Real estate Question ?

Doug · Nov 6, 2010

I just ended a 90 day listing with a realtor without selling the place. I did have one offer that I refused. I know who made the offer and just talked with that person. We are close on price now that I don't have to pay the realtor his 5%. Can the previous realtor take any action against me, like sue me for dealing directly with this buyer ?

Was the realtor just dumb to let me see who made the offer ?

Any reason for me not to deal directly with the buyer ?

Would I need an attorney for closing ?

shdw01 · Nov 6, 2010

yes, you want an attorney for closing....

your 90-day contract with realtor is over so you are free to do what you wish......however i do not know if the buyer is off limits (i would assume no).

I do think the realtor goofed by letting you know identity of buyer.....

Seymour · Nov 6, 2010

The 90 days has expired? If so, u don't owe the realtor shit - I take it someone is gonna the closing for u - u can use and attorney, a title company or the buyers attorney/title company - forward the closing statement to me and I'll tell u if ur being ripped off for bs charges - typically, a title company is cheaper

Doug · Nov 6, 2010

yes 90 days expired a couple of days ago.

shdw01 · Nov 6, 2010

i think you will need the escrow and title company regardless....imo paying for the attorney is money well spent....you are saving a shitload on commission fees but the risk of bad paperwork not worth the savings

WorldNumberOne · Nov 6, 2010

no so fast on the " you dont owe the realtor shit " comment.. i'd take a good hard look at the listing agreement . i would bet their is some wording in there that will talk about this situation. unless this realtor and his broker are idiots..

Doug · Nov 6, 2010

It went down like this...

90 day agreement, listed at about 257k

after about 30 days I reduced it to about 247k

buyer offered 190k, I refused that. They came back at 210k, I refused it again. listing expired.

I talked with a few more realtors since it expired. They seemed to think 225-239k was the price I should seek now.

I contacted the potential buyer ( she rents here now). I explained the situation and said I could do 230k with no realtor involved. She's thinking 220k.

I'm thinking about saying 225K and I'll throw in a wall mounted 60" plasma TV and all other appliances including W/D.

Doug · Nov 6, 2010

World Number One said:
no so fast on the " you dont owe the realtor shit " comment.. i'd take a good hard look at the listing agreement . i would bet their is some wording in there that will talk about this situation. unless this realtor and his broker are idiots..

That's what I need to know for sure !

Doug · Nov 6, 2010

shdw01 said:
i think you will need the escrow and title company regardless....imo paying for the attorney is money well spent....you are saving a shitload on commission fees but the risk of bad paperwork not worth the savings

Would they get paid at the closing or in advance ?

WorldNumberOne · Nov 6, 2010

Doug said:
That's what I need to know for sure !

maybe you should read your listing agreement .

Doug · Nov 6, 2010

World Number One said:
maybe you should read your listing agreement .

I'll have to look for it when I get a chance.

WorldNumberOne · Nov 6, 2010

wouldnt you think a real estate broker would protect themselves against this ? wouldnt it go on all the time if they didnt ?

Seymour · Nov 6, 2010

Well, I'm only an attorney that's been involved in 500+ real estate transactions - that's owns over a 100 properties still - so I guess just ask some more people on the forums - maybe 5 Star can give u some better advice - and ur selling - use a title company - not that it matters

Seymour · Nov 6, 2010

Isn't this ur condo u were talking about in FL?

Doug · Nov 6, 2010

Seymour said:
Well, I'm only an attorney that's been involved in 500+ real estate transactions - that's owns over a 100 properties still - so I guess just ask some more people on the forums - maybe 5 Star can give u some better advice - and ur selling - use a title company - not that it matters

Seymour: I appreciate your advice. I think state laws may differ.

I spoke with a retired realtor friend in Vegas about this. He said that in Nv this situation is handled something like this....

said buyer was found by Prudential and has to be disclosed to me. No argument they found this potential buyer. Now I can't sell to her ( w/o paying Prudential) for 6 months, so WNO seems correct.

Ct laws may be different from Fla or Nv....but I don't think I can steal this buyer a week after the contract expires.

Doug · Nov 6, 2010

Seymour said:
Isn't this ur condo u were talking about in FL?

it's in CT.

I never said I lived in Florida, I often mention that I'm in Ct.

Seymour · Nov 6, 2010

OK, I will find out for 100% by tonight - I just don't see how u can owe the commission if u've done nothing to conspire with the buyer to circumvent the realtor

Doug · Nov 6, 2010

Seymour said:
OK, I will find out for 100% by tonight - I just don't see how u can owe the commission if u've done nothing to conspire with the buyer to circumvent the realtor

I hope you are correct ,no conspiracy. I only spoke with her a few hours ago ( only time). I wouldn't know of her interest w/o the work Prudential did listing the property, though !

SportSavant · Nov 6, 2010

u movin to vegas doug?

Seymour · Nov 6, 2010

Good thing I asked - I need to see a copy of ur listing agreement - or u can tell me if there is a specific provision - but if it's silent then u r not liable - learn somethig new everyday