Information on Home Buying & Selling, and state of the real estate market in Salem and the entire north shore of Massachusetts including Beverly, Peabody, Lynn, Danvers, Middleton, Ipswich, Hamilton, Wenham, Essex, Rowley, Manchester-by-the-Sea, Newburyport, Plum Island, Amesbury, Groveland, Georgetown, Haverhill, Merrimac, Andover, Etc.
Monday, April 09, 2012
Question: About A Listing Contract
Question: We are in a contract listing with an agent to short sell our property. There was an offer made and the listing agent did not even tell us about it. They rejected the offer and claimed they made a counter offer, but no counter offer was provided. There was nothing on the offer that they said they rejected it for except it was $2,000 less than the list price. What are our options? Can we cancel this and go with another broker (they have a fee for taking our listing off)? Would we still be able to work with the person that made the offer if we are relisted with someone else (90 days limit within contract unless we sign an exclusive listing with another broker)? Thank you.
Category: Foreclosure / Short Sell
Answer: You would have to check with an attorney or another Realtor who is familiar with Georgia laws, but in Massachusetts all offers must be presented to the Seller in a timely manner. Unless it is stated in your listing contract, your agent has no legal authority to make counter offers without your input. This alone could be enough to claim a breach of contract and allow you to cancel your listing contract with your current agent. You should not have to pay any fee to do so. Typically, after cancelling your current contract you can sign a new exclusive contract with a different agent and the 90 day requirement to pay a fee to the old listing agent would not apply if buyer purchased your home that had seen it before.
My Disclaimer: The above information is not to be construed as legal advice, but is merely my opinion. Please consult with with an attorney to verify any and all of the information I have given you.