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#465420 - 07/13/19 02:25 PM Advice on Contract addendum
jamem Offline
Junior Member

Registered: 07/13/19
Posts: 1
Loc: FL
Hi, I am a seller and have a solid contract on a large property, set to close in 1 week. It has been months since the contract was signed.

Now the buyers (who are real estate agents) are asking me to sign an addendum which forfeits their 3% commission, in exchange for lowering the sale price by 3%.

This seems a bit odd to me but i suppose it is done now and then. Also, this greatly benefits the buyers since they would not have to pay income tax on the 3% commission and it will lower their property tax.

It does nothing for me as the seller. Also [censored] the seller, I feel they are already getting a killer deal on the home.

But here is the thing. My father lives next door, and I would imagine this would indirectly affect his property value. Yeah 3% is not going to break the bank, but I feel like I dont want to sign the addendum mainly due to this affecting the neighborhood's property value.

However, I also do not want this to be a deal breaker...I dont know if the buyers can really back out at this point, but I imagine it is possible, if this one addendum is really a deal breaker for them.

I feel like I want to ask them for something in exchange (such as okay you pay any and all closing costs and I will sign your addendum)

Any advice is greatly appreciated!

Do I just sign it and be done or do I refuse to sign it? Or do I ask for something in return?

Thank You!

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#465421 - 07/14/19 12:18 PM Re: Advice on Contract addendum [Re: jamem]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2397
Loc: Outer Banks
You are reading too much into this. Property values are determined by appraisals which are not accurate enough for 3% to affect the neighborhood values.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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