Advice Needed...Please

By
Real Estate Agent with Cherimie Crane & Associates, Ballenger Realty

I will do my best to explain this conundrum without disclosing too much information that may in any way effect my sellers.

 Facts:

  • My clients had their home on the market for 164 days.
  • The property was priced BELOW appraisal
  • My clients responded to feedback from Realtors, and did ALL suggestions for a better sale
  • Their property was marketed to the extreme! Open Houses, websites, the whole nine yards
  • The property had several showings
  • They wrote an offer on another home CONTINGENT on the sell of their home.
  • The contract on the new home was soon to expire
  • My clients had no offers on their residence.
  • They decided to withdraw their listing until the market picked up
  • They requested a release of contract based on their home not selling.
  • My clients are now facing possible litigation of Specific Performance for withdrawing the listing.

The sellers of the home that my clients had an offer on, held the release of contract form for almost 3 weeks with no communication. ARGHH...I called the Listing Agent, the Listing Agent's broker, and the attorney. Finally I got an answer after weeks of wondering!!!

My clients sincerely wanted the home they wrote a contract to buy. Their decision to withdraw the listing was a personal one. They did not want to "lead on" the sellers of the other property when they felt that their home just was not going to sell. The Release form was accompanied by a letter written by my clients explaining their situation.

I understand it is a difficult market but I must say, I haven't experienced this before! Any advice!?!?!

 

 

 

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Anonymous #37
Anonymous
Jolene Anderson

This is a case for a professional real estate attorney who has represented buyers and sellers in declining markets.

If the information was communicated directly to the Seller and there is a "paper trail", this logically should suffice. However, in declining markets, some Sellers are looking for a quick fix or someone to blame.

Protect yourself and your clients by keeping a documented written paper trail of every conversation and save for future reference.

Good luck!

January 22, 2008 08:56 AM
Rainmaker
476,413
Robert L. Brown
Grand Rapids Real Estate Bellabay Realty, West Michigan
www.mrbrownsellsgr.com
 I had to bookmark this because of the interest. I've read thru some of the comments and they're all great ones. this has been happeneing all too often and in this market we will see lots more of it. Say a prayer and keep doing the RIGHT thing.
January 22, 2008 11:32 AM
Rainer
122,017
Christy Powers
Pooler, Savannah Real Estate Agent
Keller Williams Coastal Area Partners

Wow.....that is a tough one. I have no idea. I would think that since they were unable to sell their home, they should be released. Did you go to the seller's agent before you withdrew and tell them what was going on. It's not like they were backing out because they found something better. I would think this should have been let go.

 

January 22, 2008 12:59 PM
Rainmaker
296,423
Ryan Hukill - Edmond
Realtor
ShowMeOKC Team of Paradigm AdvantEdge
I don't really have any advice that will help now, but my advice earlier would have been to discuss things with the sellers of the other property before withdrawing the listing.  Most people are reasonable enough to understand that things change, and would likely go along with realeasing the contract, but they likely now feel like they've been played a little.  Communication with all parties of a transaction goes a long way toward keeping everyone reasonable and happy.  Good luck... hope it works out OK for everyone involved.
January 22, 2008 10:29 PM
Rainer
200,127
James Gordon
REALTOR, PBD SFR SRS
Sibcy Cline Realtors®
Cherimie I know that this is 20/20 hindsight but did they get a release on the purchase before they decided to cease trying to sell their current home?
January 25, 2008 10:09 AM
Anonymous
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Rainmaker
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Cherimie Crane

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