Question Details

NH Seller, Home Seller in New Hampshire

Question about getting an offer on my place, but not through realtor?

Asked by NH Seller, New Hampshire Wed Jan 23, 2008

Here's the scoop - we have listed our condo with a realtor and are planning to build a house. We are not seeing much activity on the condo, and the builder will only hold our lot for a certain amount of time. The builder has mentioned that when our contract with the realtor runs out, that he could make us an offer on the condo. It has been explained to us that this would be a 'backup offer,' at 'fair market value' (less than our asking price for sure) and that we can relist with our realtor and continue to try to sell our place. However, if we agree to the builder's backup offer, it allows the builder to start building our house. If our condo has not sold by the time the house is finished, we would accept the backup offer from the realtor.

My question is, is this legal? Are there any issues with the builder making us an offer? We do not want to get in a situation where the realtor comes back and says we owe them a commission....!

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Answers

2
LOL. It may be an easy question to answer until you asked "Is this legal?"... Anyways, if your listing contract (and most do) has a "protection" clause, then when your builder makes that 'backup' offer is important to see if you owe your Realtor a commission or not. On the other hand, if you recognize that the market (and not your Realtor) is the cause of your listing not selling, you may want to discuss this will your Realtor and negotiate some kind of flat fee if you accept the Builder's 'backup' offer. I have worked with Builders on this kind of situation as well and have the Builder share a portion of the Realtor's 'flat fee'.

Hope this gives you some ideas to structure a deal acceptable to everybody. Enjoy your new home!
0 votes Thank Flag Link Thu Jan 24, 2008
Hello? I was hoping this might be an easy question to answer?
0 votes Thank Flag Link Thu Jan 24, 2008
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