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Asked by Aqua, 33029 Thu May 22, 2008

I was just served my papers for foreclosure proceeding. Currently they are reviewing a offer for short sale and should get back to us hopefully within a week or two. Now my contract with realtor ends 5/22/08 and she tells me to write somthing giving her authorization to continue being realtor until 9/08 but should not a new contract be redrawn or something in that form by her?

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Christina, , Lighthouse Point, FL
Thu May 22, 2008
HI Aqua,

you have received great answers to cover your question about extending the listing contract...you should also think about getting your foreclosure extended! If you were just served papers for foreclosure then you should speak to your Realtor about filing an answer within the 20 day time period to ask the court for an extension. You may be granted, even at this point, a 90 day extension on the foreclosure proceedings. I do not know the details of the communication you received or your situation but you should at least look at if this is the time for filing a request for extension with THE COURT in the foreclosure proceedings...best of luck.

Christina
Solid Rock Realty Services
954-290-2772
0 votes
Myke Atwater, Agent, Santa Rosa Beach, FL
Thu May 22, 2008
A simple extension (modification to listing agreement) is a one page legal document available to extend the contract for whatever time is appropriate. At the point your at, this is all that should really be done.
Web Reference:  http://www.MykeTriebold.com
0 votes
Keith Sorem, Agent, Glendale, CA
Thu May 22, 2008
Aqua
The most important thing is that having your home listed with a Realtor may be enough to postpone the trustee sale. I know of a seller that brought her Realtor to the judge and the judge stopped the sale because there was an offer that was going to close and save the owner from foreclosure.
0 votes
Craig Strong, Agent, Toluca Lake, CA
Thu May 22, 2008
You can draft an extension to the listing agreement.
0 votes
Angela Schra…, Agent, Pembroke Pines, FL
Thu May 22, 2008
Aqua: It is a fairly well established legal principal that a Realtor who is the "procuring cause" of a successful transaction is entitled to commission when the sale is completed. The exact definition of "procuring cause" is subject to a great deal of litigation between sellers and brokers, but in this case, if your Realtor's marketing efforts are responsible for your introduction to the prospective buyer (who has made the short sale offer), it is likely that your Realtor would be recognized as the procuring cause. If this is the case, your decision to extend or not to extend the listing agreement is probably not all that important - you're probably on the hook to your Realtor for his/her commission, assuming that the pending short sale offer is accepted, and the transaction goes through.

Keep in mind that if your listing agreement with the Broker/Realtor is the typical "Exclusive Right of Sale Listing Contract", that you have given your Realtor the exclusive right to sell your home, and therefore even if you found the prospective buyer on your own, you may well be responsible for paying a commission to the listing Broker/Realtor.

Courts will protect the efforts of a Realtor to assist you in selling your property. If a Realtor should have the misfortune of an expiring listing agreement while a transaction is pending, their commission will be protected by the law. Unless you have some serious concerns about the efforts that your listing Realtor has made on your behalf, I would recommend that you renew your listing agreement.

However, if you wanted to, you could certainly amend the agreement in such a way that it would only relate to the existing offer, and would not allow the brokerage to continue marketing your property to other prospective buyers who have yet to be introduced to your property. In other words, "you can continue to represent me with respect to people who have already seen my home, but I don't want you showing it to anyone else from here on out". If that's what you're looking for, I would strongly recommend that you seek the assistance of a qualified real estate attorney, who can draft the appropriate addendum to your listing agreement in such a way that your wishes are respected.

Hope this helps and best of luck with that short sale!

Angela
Web Reference:  http://www.villagrealty.com
0 votes
Daniel B Ste…, , Maricopa, AZ
Thu May 22, 2008
Listing Contracts can be extended by an agreement of all parties. The only reason you would need to redraft a NEW Listing Contract, is if the terms and conditions are changed.
0 votes
Debt Free Da…, , 85260
Thu May 22, 2008
Check your original listing agreement. Your agent should be covered for a specific period of time after the listing contract expires.
Web Reference:  http://getprequalified.com
0 votes
Julz, , Bonney Lake, WA
Thu May 22, 2008
No there is no need to redraw paperwork but there are some addendums that need to be attached. Good luck!
0 votes
None, , Albuquerque, NM
Thu May 22, 2008
You only need to sign an extension agreement to the original contract. However the Realtor can continue to negotiate the current contract for you under the terms of your contract since the short sale contract was entered into during the time of the existing listing agreement. If however that sale is not approved the current listing contract would be expired.
0 votes
Michele Pompa, Agent, Ocean City, MD
Thu May 22, 2008
You can have your realtor do another listing agreement if that is what makes you comfortable, but there is a form that you realtor should do that is one sheet of paper extending your listing to the new date. If you are going to short sale that needs to be noted in the listing.
0 votes
Don Tepper, Agent, Burke, VA
Thu May 22, 2008
I'm not a lawyer, but...

If all the other terms and conditions remain the same, and you're satisfied with your listing agreement, you should be able to extend the agreement with a signed statement requesting the extension. On the other hand, if you want a completely redone agreement, your Realtor should be able to provide that without any problem. I suspect that because your agreement ends today, she just wants to make sure that there is a signed agreement in force.
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