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Our contract with our realtor expired. And now our contract with a potential buyer has expired. (It was a contigency contract).
In TN, what are our options?
Yesterday morning (Wed.) our agent called to say that an extension from the buyers should be coming through later that day. Well, #1 the original contract is expired. There really is no extension, but a whole new contract right? #2 it's the end of another day and nothing.
Our realtor's sign is still in our front yard, but we are no longer listed on the MLS.
Any advice would be greatly appreciated! It's frustrating but in today's market we don't want to do anything in hinder our situation. We have a lovely well-kept home on a beautiful piece of property. It's price fairly and in a nice area with good schools. My hair is slowly falling out. :>
Last edited by CG&D93; 08-02-2007 at 09:32 PM..
Reason: grammar
Contracts can be continued with an addendum. Both the listing and the sales contracts can be extended. If you want to extend the contract for sale date you will also probably want to extend the mls listing with the same Realtor as it's going to be difficult to find someone who wants to take on a listing with a contract attached to the property.
If you don't want to stick with the same terms of the original purchase contract, you can file a cancellation of contract and return the buyer's escrow deposit. You would then need to start from scratch.
I know that a contract can be extended if extended prior to expiration. One of the contracts is a week expired. The other is 5 days expired.
In all my years of dealing with contracts (of a different kind), once it's expired it's just that, over, finished, dead etc.
That is where I'm confused. The one agent seems to think that it's no big deal we can just change the dates. I'm not sure what to do considering no one said a thing to us for the last month except for when we call and ask.
I would think that if an extension was in order than the buyers should have come to us before or even ON the day of expiration and let us know their status/intentions. Am I asking/expecting too much?
I thought it was a common courtesy. Correct me if I'm wrong, please.
I don't like continuing working with an expired contract and opt for rewriting the offer. If anything gets sticky down the road, the person in the sticky situation will be reading the agreement to the T looking for a way out.
They could go back to it expired a long time ago anyway!
The agreement is instructions to follow and takes care of everything if you do. If you pick and choose what to follow or not, then I can see a possible sticky situation later down the road.
I would say do an unlisted compensation agreement with the broker that has the buyer on the one deal and see if he/she can start over with another agreement. Or do another short term listing agreement if you don't plan to keep the broker long term.
If the buyer wants the property, they'll start over, if they don't, then they'll go back to the contract and call it a done deal based on the contingency. I can't see holding someone to an expired contract anyway.
It's possible the time frame got away from the broker for any good reason, and it's possible the extension could have been brought into place and ready to avoid the expiration. Whatever reason, it's expired.
Leave the sign or take it down whatever you want to do.
I'm not in Tn. so rules could be diff.
I wouldn't worry about the sign unless your not happy with your agent, and from the sound of your 2nd post, see that you could be annoyed as I would be too.
Do you plan to relist with another agent? Have you found another agent yet? From my understanding, the buyer that showed interest would still be considered active from the agent you just had. There should be something in the new contract (if you use someone else) that states that and for how long.
Well, from what I understand, a contract can be extended even if it is expired via an addendum if BOTH parties agree and sign it. The addendum becomes the over-riding circumstance in the contract. It guides the contract..is the contract. So, if both parties agree, even if after the original contract ending date has expired, to extend the terms of the original contract to a new ending date, the addendum keeps the contract in force. I don't see a need to new contract unless you want to. I'm not an attorney so I'm not giving legal advise but it just seems logical that if the two signing parties agree to extend the contract, they can, and it's a legal document. I don't see how that isn't crossing a T.
As for the MLS listing...that's a little different. Our MLS system won't allow the status of an expired listing to be changed to active again after 5 days. You would have to enter as a new listing.
You would make a change or extension with an amendment or extension agreement, not an addendum.
The contract does not say if it dies, it can later be revived at a later date by agreement by both parties. Perhaps that's why the MLS won't let you extend it after it closes.
I know that a contract can be extended if extended prior to expiration. One of the contracts is a week expired. The other is 5 days expired.
In all my years of dealing with contracts (of a different kind), once it's expired it's just that, over, finished, dead etc.
That is where I'm confused. The one agent seems to think that it's no big deal we can just change the dates. I'm not sure what to do considering no one said a thing to us for the last month except for when we call and ask.
I would think that if an extension was in order than the buyers should have come to us before or even ON the day of expiration and let us know their status/intentions. Am I asking/expecting too much?
I thought it was a common courtesy. Correct me if I'm wrong, please.
It is common courtesy...but sometimes that gets lost in other things. A careless agent for instance.
One can always resurrect a contract by reaching an agreement (really a new contract) that says the old one continues. Saves a lot of paper and hassle. And it is rerasonably bullet proof.
You don't want to "assume" thats for sure. You probably need to communicate with the Agent and reiterate the terms of the contract to make sure you both understand whether or not you would like to move on and find a different Realtor to represent you. If my agency contract expires with a seller, I usually ask if they would like to extend the contract and usually have no problem if there was communication and thorough service throughout the process.
Here in Colorado, when you go into contract w/ an agent. There is usually a 30-90 day period after the contract expires, where any interest in the property during the time of the contract has to go through that realtor. You can grab another realtor, but they would not get commission if the offer came from a buyer during your contract with your first agent. I hope that makes sense. So, that is why another agent my hesitate to go under contract with you.
Also, I would be very upset if I were you that my house was taken off the MLS. Especially over a weekend. Your realtor needs to step up!
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