ak98gtguy1984 asked:
My parents listed their home for sale about a week before i found out that I qualify to buy their house. Im not represented by a agent nor have i signed anything with anyone. My questions is can my parents cancel their contract with the agent? Im sure it was a 6 month contract to. Ive heard you can pay like 500 bucks and that will cancel it. I also believe the agent has caught wind of me wanting to buy the home. Any Ideas?
Simi Valley homes
My parents listed their home for sale about a week before i found out that I qualify to buy their house. Im not represented by a agent nor have i signed anything with anyone. My questions is can my parents cancel their contract with the agent? Im sure it was a 6 month contract to. Ive heard you can pay like 500 bucks and that will cancel it. I also believe the agent has caught wind of me wanting to buy the home. Any Ideas?
Simi Valley homes
fangtaiyang Says:
March 3rd, 2009 at 11:17 amVisit fangtaiyang
Baltimore MD Homes realtors
Wait until the contract expires and then buy it
REO Master Says:
March 4th, 2009 at 7:26 amVisit REO Master
Paper Shredding
Your parents signed a contract that is legally binding so your options are to either offer some kind of negotiation for the deal and the Realtor does all the paper work, or cancel the contract and wait till the contract is up and then do a for sale by owner with your parents. If you try and do it before the contact would have been up then the Realtor could go after your parents for commissions. Good Luck!!
estielmo Says:
March 7th, 2009 at 3:16 pmVisit estielmo
keyless remote
Simply read the contract. It explains the options.
One possibility: All your parents have to do is wait out the agreement. Co-operate minimally with the listing agent and stand firm on the price.
They should be present at each showing and casually mention all the problems they’ve ever had with the house (don’t lie - just tell the truth). If any sex-offenders live ANYWHERE nearby mention them. Mention any local break-ins or how bad the schools are. Don’t exagerate, just air all the dirty laundry you can find.
The agent will get so pissed they will stop showing the house and you can ask for a release from the contract.
frak1a12345 Says:
March 9th, 2009 at 7:17 amVisit frak1a12345
Oakland retail space
I agree with both above posters. I would wait(patience is a virtue) and buy after the contract expires. One warning–be very careful about the expiration date. Some contracts do not allow you to even to talk to the realtor or else you are a qualified buyer and can’t make an offer on the house until well after the expiration date. The realtor can claim that they brought you to the table and therefore they deserve a commission. Check the contract very carefully for language of that sort and then doublecheck it. This could be a case where the expiration date is not an expiration date.
Expert Realtor Says:
March 11th, 2009 at 6:53 amVisit Expert Realtor
Mar Vista Homes
Uh no…when you sign a listing agreement that is exclusive (and about 98% of them are), you owe the agent commission REGARDLESS of who buys the house.
Now, because you are family, the agent will most likely drop the contract (I would), however they are NOT legally obligated to and that $500 provision you are talking about…is something that the majority of agents simply don’t use.
However, if the agent digs their heels in the sand and wants to be paid, then it’s their legal right to be paid…that is what exclusive right to sell means….and their commission is most likely going to be 6%…b/c you don’t have a Realtor to split it with, therefore the listing agent gets it all.
No way around it, unless the agent is willing to work with you.
PS: TO THOSE THAT ARE ADVISING TO “WAIT OUT THE CONTRACT”…OBVIOUSLY YOU DON’T WORK IN REAL ESTATE…B/C HERE IS WHAT IS STANDARD LANGUAGE:
If the house sells within 3 to 6 months (depending on the maximum that your state allows) AFTER THE END of the listing agreement, then the listing agent is STILL due a commission. This prevents people from “waiting out the contract” and if it ends on the 15th, think that they can go under contract on the 16th and cut the agent out of the deal.
Doesn’t work that way….that is why people need to read the contract before they sign it. Agents are very, very diligent about looking for houses going under contract and closing right after a contract ends and if they sue for their commission, they WILL get it…it’s called being the “procurring cause”.
loladrewblue Says:
March 12th, 2009 at 8:55 amVisit loladrewblue
Malibu homes
Just because it’s your parents home doesn’t mean that you can take any shortcuts in the sales process. A transaction with a friend or relative requires the same care that you’d give any other deal that you make.
You and your parents should be represented by separate REALTORS®. Why? Do you know what faults the house has? Are they going to disclose to you any defects? Is the house worth the asking price? What if you move in and let’s say there is mold, or a defect in the structure (something you cannot see without an inspection) who will or should pay to have it remove or fixed? These things should be address before purchase.
That’s one scenario why you should hire a REALTOR®. They look out for your interest, and make sure that all government regulations are met in the form of disclosures. This is one of the largest assets you will purchase and you should be represented.
Should the transaction go sour (and they do even among relatives) it is better to drop out than being named in a lawsuit later. No one wants to be in a lawsuit, especially with the people who matter most in our lives.