I need help FAST! Background: I am in NM and listed a townhouse in TX. My agent was w/one firm but switched to another firm during this time. The t/h listed for $89K (she wanted me to list $92K). Offer came in for $78K with repairs for 2 new a/c's, 2 new heaters, and termite treatment for suspected activity. I countered back $82.5 with no repairs, take it or leave it. The buyers missed their option period deadline which we extended for another 24hrs, and again they missed that one and then I gave another verbal extension until Sat noon. Agent called me late afternoon Sat while I was at the nursing home with my Alzheimer's mother. Just signed a do not resusitate on her because she has an infection and they believe she will not make it. Went to take some belongings out of the t/h on Sun and couldn't sign. Also, side note. I am working temporary & was notified on Friday that my assignment had ended. I backed out of signing because I need to go home, need a place to live, & my credit is shot (300's). I have no savings. I need to be with my mom. These people (drs) were hopping mad & said that they are going to close on time and that they have already rented the t/h. My agent sent me a termination notice which I signed and emailed back. She consulted her partner who is hard-nosed and he says I should sell no matter. She understand my prob and says don't sell. Now she wants me to sign a withdrawal of contract and pay $100 for the withdrawal. The only problem is that this withdrawal says I am liable for the commission, approx $6K, which I don't have. QUESTION: I don't feel comfortable signing a doc that puts me liable for $6K. I want to sign a cancellation instead. Advice??? Please help!!!! What is the difference between cancellation and withdrawal. Either way, I am not selling. Just don't want to be liable for this $6k.

I am sorry about your situation. There are a couple holes in your story which lead to other questions.

*When your agent switched brokerages, did you sign a new listing agreement? Reason I ask is that this seems to be an issue with you and the listing really belongs to the broker in Texas, so if she just took it upon herself to move your listing with her, you might have a legal loophole.

*If you did agree to move your listing to her new brokerage, you are kind of at their mercy, or lack of it. They have brought you a ready, willing and able buyer with whom you reached terms, so they have likely performed their duty under law to be entitled to the commission. That being said, most agents with a conscience would just let it go.

There are really too many factors that go into this for there to be a pat answer, and I suggest you call the Texas Real Estate Commission for legal clarification if you need it. The website is www.trec.state.tx.us. They may or may not be able to help.

In the end if you are liable for the commission, you may just need to sit down with these people and appeal to their sense of decency.

**Not legal advice**

Unfortunately their are no laws that will support unfortunate circumstances that arise as a legal reason for not signing according to the agreed contract with your representative/agent.

Did you sign a representation agreement with your agent? If yes, specifically, what does your signed representation agreement state pertaining to termination and fees associated with the termination?

Withdrawl: Withdrawl of offer by the buyer/purchaser.
Termination: Seller or Agent ending/terminating the listing agreement for whatever reason(s).
Expired: Seller completed the listing according to the specified/documented/agreed amount of days to be listed that is specified & documented on the signed listing agreement.






Did you sign a representation agreement

You should spend a few hundred bucks and sit down with a real estate lawyer and explain the facts. Paying a few hundred bucks would be well spent if it could possibly save you six thousand.

AGREED

Plus if your credit score is in the 300's you have nothing to worry about.It will take YEARS to get it anywhere up to where you can obtain good credit.

I have never seen one in the 300's.I have seen 400's but they had about 30 collections accounts,bankruptcy,foreclosure,and repossesions along with judgements.

no legal advice

I agree with CaveMan; I got dizzy reading your list of events. You should STOP signing anything more and assemble everything that you have already signed, as well as everything that has been presented to you for signature, and present it to a good Conveyance Attorney for review chronologically to determine where you actually sit. Sometimes events and other people can stampede you into action that is not in your best interest.

I was not 100% clear on whether this is your TownHouse or Your Mom's that you are (were trying to sell). And from what you have said, it sounds like at one time you verbally accepted this Offer; but have not yet put your "John Henry" on the P&S. No one can make good decisions under duress or panic conditions; and should not be expected to.

