Will Bank Honor Listing Agreement
Is the bank required to honor a listing agreement on a short sale? I have had a property listed for six months and got an offer for purchase in June - seller will not accept the offer (does not feel she should have to pay a commission)and intends to cancel our listing agreement - prefers to sell the house to the buyer directly -has refused to let the bank speak to me. I have a $10,000.00 deposit and a $375,000.00 offer - $350,000.00 is owed to the bank before penalties.
Any input would be greatly appreciated.
most banks will honor pay the commission if its a pre-foreclsoure. you could possibly cloud the title with filing the listing agreement? maybe get the buer to pay half or the bak . It sound workable but then again sellers are people.
_________________
Matthew Giegerich
Lender - investor 15 years of experience with results[ Edited by TheShortSalePro on Date 07/25/2007 ]
The listing agreement is between seller and broker. If the seller decides to break the agreement and proceed to sell to a buyer introduced while the property was under listing contract... the broker would have to pursue the seller in a court of competent jursidiction.
As indicated, the broker could record the listing agreement against title.
I would approach the buyer to pay your fee.
just curious, why does the seller not want you to be paid for your work?
I have a situation where the homeowner has had their property listed for over a year and the current listing will expire at the beginning of September. The listing agent is not comfortable doing a SS, but the bank assured the HO they would entertain a SS. HO would be interested in going through a SS to save their credit. When the listing expires, should they transfer to an open-ended listing?
To: Cherick:
If the seller is interested in doing a SS and the agent is uncomfortable with it-maybe seller should find another agent who is willing to work with the bank.....