Posted by Sean on May 11, 1999 at 08:21:25:
If the Realtor provided you with a buyer that was ready, willing and able to buy your house and did so within the specified time then yes, you owe him a commission.
This is distressing, will someone please help!! - Posted by Nick
Posted by Nick on May 11, 1999 at 06:54:02:
I am your typical first time home seller and I think I have made an error. Recently my contract expired I that had with a realty company (after 6 months). Since the realtor was “workikng with” a buyer that wanted to purchase our home we agreed to reinstate the listing for 1 additional month. In the original agreement the realty company had a window of 30 days in which they were entitled to their full commission if the house sold after the listing expiration date. In the second agreement the realtor changed the number of days to 60 and I did not realize the change.
It has been approximately 6 weeks since the second listing expired and now the same perspective buyers have clear up their credit situation and have made an offer to purchase our home. They have done this without using the original agent.
My question is this:
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What constitutes a sale? Is it an offer and exceptance of an offer or is it a closing.
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Are we legally obligated to give the realtor a full commission if the listing has expired and the offer date is within the 60 day window but the closing date is after the 60 day window?
Thanks,
Nick
Re: This is distressing, will someone please help!! - Posted by Brkr2000
Posted by Brkr2000 on May 11, 1999 at 15:50:06:
Pay the Realtor!!
Re: This is distressing, will someone please help!! - Posted by Bill K. (AZ)
Posted by Bill K. (AZ) on May 11, 1999 at 12:10:37:
Nick,
If you were willing to pay the realtor a commission for securing these buyers before, why wouldn’t you be interested in paying him/her one now? A realtor is entitled to a commission when they produce a buyer who is ready, willing and able to purchase your property, at terms agreed to by you, during your listing with that realtor. The closing date has nothing to do with it.
Finally, I’m not suggesting that you unduly withhold the realtor’s commission, but why can’t your buyers wait 2 weeks for your agreement with the realtor to expire? You and they have waited several weeks already. But, I think that would be dishonest.
If you’re going to become a real estate investor, you’re going to need a pristine reputation. Pay the commission!
Bill K. (AZ)