer and you agree to it, then you have a binding agreement and must sell or face legal implications. It sounds like your parents do not have someone representing them (agent, lawyer). I highly recommend getting representation. It is well worth the money! Hope this helps. Good luck!
2 votes Thank Flag Link Wed Nov 18, 2009
The answer will come down to what the contract said.

If your parents never agreed to sell at the $700k it is a different answer than if they did.

If the contract was offered but not accepted (signed) it is not a legal document.

if the contract was signed, agreed to, and accepted only a lawyer will give you the details that you need.
1 vote Thank Flag Link Wed Nov 18, 2009
When a full offer is made with a listing agreement in place the Real Estate Broker is due the commission. This type of scenario has been ruled in favor of the Broker in New York.
1 vote Thank Flag Link Wed Nov 18, 2009
Charles made a really good point...if you are referring to a "listing contract" with the Realtor...don't worry. No one can force your parents to sell if they do not wish to do so.

Ask the Realtor to withdraw the listing.
Web Reference: http://GailGladstone.com
1 vote Thank Flag Link Wed Nov 18, 2009
Jj, as you are in NY, practice is a little different here than out of state.

Any advice or information you get from your question, however, should be answered by an attorney, not by a Realtor.

New York is an attorney driven state...only accept information from that source.
Web Reference: http://GailGladstone.com
1 vote Thank Flag Link Wed Nov 18, 2009
Good Morning Ji, Is the contract with Realtor or with the buyer? If it is with the Realtor at full price and the offer is in writing with all the proper documents, you must read the agreement you made with the Realtor, most agreements have provisions that cover these things. If the contract is with the buyer and is executed by both parties buyer and seller,speak to your attorney.


Charles D'Alessandro
Fillmore Real Estate
http://www.brooklynrealestatesales.com
718 253-6600 ext 206
1 vote Thank Flag Link Wed Nov 18, 2009
Did your parents sign the contract? What does their lawyer say?
1 vote Thank Flag Link Wed Nov 18, 2009
Your parent must not have used a realtor or they would take care of this. Laws differ from state to state and my advise to you is to get a licensed realtor in your area to assist you.
1 vote Thank Flag Link Wed Nov 18, 2009
Hello, let me be straight forward with you so you understand. The only way your parents will be held responsible for any fees the buyer will want to be refunded for is if your parents and the seller have both signed a contract. If the contract is signed and the buyer has begun to spend money such as for inspections, appraisals, mortgage applications fees, and legal fees then your parents can be held accountable to reimburse the buyers.

Now if there is no contract at all then your parents can pull their home off the market even if they have accepted an offer in New York and will not have any financial responsiblility to the buyer.

I'm not exactly sure of the entire story and all the details, but this answer should help you.

Rhonda Holt
Full Time Top Sales Agent
Specializing in Co-ops and Home Sales
Weichert Realtors, H.P Greenfield
Brooklyn, NY 11203

Cell: 646-725-5941
Email: HelpMeRhonda1919@yahoo.com

http://www.trulia.com/profile/RhondaRealEstatePro/
Join Me On Twitter: http://www.Twitter.com/HelpMeRhonda09
0 votes Thank Flag Link Wed Nov 25, 2009
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