karen, Home Owner in 92570

What happens next after cancellation and firing my agent??

Asked by karen, 92570 Wed Feb 19, 2014

Do the buyers sue?? Or the agent?? All contracts have expired for over 2 mo. The buyers wont cancel. I think its because they dont want to loose their deposit but they will lose more if we go to court

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My NC Homes…, Agent, Chapel Hill, NC
Thu Feb 20, 2014
Your questions are all legal in nature so you should be speaking to an attorney. No one reading your question has all the facts or even copies of the contract that was signed to review so it's impossible for any of us to give you a really good answer. Under most real estate purchase contracts, if the buyer fails to close within 2 weeks of the stated close date and there's been no written and signed extension to the close date put into place, then you the Seller may terminate the contract and retain the EMD as liquidated damages.

Firign your listing agent is an entirely different matter and has no bearing on the question of a buyer who's failed to close per the terms of the contract.

Don't waste your time online getting vague answers from people like myself, go speak to a local attorney.
1 vote
John Juarez, Agent, Fremont, CA
Thu Feb 20, 2014
Your saga, documented by your many posts, has been long and torturous. What happens now is anyone’s guess.
0 votes
Ray Wright, Agent, Riverside, CA
Thu Feb 20, 2014
You've gotten several good answers, however none of us can give very good advice without reviewing the contracts and going over the entire transaction with you. And none of us can give you legal advise but we can give you common sense advice. One important thing to do before spending your money on attorney's fees is to sit down and discuss this with your agent's broker. You need to do that first or else you may find yourself wasting time and money. Good luck!
0 votes
Dorene Slavi…, Agent, Torrance, CA
Thu Feb 20, 2014
Hi Karen,
It's hard to answer your questions since we do not have the details. I would recommend you contact a good Real Estate Attorney to discuss your options.
0 votes
Lance King, Agent, San Francisco, CA
Thu Feb 20, 2014
I would need more details to offer substantive advice, but based on your rendition of events this should be relatively simple to resolve.

It sounds like you want out of the deal. Most real estate contracts have a seller termination clause which allows for sellers to terminate by delivering a 24 hour notice to perform. If the buyers don't perform you can cancel, and if they are in default you should have a good case to keep the deposit.

Since the relationship with your agent seems to have soured I would consult with a real estate attorney to make sure you proceed with this properly.

Best Regards,

Lance R. King – Broker/CEO
King Realty Group

BRE # 01384425
415.722.5549 - Cell
0 votes
Alexander Gr…, Agent, San Jose, CA
Thu Feb 20, 2014
Just wait it out and see. Just email me if you have any other questions or concerns.

Alex Greer
Loan Officer
NMLS #1056079

0 votes
Trevolyn Hai…, Agent, Highland, CA
Thu Feb 20, 2014
Speaking to an attorney that specializes in real estate is good advice in your situation. Did the Buyers ever remove their loan contingency? If they did not, you will probably not be able to keep their deposit. Did you sign the Mediation/Arbitration clause in the purchase contract? If you did and since the Buyer's are refusing to sign the cancellation, you may need to do that first; if not, and if the Buyer's deposit amount is less than $10,001, you can take them to small claims court.
0 votes
Dan Tabit, Agent, Issaquah, WA
Thu Feb 20, 2014
Thanks for using a real name, the symbols from before were a challenge. You're going to find a wealth of help, once you are free from your current agent. Your previous paperwork needs to be reviewed and everything should be resolved before you come back on the market.
If the buyer is going to sue, chances are they will claim an equitable interest in the property which may prevent you from completing your next transaction. Any agent that you move forward with will be well served by having your contracts and listing agreement cleared by an attorney before investing time, money and energy to sell a house where no sale may be possible for a while.
Once everything is cleared up and you do go back on the market, have a clear understanding of who represents who. I will sell my own listings, but only in the best interest of my seller and only if I represent the seller only. Dual agency is a farce and is next to impossible to do as you've found out. In your case, I suspect the agent represented themselves looking for a double pay day. Because they have so much to lose, please, please, please invest some time and money with an attorney. Your next agent may have one they can set you up with for a minimal fee and they may even defer payment until closing.
Assuming there is no active contract, that everything has expired and you've done everything to cooperate, and it would appear gone above the call of duty, no one should sue. That doesn't mean they won't. No human can guarantee the action of another. Let us know how things turn out.
0 votes
Brenda Marti…, Agent, Riverside, CA
Wed Feb 19, 2014
Of you would like to talk about the situation, please contact me by phone. There is any different scenarios as to all the rights in a transaction.
0 votes
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