Q: We are in a contract listing with an agent to short sell our property. There was an offer made and the listing agent did not even tell us about it. They rejected the offer and claimed they made a counter offer, but no counter offer was provided. There was nothing on the offer that they said they rejected it for except it was $2,000 less than the list price. What are our options? Can we cancel this and go with another broker (they have a fee for taking our listing off)? Would we still be able to work with the person that made the offer if we are relisted with someone else (90 days limit within contract unless we sign an exclusive listing with another broker)? Thank you.
?Anonymous, Alpharetta, GA
A: Refer to the listing agreement in regards to buyers purchasing your property after the listing is taken off the market IF they saw the property while it was still listed by the real estate agent.
I?m not familiar with real estate laws in Georgia, but I find it very interesting that the listing agent had the kind of power/authority to summarily counter an offer without your written consent.
Best of luck in your real estate endeavors.
Alex Cortez is a Realtor? with Wailea Village Properties LLC dba/Island Sotheby?s in Kihei, HI.
A: You would have to check with an attorney or another Realtor who is familiar with Georgia laws, but in Massachusetts all offers must be presented to the Seller. Unless it is stated in your listing contract, your agent has no legal authority to make counter offers without your input. This alone could be enough to claim a breach of contract and allow you to cancel your listing contract with your current agent. You should not have to pay any fee to do so. Typically, after cancelling your current contract you can sign a new exclusive contract with a different agent and the 90 day requirement to pay a fee to the old listing agent would not apply.
The above information is not to be construed as legal advice, but is merely my opinion. Please consult with with an attorney to verify any of the information I have given you.
Good luck.
Jim
Jim Armstrong is a Realtor? in Salem, MA.
A: You can fire your agent if they agree. They don?t have to release you. I would speak to their manager because even though the listing agent listed your property, the company owns your listing. Tell the manager the situation and they will either assign a new agent to you or handle it themselves. Or you can ask to be released with no limitations or conditions.
Beverly Houlier is a Realtor? with Hilltop Chateau Realty in San Diego, CA.
A: Was there anything in the listing agreement that instructed the agent to only submit offers to you that were full price? If not, I would contact the listing agent?s broker, explain the situation and see if the broker will contact the party who originally made the offer. If that doesn?t work, contact a local real estate attorney to find out if the listing agent is in breach of the listing agreement. You might be able to find a way out of the listing agreement without paying the termination fee.
Gina Nyland is a Realtor? with Prudential Texas Realty in Austin, TX.
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