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Originally Posted by seafoodlover
Hello Everyone,
A friend called and recently listed her brooklyn new york co-op with a realtor, but the agreement was she can also show her co-op to any potential buyers she finds herself, and the realtor will credit her 1/2 the realtor fee if she finds her own buyer, shows the apartment and it proceeds into contract, board approval, and closing.
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That's a ridiculous freaking agreement. Absolutely preposterous!
WHY would anyone pay a realtor a 1/2 fee for doing NOTHING! Thousands of daollars for what? Stupid.
Did your friend actually sign an Agreement? If so, what are the specific details?
Frankly, even if she did, I'd advise your friend NOT to pay the realtor a freakiing dime.
The realtor cannot stop nor effect the sale in any way. Proceed, and if the realtor balks, tell him/her to sue. The realtor wants to go thru the cost and effort to sue, and thinks the Agreement will stand up in Court, fine.
First, if she sues, you simply make an offer of settlement, which will be a good deal less than the half-fee, just enough to make it more worth YOUR while not to defend in court. If the realtor doesn't accept, fine.
You could up the offer to an acceptable amount, still less than the half-fee. Finally, if the realtor wants, let the judge decide.
Frankly, I'd be incline to bring it to the judge after the first offer. Then see how badly I could rip that Agreement into shreds!
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Question is does she have the right to negotiate for a higher asking price than what the realtor currently listed on mls? She has come down over $30K already, but she found a wealthy all cash buyer herself, and needs to know the correct procedure before meeting with this new potential buyer.
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Gotta ask, why the heck are you asking in this forum?? These are legal issue, for which you need right and intelligent legal counsel. Last I looked this was not a legal advice forums run by legal professionals.
Doesn't your friend have an attorney? If not, why not? The friend will need one to effect the transaction. Your friend should get an attorney and put the question to the attorney, that's what the friend will be paying for. The attorney will do the Closing and deal with any demands regarding the broker.
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Additionally her realtor does not return her calls promptly, and originally agreed to show the co-op to cash only and pre-qualified potential buyers as to not have to wait for mortgage approval, but the traffic the realtor comes in with is everyone needs to try and apply for a mortgage or home equity loan, and this really poses a problem, and seems to violate their original realtor agreement.
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Well then, what was the purpose of signing the [semi-]exclusive Agreement? If you weren't realatively sure the realtor could provide some service worth the cost of 'exclusivity', then ahhhh, what was the point?
Anyway, sounds like a VERY good basis upon which to defend any lawsuit brought by the realtor for nonpayment of the half-fee. IF what you say is correct, the Agreement is void as the realtor failed to fulfil the Agreement. Your friend really needs to consult a real estate LITIGATOR!
Btw, a 'pre-approved' buyer is NOT the equivalent of a cash buyer, as the mortgage process must still be completed. Pre-approval only means the buyer has begun the process and is prelimnarily approved, once a property is found then the bank will get down to the nitty gritty of vetting the deal.
There is no substitute for a cash buyer. With a cash buyer, you could be selling the Brooklyn Bridge and the deal could be consummated tonight!
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Also my friend's realtor said even if she found her own buyer and an offer was made, that the realtor would continue to look for buyers and still do the open houses, and get additional offers, because the Co-op Board Approval Interview may not always result with the buyer being approved for various reasons.
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Absolutely correct and prudent.
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I do not have a clue about any of this, and my friend is elderly with no computer experience or access, so I told her I would post on her behalf, and hopefully receive the legal correct answers from the great members on the City-Data.com New York Forum.
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Again, you find many people in this forum with law degrees AND real estate litigation experience?
Get thee to an attorney. Call the NY Bar Association and ask for reccomendations for a real estate litigator, if you'd like DM and I'll provide a name and number.
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