Posted by River City on October 03, 2006 at 16:52:16:
Read your contract. It should state in the contract when the fee has been earned by the realtor. Generally, the contract indicates that if the seller receives an offer that meets the sales price stated in the listing agreement, the realtor has earned the fee. Did you revise the listing agreement to reflect the new sales price?
due=on-offer - Posted by francis kelly
Posted by francis kelly on October 03, 2006 at 14:07:30:
I have what I believe to be a unique scenario, in that I “trusted” my realtor, and he screwed me.
I set a price on my building to be sold, and a buyer made several escalating offers, never meeting my price. Let’s call it “X”.
Then, after 3 mos. on the market, I raised my price by 6% to reflect the inflation going on, to price “1.06 x X”.
The buyer responded by offering me “X” dollars, not going the extra distance to meet the higher price.
The realtor nonetheless sent me a bill for the entire amount of his fee, stating that he had fulfilled his duty in getting the buyer to meet the original price.
Is this legal for him to do that? The building is still up for sale.