On what basis is (was)the TownHouse available for rent? Through the same Agency that has (had) it for sale? And it was vacant and the prospective Buyers are now taking (or have taken) occupancy as Tenants? It almost sounds like the Train has left the Station and you're going to now have to run to catch up with events. You need the support of an Attorney; and SOON. Perhaps Legal Aide has some resources available for you?

Thanks to all of you. To answer your questions. 1) My agent is/was in El Paso the whole time along w/the t/h. She went from one firm to another and yes, I signed a paper for the switch. She is not my problem (I don't think). 2)The t/h is mine - not my mom's. 3) Yes, I did sign the agreement (by e-mail) to sell w/o repairs, BUT the buyers did not respond back in the required timeframe. It seems that doesn't matter. The buyers can come in after the fact. 4) From what I researched online - it is very rare that the courts would make me sell since I am not trying to get more $$ or switch agents. 5) The closing is supposed to be 7/15 Mon. 6) The buyers said they already rented the t/h (which is mine and they do not legally own). How can that be? 7) The t/h is not occupied. My 2 daughters rented from us and moved out in Feb 08. Put the t/h up for sale on Mar 29. The only offer was this one. 8) The buyers are doctors (anethesiologists) - they have a house near buy on the golf course. The t/h is almost on the golf course - there are two strips of t/h's - one right on the golf course and mine along with the others are on the road side. ====== Like that. Just some trivia - not germaine to my dilemna. Bottom Line: ya'll think I should not sign the withdrawal and seek lawyer? 9) Still would like to know the dif between a cancellation and a withdrawal? Thanks for all of your help.

In my area, a cancellation means that the listing contract is cancelled -- it's terminated. A withdrawal means that the home is taken out of "active" marketing status but the underlying listing contract is still in effect and only expires once the length of the contract has run out. You may or may not owe a commission whether your listing is cancelled or whether your home is withdrawn from the market. It depends on the wording of the contract and the facts of what transpired. If the agent is giving you a document which says that you will be allowed to withdraw your listing but be obligated to pay $6,000 commission, you should absolutely not sign it. You need to consult with an experienced real estate lawyer asap before you sign anything! It's possible that neither the buyers nor the agent would have any claim against you. That's not legal advice from me. Get on the phone and schedule an immediate appointment with a good real estate attorney.

I'm guessing that you are pretty stressed out and perhaps feeling even a little bit desperate. Don't be bullied by the agent or the doctors. If your agent calls, it's okay to mention that you will be consulting with a lawyer so that you know how to best proceed. Now -- go arrange that consultation!

On a side note, the prospective buyers cannot actually rent out the place because they don't own it. They may have lined up a potential renter expecting that their "purchase" would close. Only a legal owner has the rights to rent out a property.

Now in some contracts investors stipulate they can put a sign in the yard an actively market your property for rent to get a jump start.


"3) Yes, I did sign the agreement (by e-mail) to sell w/o repairs, BUT the buyers did not respond back in the required timeframe."

This is a key what did the contract say??? The contract in my state spells out what form of communication is part and NOT part of the offer. So it says if mailing,faxing,and e-mail is communication or not and both buyer and seller have to agrre on the form of communication.

In my state if they get back to you after the acceptance time you CAN still accept it but are not BOUND to accept it. Just like if you offered to purchase a property as a buyer and the seller gets back to you after the acceptance deadline. You can take there offer but do not have to.

THANKS TO ALL OF YOU! I did retain a real estate litigation attorney for a consultation. He will go over all my docs by e-mail and contact me.

Yes, I am feeling very stressed and bullied.

Just a side note: The buyers want to go look at the t/h one more time. Sounds like they are thinking of not fighting for the t/h. :-)

I will let you know the outcome. God Bless!

Good luck with this situation. Since you've already contacted an attorney it sounds like you should be in good hands. Though attorneys are NOT inexpensive!

I'll just say that I also got dizzy reading much of this story. So much of it didn't make sense to me... from the confusion about missed deadlines to the odd idea that the buyers have already "rented out" a property which they don't own yet. Sounds to me like you've gotten involved with a bunch of sharks...

One question... who recommended the attorney? Please tell me it wasn't your agent!