Who is in breech?

Asked by Pamela Myslinski, 08087 Fri Sep 10, 2010

We are selling our home. Our buyers had a home to sell(which we were notified of after both parties signed contract of sale.) They had a buyer and to close sept.1st, our closing to take place sept.2nd. The sale between us (sellers) and buyer became contingent upon them closing on or before sept.1st. Our lawyer sent time of the esssence notification for 10 days, which they refused. Now we are under pending contract, both parties agreed thar we can show our home and if we get an offer, our buyer has 3 days to remove contingency, or void contract. First, are they in breech of contract b/c they didn't sell sept.1st?
Second If we void contract b/c of no sale, who is responsible for OUR expenses?
Third, our contract is up withour agent tomorrow, are we obligated to sign again with him b/c of 'pending' contract? or can we fire him and put house up for sale by owner?

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Jim Walker, Agent, Carmichael, CA
Fri Sep 10, 2010
Legal, shmegal.

Do you really want to dump a willing buyer ? (potentially ready and able) in a declining market from 3000 miles away so that you can put your Sacramento house back on the market for gawd knows how many weeks or months until you have to lower your price to attract a new buyer.

All the new buyer prospects are going to wonder "did the last deal fall through because the house had condition issues?" You or your new agent might not even be able to tell those new buyers that you killed the deal because you had no patience with the buyers sale contingency.

Oh and what does that say about you? Seller cancelled a deal because the third deal leg was taking too long. Take a reality pill or two will ya? And take a human empathy pill with it, while you are at it.

Real estate deals sometimes run over the target date. There are service providers and people that neither the seller, nor the buyer, nor their agents have control over. In this case that group of people includes the buyer's buyer, their lender, their escrow company, and the buyer's buyer's seller. and a boatload of other people.

You want to strike out and hurt someone because of the stress you are feeling. The people you can hurt are your agent and your buyer. That is because they are the closest target, not necessarily the primary cause of the delay. . These people may be or may not be at fault for any of these delays. Hey but since you can't attack the original source of your grief why not strike an innocent target, instead?

Ask yourself: "Is this really the listing agents fault?" " Is this really my buyers fault" Be a good person. Do the right thing from a moral and ethical stance. And, do the right thing for Pamela's fiduciary interests. I am not telling you to be doormat. Act on your contractual rights IF it is in your best interest.
5 votes
John Juarez, Agent, Fremont, CA
Sat Sep 11, 2010
So let me get this strait…

You have a lawyer who has not been able to get you what you want.

You have an real estate agent that you want to fire.

Now you are reaching out to an internet universe full of strangers seeking advice.

Take Jim Walker’s advice. I especially like the part about the “realty pill”.

I am amused that you think you can orchestrate a for-sale-by-owner transaction from New Jersey.
2 votes
Karen Burns, , Sacramento, CA
Fri Sep 10, 2010
Hi Pamela,

If you are living in Jersey, you may not be aware of the market conditions here in California. Many transactions are not completed until after the original contract sell date. Especially with the tight lending conditions. It takes enormous amounts of patience in this market place. The exception to this is when an all cash buyer is involved. We have many months of inventory needing buyers. If you have a buyer, many sellers are envious of you.
1 vote
Sue Archer R…, Agent, Palm Harbor, FL
Tue Sep 14, 2010
You're selling your home in New Jersey. Work with your realtor and legal counsel in New Jersey on the sale of your home. If you have a question on buying a home in CA, we can help you, but only give you our opinion with no real qualifications as attorneys here either.

Today is now September 14th. That's not that late as schedules go, and you haven't explained why your buyers were not able to close yet. And you say you have the option to still keep marketing your home. So play the odds, keep it exposed to the market, and relax a little. This is a difficult market everywhere so don't alienate your current buyer and try to figure out how to make this a win-win for you and your buyerl

As for your realtor? If you are that disloyal, after they've lived up to their responsibilities and you think you can sneak out by saying the contract is expiring ...well they should have identified you as someone questionable to work with....I would expect that New Jersey is similar to everywhere else and if they've provided the buyer during the contract, then they have some compensation for anyone who's seen your property during their listing contract. I don't believe, nor should you, that you can do it better yourself (especially in this market) as a for sale by owner. Read your contract, it will explain the terms of your agreement with your listing agent.
Web Reference:  http://www.suearcher.com
0 votes
Anthony Rueda…, , 95624
Mon Sep 13, 2010
Every one of your questions could and should be answered by your attorney. Why haven't you talked to your attorney? If you have the ability to market your property, I wouldn't remove your current buyer until you have a better option.
0 votes
Sylvia Barry,…, Agent, Marin, CA
Sun Sep 12, 2010
1) I would leave the current sales contract as is and continue to market the house to sell and get out of the first contract by invoking the 72 hours clause. Never get out a good condition (although not perfect) unless you have a better backup plan.

2). Seller has their own expenses and the agents also. Unless it's agreed upon before hand, you will not be reimbursed of your expenses; just as the agent would not be compensated for his time/effort/energy.expense if one fails.

3) You can get another agent but if the sale closes with the current buyer, then you will have to give the agent who brought the deal to you the commission; and your new agent will not receive commission from that sale.

0 votes
Keisha Mathe…, Agent, Elk Grove, CA
Fri Sep 10, 2010
Also, I noticed you have a Jersey zip code. Are you selling or buying here in Sacramento, CA or in Jersey? That makes a huge difference as well, real estate laws vary from state to state.

What advice were you given from your agent? Have you consulted with the agent's broker?

If your situation is taking place here in California, I highly recommend you first consult in this order of escalation: your agent, the agent's broker, CA DRE/ Real Estate Attorney.

The advice you will be given here will be based only on what info you have provided and you may unknowingly leave out some very key details.

Hope that helps.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Fri Sep 10, 2010
What is your attorney advising--he/she can best advise, consult with him/her and ask all your questions.
0 votes
Krista Johns…, , Rocklin, CA
Fri Sep 10, 2010
Hi Pamela,

Talk to an attorney. A realtor who gives you info may have a conflict since you are stating that you are thinking of not renewing with your current agent.

You can get a free consultation and go from there. I work with a firm in Folsom, Ruehmann Law Firm, who works on these type of situations. They will provide a free consult. 988-8001 is their number.

Hope that helps.

Krista Johnson, GRI, SFR
Broker Assoc., ConnectRealty.com inc.
0 votes
Keisha Mathe…, Agent, Elk Grove, CA
Fri Sep 10, 2010
Pamela, That is a question for a real estate attorney. We are real estate agents and cannot offer legal advice. Sounds like you have a situation which requires legal advice. Sorry this is happening to you. My best to you,
0 votes
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