Can The Seller Break The Rea Listing Contract?
Hi, someone called me about a house thru an ad on friday, I went today to look at it today, (when they told me to come) and they had it listed thru a REA on sunday morning. It is now tuesday. Does the 3 day rule of being able to break a contract in florida apply to rea listing agreements? If not, can they just send them a notice and tell them they decided to sell without the help of an agent? if I buy this can the agency go after the owners in any way? Please let me know asap. tommorow is the deadline and the owner is calling me in the morning.
thanks very much !!
G
You probably know one agent in the business. You should ask them.
Naturally you should ask a lawyer.
But if you just want an opinion.
I believe you just have the seller write a note to the Agent and say they no longer want to sell.
Obviously you are allowed to change your mind and Keep your house, right?
Maybe they can get a release in writing. Even though it may look fishy to ask, what can a broker do? at that point, Nothing!
Then they sell to you.
Good Luck,
N.[ Edited by Neill7 on Date 02/04/2004 ]
Interesting, would love to see the listing agreement before sprouting off. Some associations have this contingency covered in such a manner as it is the election of the listing agent.
I must tell you that do not assume that the agent is a complete fool. This is a rather common occurance. In many instances it is a client of the agent who has jumped the gun.
I would ask a legal practitioner in that state and have him also look at the contract of employment. Paper is meant to be written on and the english language has many words with different meanings.
Lucius
There is a technical term for doing what you suggest, it's called "screwing over a realtor". Hey, I have an idea, how about we all keep our word and conduct business honestly?!!! Just my opinion. Anyone else? Z
Zach,
reread the part about him calling me friday night in response to an ad of mine wanting property. I don't see how the agent is getting screwed here. I did not come by this by the aid of this agent at all.
Florida has a 3 day cooling off period, if you buy something or sign something you have 3 business days to renig on a contract. That's what my real question was, does it apply to REA listing agreements?
If so, then regardless of anything written on that contract it can be cancelled if it's applicable since its only been 2 business days.
Is there anyone here that's familar with florida law care to comment on this?
thanks for the responses guys,
G
If the Seller invited you over and requested you to make an offer, by all means do so.
But I would certainly make it to the Seller.
Choose your battles wisely.
The relationship is between the Seller and the Realtor; it is up to the Seller to manage this relationship.
Don't let your buying decision be guided by whether they can break up.
It's a small world, and it doesn't pay dividends to make enemies with Realtors.
[addsig]
Alright, I see your point, and I guess that from your perspective I agree with you too, at least to an extent. I'm thinking that by this time the REA has been working with the seller for a bit and has done some homework and probably come up with an analysis of the property and written an ad and paid money for an MLS listing etc. And since the REA's contract is with the seller, I'm thinking that person has an obligation to the agent at this point. I'm not taking into consideration the 3 day right of recision you've mentioned, as I know nothing about those details. The only 3-day deal I've been exposed to is for dealing with lenders. Anyway, don't you think that if you were the REA you'd be ticked? Their time and effort shouldn't be for charity any more than your's or mine. Now, I have heard about people making a deal with the REA so that if the property is sold FSBO, the REA gets, for example. $500. to kill the contract. And if the 3 day right to recision does not apply, yes, the agent can collect damages - just ask Lufos. Z