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My wife and I are in the process of selling out home. Our home has been on the market for about a month and a half. Monday of last week our realitor brought us a contingency contract from a prospective buyer. Our realitor said the buyer is in the process of selling their home and an offer for their home is expected to go through by the end of the week. Therefore we were content with their offer for the sale of the home and agreed with the contingency contract. Before we signed the contract we asked our realitor what would happen if they didn't sell their home and we were approached with another offer. She said that if another offer came through that we would have to approach them with the offer and they would have a chance to purchase the home at that time and if they decided not to within a few days then we could accept the 2nd offer. Well, another offer did come through a day after signing the contengency contract. Our realitor advised us that we would have to adhere to the contingency contract as they were in the process of closing the deal on their home. I was content with this. However, the deal on their home didn't go through, so I wanted to proceed with the 2nd offer. Then our realitor said that since we signed the contingency contract with the first offer that we would have to give them until the date of August 21st to sell their home and couldn't accept any other offer. I then called the realitor broker and explained to her that this wasn't how I understood, and further explained that I would never put my self in that position. She agreed and said that it is an unwritten rule among realitors that the contengency contract is valid for 72 hours however our realitor didn't have their party sign that agreement as they normally don't have this problem. Why would my realitor put me in this position. She misrepresented the contract to me, and now I may miss out on a prospective buyer for my home. What can I do?? Thanks..
If the first contract person sale of thier home, fell through, than your contract would be null and void, and you can proceed to the 2 nd offer. If the agentcaused you to miss the offer for your home than they are in the wrong. Possibly they breach their contract will you to sell our home. Tell them you will be looking into that breach. They may be more cooperative
What your realtor explained to you was that the contingency offer came with a "72 hour kickout" clause. With that clause, if you receive another offer then the first buyers have 72 hours to decide to either give up their contingency and proceed with the contract regardless of whether they've sold their house, or to allow the contract to be cancelled so you can accept the other offer. The realtor explained that your contract contained this clause but she failed to put it into your contract so you can't enforce it against the buyers.
Unfortunately you are bound by the contract. You have to allow the buyers until Aug. 21 to sell their home and if they cannot, they have the right to cancel at that time.
I suggest that you contact the realtor's broker again and complain. Loudly. Insist that the realtor's commission be drastically reduced if/when the sale does go through. You also have the option of complaining to your state's real estate brokers board but that is unlikely to accomplish much.
It is obvoius that either you misunderstood your agent, or your agent was wrong in what they told you.
In contracts, the written contract takes effect over any verbal agreement that is not written into the contract.
In signing any written contract only those features written in it, can be inforced.
What happened was you accepted the first contract that had a feature that they had to sell thier house to buy yours.
You did not have to accept that offer, you could have made a counter offer, or merley refused it and waited for another offer.
You made a choice and now have to live with your offer. Hopefully they will sell thier house and will close on yours.
Agents carry errors and omission coverage if they do anything wrong,
I agree with what the others have said, buit I do have a couple of points to add. First, did you read the contract before signing it? If not, why not? Don't you have an attorney to advise you in the sale? You should have one that will represent you at closing. It appears you relied on the broker's advice. Brokers are in a funny position in that they tend to represent both the buyer and seller to some extent. Therefore you cannot rely on a realtor to always deal in your best interests. This was the mistake you made and now you are paying for it.
However, all is not lost. I would get an attorney and threaten to sue the realtor for any losses you have incurred by being forced to adhere to the contract. You may not win, but then again you may.
I did read the contract, but it was very vague, which is why I asked our agent for clarity. That is why I hired her...correct?? She provided mis-representation of the contract she had me sign, isn't that the issue??
I did read the contract, but it was very vague, which is why I asked our agent for clarity. That is why I hired her...correct?? She provided mis-representation of the contract she had me sign, isn't that the issue??
Actually, no, you hired her to find a buyer for the house. You didn't hire her to give legal advice. That's the job of your real estate lawyer. As I said, there is an inherent conflict of interest for realtors since they represent both the buyer and seller.
If there were vague clauses int he contract, you should have gotten the explanations in writing.
I'm curious whether this realtor had an exclusive on the listing or where this second offer came from. If they did not have an exclusive, it makes even more sense that they were protecting their sale, not you. It also helps make your case against them.
HI,
If it isn't written out in the contract you signed, then it's not true.
Only the written things in the contract count!
Any Realtor can "tell" you anything they want to; but, it it's not in writing, it doesn't matter!
It's like loaning money to your best friend, and not getting it in writing how much, when it will be paid back, etc. If your best friend decides not to pay you back, there is absolutely nothing you can do to get your money. It's your word against theirs.
I am 64 yrs old, and have learned one thing.....NEVER sign anything until you read it. If it's a contract that involves lots of money, and if there is something you don't understand, then get a lawyer to explain it before you sign it; or get someone other than the person who drew up the contract, to explain it.
Best wishes.
Did you actually "hire" her, or was she acting as a agent for the reality company to sell you a house.
When we bought a house, I actually hired a real estate agent ( not to be a selling agent but to merley be my agent and represent me)
Next before I signed any contract I had my attorney review it and summerise it for me.
Also before closing, I had my attorney ( not a closing attorney) review all the paperwork to ok it. I also have my agent review all it if also.
Cost alittle more, yep, but I knew exactly what i was signing and what I was getting.
Since you are also selling the house, you do realise that they will have a home inspection done, and almost always they will try and get you to lower the price some more from the contract because of what is found in the home inspection. Since almost all sell contracts can be voided by the buyer if there is not an acceptable home inspection. ( not apprasial, but inspection)
And Yes I agree with Scott 110 percent, I bet the first offer was though thier agency ( or even though the same agent) and the agency did not want to loose the commission by accepting an offer from another agency.
So remember the person you "hired" is not hired by you, they are a commission sales person whose job it is to sell the house, but they are also in the business to sale and make commission, They are not your employee but a contract agent that has to only do what the contract states, no more and no less, they look out for thier own interest above all.
Just a side note, this is part of the reason, I am in the middle of gettnig my real estate licence right now, Since I buy and sell a few properties, I figured I may as well not be giving some of that money to another agent.
Plan to have licence by about mid Sept if all goes right.
Next with that if this was a new agent, beleive me, at about most they get 90 hours of training ( that is what I have to do here) over general laws of the sale and some marketing.
It is not untill they start doing annual training ( if required in thier states) that they will get into alot more specialised training on specific types of sales. Also I have found from alot of experience ( and alot of early mistakes) that real estate agents don't really "lie" they merely present the facts in a way that you will normally misunderstand in a way that is better for them.
My first experience was when I bought a property I really did not have the money to buy but had a way to get the money in a short time.
I had to put a large amount of money down when I made the offer, the agent said, don't worry we will just hold the check and not cash it, it is only a symbol of good faith. ( I was honest and told them I did not have that much money in the bank right then)
Well what they did not say, was as soon as the offer was accepted, they did cash the check. Well I covered it, but not the way I had wanted to and was upset about it. But that day I learned they work for what is good for them, not always the client.
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