Hi RE Gurus,
We are in process of selling our house. We signed contract with our RE. While selling our agent was very positive and convinced that we should list at X and we will get overbidding of Y and will get for a total of X+Y. The sale price of X+Y seems appropriate for our area and house condition
Since last few weeks our agent has been sending us lot of selective data and trying to convince is that we should expect 0.4-0.5 Y. I say selective as i was able to find data that shows higher sale prices also. After some tense discussions agent stands by their suggestions and is saying that we have to go with what offers we get and see where the market goes. Maybe we will get Y maybe we will get 0.5Y.
Here is my concern. After done digging around i found that for the some of the selective data provided the same firm represented buyer and seller. Both agents belonged to same RE group. I also remember our agent mentioning out that they have prospective buyers lined up (previous clients who shows interest for our type of property). We are getting concerned that our agent is gaming the system and getting us prepared for a offer they think their fellow agent can make.
I am trying to find out what options do i have if we dont like any of the offers, even if these are above list price. The only relevant item i see is clause 12c shown below. If not taking a offer equal to withdrawl from sale?
We have given exclusive rights for 90 days. Wont i still be liable for the 5% brokerage fees if i want to stop working with the agent?
Alternatively can we start renting the property if if we dont like any of the offers and we are stuck with our agent for 90 days? Will that still be ok without paying the brokerage fees?
You are only liable for the commission if the home sells. If you decide to take it off the market and not sell it, then you don't owe the agent anything. The only two exceptions would be 1) If you sold the home to a buyer that the agent brought in before you canceled the contract or 2) If you signed something that said you agree to pay the agent a fee outside of the standard commission.
I have seen improvements which state if the agent brings of ready willing and able buyer at the sale price they ever in the commission
Did you sign something like that ?