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What if the real estate agent is considering suing her? The real purpose of the signature might be to use in court against her. If the judge is a friend of the real estate agent, a frivolous lawsuit against the client might be winnable. But the judge might want to see at least a couple of signed documents to make the lawsuit seem a little less absurd. When people say they need signed documents for their files when terminating a relationship, that's one of the things they might have in mind.
Can you please provide a link to Colorado Real Estate Law that notes that a seller can terminate a listing contract? That is really useful information.
Also, can a seller terminate a listing contract even if the RE agent has put words in the 'agreement to sell' document that say "this contract is binding and may not be rescinded, broken, reneged (and other words to that effect) by the seller"?
If that is all there is to it, then your sister owes him nothing, I would think. She contracted for the agent to sell the house for $300k and he did not do that. Case closed. I do not believe, although I am not an attorney, that she has to do nothing further in writing. She may consider another real estate agent if she feels that perhaps he is not representing her best interest.
Did your sister sign an Exclusive Right to Sell Agreement or anything saying that this particular broker will get paid even if the house doesn't sell before the listing expires?
I don't know if Nevada uses that or not but it does put the pressure on the realtor to sell even if your sister doesn't like the offer. I've seen houses pulled off and put back one the market half a dozen times for reasons bigger and smaller than what your sister is dealing with so this realtor is really pushy to try and force her to sell if she's recovering from an accident for two months. How do they expect her to move out?
Did your sister sign an Exclusive Right to Sell Agreement or anything saying that this particular broker will get paid even if the house doesn't sell before the listing expires?
I don't know if Nevada uses that or not but it does put the pressure on the realtor to sell even if your sister doesn't like the offer. I've seen houses pulled off and put back one the market half a dozen times for reasons bigger and smaller than what your sister is dealing with so this realtor is really pushy to try and force her to sell if she's recovering from an accident for two months. How do they expect her to move out?
If this is in NV there is virtually nothing else but Exclusive Right to sell. Other versions occur only in unusual situations such as a developer.
This may be a semantics thing. "Exclusive Right" is the legal jargon for a standard RE listing contract. It is not "Exclusive" in who can sell it. It is the one that provides compensation to other brokers for a buyer.
I've seen two or three different one but that specific one sticks out in my mind. It was separate from the listing contract and protects the realtor from being ditched on at the last minute by a seller who wants to suddenly FSBO or sell to a relative and skip some formalities.
I ask because it was only ten days into the listing and the realtor was putting the pressure on all ready to accept the offers that came in. Are there restrictions on listing durations?
Here's the thing: what is the agent actually doing to benefit the seller? Sounds to me like other people are finding the property and others are making offers. I'm not sure what work these people are putting in.
On the seller's side, why wouldn't she accept the offer? That may be all the home is worth. It's a buyer's market and everyone knows that asking prices are higher than what selling prices are in any market. It's expected that buyers will bargain down thinking they'll get a deal. And all that aside, it may be that the features/conditions/location of the home are only worth what the offers are suggesting.
She could make a counter for $290k at which point the ball is in the buyer's court; the acceptance or rejection of that counter offer should indicate the direction the price needs to head. If accepted your sister got off light, if the buyer counters the counter then it may be an indication the asking price is too high.
At the end of the deal any property is only "worth" what it actually sells for.
No one buys a property for more or less than what it's worth, and no one sells a property for less or more than what it's worth.
The final sale price is the value. Your sister should feel lucky she's getting offers at all because in much of the country that just ain't happen'.
If you do not want to sell the property and your agent will not release you from the Listing Agreement, send them an email that says you want to raise the list price to $400k and will not consider any offer below that amount.
Let them waste their time. If you don't want to sell, just let it sit on the market until listing expires.
Also, tell them to remove their sign from your yard.
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