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#460459 - 01/21/18 07:38 PM Can I cancel Agreement to Sell
starfish11040 Offline
Junior Member

Registered: 01/21/18
Posts: 1
Loc: NY
Last week I signed an Exclusive Agreement to Sell my multi-tenant residential investment rental property. I am now seriously having second thoughts about selling. I want to explore the possibility of keeping it and hiring a management company to manage the building.
I signed the agreement a week ago and the broker has already taken photos. He will begin marketing some time this week.
I can't find a clause in the Agreement which directly addresses this. The state is NY.
What can I do?

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#460467 - 01/22/18 05:37 AM Re: Can I cancel Agreement to Sell [Re: starfish11040]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7950
Loc: Vermont's North-East Kingdom
It all depends upon how your Listing Contract is written.

Generally, no one can now force you to sign a Purchase and Sales Contract with a Buyer; but you could be liable for paying a Commission to your Broker "IF" s/he were to now present you with a Full Price Offer devoid of ANY contingencies. That's very unlikely to occur (at least not here); but no one wants to engage in chasing windmills when one of the Parties already knows from the beginning that they have no interest in following through and cooperating with me to complete a transaction, and a simple change of mind can develop into a serious adversarial relationship.

In the interest of good Public Relations reasons, I have allowed for such cancellations with some otherwise competent adults who've felt the need to reconsider their objectives, and we've agreed that I would be compensated for my out-of-pocket expenses and some token payment for my time.

Sometimes, in retrospect, I have concluded that this has been a real benefit to me as opposed to continuing to waste my time trying to work with someone who's unsure of how they wish to proceed with their lives, and to simply cut my losses.

You may want to consult an Attorney before proceeding . . . . it depends upon the quality of the relationship that exists between you and your Broker.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#460468 - 01/22/18 06:07 AM Re: Can I cancel Agreement to Sell [Re: starfish11040]
Long Walk Offline
Member

Registered: 06/27/08
Posts: 400
Loc: New Hampshire
You may want to call your broker and talk this over. The biggest risk, in my experience, for the broker is that you have another agent you want to list with who may already have a buyer. If the case is just that you are not going to sell, then you can likely work out some kind of conditional or full withdrawal.

If I were the broker, I would dig hard into your story. If I doubted your motives, I might only give a conditional withdrawal. If I believed your story, I would give the complete withdrawal. I would also consider the public relations aspect, as Vermont pointed out.

That said, quite often, a listing agreement will have a clause for withdrawal. There is generally a fee for withdrawal. Re-read the agreement and see what it says. Sometimes people say that they read the whole document, when really they only skimmed it, having no first-hand knowledge of what they are reading for. You may be situated differently, though.

Let us know how it goes. We love the follow-up reports.

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#460469 - 01/22/18 06:12 AM Re: Can I cancel Agreement to Sell [Re: starfish11040]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2397
Loc: Outer Banks
If the agent/broker won't let you out of the agreement, raise the price to where it won't sell and wait out the agreement. Email the agent so u have proof of requesting price change. Offer to pay agent for the time they have spent.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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