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We listed our NYC house because we were told we couldn't put a serious offer in for another house without doing so. We are financially OK with 20% down payment and getting a more than adequate mortgage.
Well our offer on the house we wanted wasn't the highest so we didn't get it. Unfortunately there is such low inventory in the area we want to move and worried about finding a new house now.
We got the sad news that our offer wasn't accepted day 1 of our current house being listed (yesterday) and we had one showing, a couple that made an immediate offer although it's just under 5%.
We are now panicking about being homeless/paying rent/being forced to find a house we don't love.
Can we delist our house without being liable for a commission even though we don't have a full price offer yet? I think we have an email from our selling agent that said "Commissions are only due on closing" and that we should still show our house until Sunday to see what happens but I'm not sure we should show it.
We signed the listing agreement on = 9/16
Listing went live 9/18
This is the line that has us worried:
EARLY TERMINATION: Owner(s) understands that if I/we terminate the listing broker's authority prior to expiration of it's term, the listing broker shall retain it's contract rights to a commission and/or recovery of related expenses and/or any other incurred by reason of my/our early termination.
Does this really mean the selling agent who couldn't be bothered to come back to our house to show the house to this couple who had to reschedule (they came with their buying agent) is going to get her 4% (over 15k) for such little work?
We are scrambling trying to find legal advice so any feedback is desperately, dearly appreciated!
You can always counter that your home sale is contingent on your finding an acceptable replacement property. We are a hot market and see that out here a lot. Out here that is noted on the MLS so that home buyers know that is a requirement of that particular home being sold.
We are scrambling trying to find legal advice so any feedback is desperately, dearly appreciated!
You aren't going to find legal advice in this forum... You need to read the contract, understand the contract, and then have a conversation with your broker.
You can always counter that your home sale is contingent on your finding an acceptable replacement property. We are a hot market and see that out here a lot. Out here that is noted on the MLS so that home buyers know that is a requirement of that particular home being sold.
Yes we told the agent to do that but it may take us a long, long time for us to find an acceptable new house. That's money down the drain paying rent etc.
And if you get offers just don't accept them. Make it hard to show the house.
But first I would talk to my agent. NYC agents may not be as nice as Texas agents but I would probably terminate the listing if you would just pay for what I had invested expense wise.
You aren't going to find legal advice in this forum... You need to read the contract, understand the contract, and then have a conversation with your broker.
We contacted a lawyer they recommended before signing and he said he'll handle the closing for a flat fee and there was no need to send the agreement. We were in a rush. Of course hindsight is 20/20 but this just seems so ridiculous to me that it's only day 1.....
And if you get offers just don't accept them. Make it hard to show the house.
But first I would talk to my agent. NYC agents may not be as nice as Texas agents but I would probably terminate the listing if you would just pay for what I had invested expense wise.
We'd be fine with reimbursing for whatever was spent.. it's the 4% 15k+ that we are worried about!
Yes we told the agent to do that but it may take us a long, long time for us to find an acceptable new house. That's money down the drain paying rent etc.
? You don't sell your old house until you have a new house. That is how that clause works. It means most buyers will still clear of you, but sometimes you find a buyer that loves your home and is willing to wait for you to find a new house. The way we do it out here is that none of the timelines for inspections and such begin until the seller finds their replacement property. That way if it takes a while, the buyer doesn't have an old home inspection.
You also need to realize that in hot markets, that a home sale contingency is a deal killer for a lot of sellers. They won't even consider your offer when they have other ones, not contingent on the sale. So you have to decide if you really want to move.
? You don't sell your old house until you have a new house. That is how that clause works. It means most buyers will still clear of you, but sometimes you find a buyer that loves your home and is willing to wait for you to find a new house. The way we do it out here is that none of the timelines for inspections and such begin until the seller finds their replacement property. That way if it takes a while, the buyer doesn't have an old home inspection.
You also need to realize that in hot markets, that a home sale contingency is a deal killer for a lot of sellers. They won't even consider your offer when they have other ones, not contingent on the sale. So you have to decide if you really want to move.
Thanks for the quick response. Sorry I guess I'm not understanding exactly. If we enter contract with a buyer on contingency that we find a home, doesn't that mean they'd technically own the house and that we'd pay them rent until we could find a new place which might take a long time which is money down the drain?
Update: Agent said it's ok she will hide the listing (although she didn't say when or how) instead of cancelling it.
Last edited by Beagoodneighbor2; 09-19-2019 at 09:57 AM..
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