Profile picture for jenniferm12345

Contract Expired, but realtor says its good beyond the 30 days?

We entered into a contract to purchase a home a couple months ago. Towards the end of the sale we found a last minute financial hiccup that we had to address right away before we could obtain the loan. 

The contract expired at the end of March. From our point of view, the sellers have not signed any addendum to extend the contract beyond the expiration date. According to our realtor, there is a 30 day grace period after the contract expires that makes the contract still valid. Yet the house was listed on the market as "active" within a few days after the contract ended. 

1) Is this true? Is there a 30 days "grace period" or automatic extension after a contract expires? 

2) If the contract is still "good", then why would the sellers agent be allowed to re-activate the listing if there is an automatic extension? We've signed addendums to allow them to remarket the house while we resolve the hiccup (i.e., Contigency with Kick-out, etc), but the sellers haven't signed anything. 

I'm hoping for advice from an experienced person!  Our realtor is really, really green (we found out after the contract that we're his first sale). Between him and the financial hiccup, I would rather just end this buying process...we've caught him in too many lies and I feel that this is just another lie of his in hopes that he can prove to his bosses that he can sell. 

Thanks, 
  • April 15 2012 - Baltimore
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Answers (8)

Thank you, Jennifer!

Good luck!
  • April 16 2012
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Profile picture for jenniferm12345
Thanks for the advice everyone!

In short, my husband and I fired the Realtor and explained the situation to the broker manager. I also sent an email to the sellers agent requesting a status, stating that I can't get a straight answer from our Realtor. I doubt I'll hear back from him, but I thought I would try to get information that was a little less filtered. 

  • April 16 2012
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Well, we don't know. We'd hate to say it's impossible, and find out that there's a clause in the contract somewhere to the contrary.

Let's start with the idea that you are currently out of contract, and you want to buy the home. Let's add to that the idea that real estate agents don't really have "bosses," the business is set up in such a way that you don't have to sell much to be of value to your firm. And let's top things off by setting a maximum number of acceptable lies to: zero.

So you want to stop dealing with a liar, which means that you have to call up your "agent" and tell him, we don't trust you and we're going to deal directly with your broker. Then, you call the broker, tell them that you don't trust the agent, and ask them what your contractual status is and how you get back into a contract for the property that you want.

Then, please - come back here and tell us how things are progressing!

All the best,
  • April 16 2012
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Profile picture for Connie Klemme
sounds like your agent is confused by a paragraph that is likely in your contract that has an automatic extension in order to address title problems.   never heard of an automatic 30 day extenstion to the contract for any other issues.   If it doesn't say it, then it's not there. 
Agree with the others to contact the broker or have an attorney review your contract to give you an more accurate determination and then get your agent busy negotiating the addendum or new contract.  Get their broker involved.
  • April 16 2012
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I am not an attorney, but our underwriting would not accept some nebulous 30 day grace period, only signed contract extensions.
Talk to the broker or your mortgage loan officer. If you are as unhappy as you sound with your agent, perhaps the broker can lend a hand and help, or you may just wish to find a new agent. I work with several great agents in the Baltimore market, so I know they are out there!
Best wishes, Jim
  • April 16 2012
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Do you have an attorney? Certainly contact him/her if you do.

I am a NJ Realtor and laws and contracts vary state to state. However, if I were you I would ask for the extension of contract in writing. If a buyer hits a hiccup in the financing process and has not obtained mortgage commitment by deadline in contract, it is not unusual for the seller to put the home back on the market with the First Right of Refusal Contingency.
  • April 15 2012
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I agree that calling the agent's office manager is a good idea. The manager can review your contract with you. To be absolutely certain as to what your rights or obligations are, you may want to contact a real estate attorney.
We don't know what your actual contract of sale says, so we don't know specifics to be able to assist.

I am sorry to hear you've had a bad experience. I hope things get better!

Good luck!

Sincerely,
Marney Kirk
Keller Williams Excellence Realty
  • April 15 2012
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Profile picture for Ofe Polack
Your absolute best recourse at this moment is the principal Managing Broker of the agency.  Sit down with that person and go over the issues impacting on this contract.  There seems to be a disconnect.  Good luck!
  • April 15 2012
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