Profile picture for cbazzi

We accepted a lower than listing price offer (P&S not signed yet) - how can we get out of this?

We explicitly stated to the realtor that we would not and could not sell below listing price (the listing price was already low to attract more interest). However, the realtor put us under a lot of pressure to sign for an offer which was well below our asking price and we are supposed to pay nearly 2000$ towards the buyer's closing cost. We would be making a 40,000$ loss. We now want to get out of this and take the house off market. What is our best line of action?
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May 17 2010 - Cambridge
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Answers (22)

To be safe, consult with a lawyer, however, if you haven't signed anything yet, you not have an agreement.

What kind of Realtor are you working with and why?  Moreover, why would you let anyone pressure you into doing something you don't want to do?
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March 01 2011
Glad to hear that the buyers were amenable to withdrawing from the contract. Very disappointed to hear about the agent behaving like a jerk.
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March 01 2011
Glad to hear everything worked out. 
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March 01 2011
Glad to hear it worked out.  
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March 01 2011


Cbazzi,


I'm new to the forum, but I'm glad everything worked out. It's already stressful when you are buying and selling a home. The last thing you need is more pressure from pushy sales agents who are just interested in making money rather than their clients 100% satisfied with the transaction.


Take Care,


Sameer Punjani
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August 20 2010
Profile picture for cbazzi
First of all thank you for all the advice and answers we received to our question. It has been a long painful road but we eventually came to a resolution. The buyers were completely ok with us pulling out of the deal and very understanding. We also had a verbal and written confirmation from our realtor that they wouldn't pursue a commission. However the realtor changed their mind. They send us threatening letter, even threatened to put a lien on our house. The realtor also tried to sabotage the renting of our home by telling our rental agent that the house was still under agreement (which was a lie at that point). After trying to deal with all parties amicably, we eventually had to get a lawyer involved. Who did a great job and managed to get us out of a messy situation. We were able to keep our home and have found some wonderful tenants.
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August 20 2010
This thread is now 4 months old and it would be interesting to hear from cbazzi as to what happened.  Especially if they were able to get the contract canceled due to a contingency and what the property is worth today.
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August 19 2010
Unless the house is brand new there will be items that come up in the inspection that will need attention. If the seller (you) is unwilling to bend on these, it is most likely the buyers will walk from the deal. Not a clear-cut way out, but it is perfectly legal and I see it happen all the time.
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August 19 2010
You are now Under Contract to sell your home at the terms and price you agreed to.  Please consult a Real Estate attorney, there are many contingencies written into the standard Real Estate Purchase Agreement.
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August 18 2010
Profile picture for nygoner
can't you just make "something" not pass inspection!?  like a flood!
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August 18 2010
You probably resolved this by now, but it's something you should talk to your lawyer about.
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August 15 2010
Call your attorney and keep in mind the market dictates value and sales price.
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May 19 2010
I agree with Randy. Ultimately, you signed the contract without a gun to your head, so to speak so it's legal binding and fully your responsibility.

Has the inspection been completed or the appraisal? If those don't pan out the Buyer can option out, otherwise, you're pretty much bound to it. You can always buy them out as an option as well but they can make you sell.

You definitely should consult with an R/E attorney about your situation.
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May 19 2010
Profile picture for shapiroamg
FYI for all you non-Mass people: MA is a two step state. Buyers sign an Offer to Purchase first which does dictate a date to sign a more formal Purchase and Sales Agreement. Generally, the home inspection and any issues that pop up are worked out between the sides and then a P&S Agreement is signed. I have seen plenty of deals fall apart in between an signed offer and the P&S. I'm not saying this is right or wrong. The person who started the thread should hire an attorney.

I would be more curious to here from any MA Realtors on this thread.
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May 19 2010
Profile picture for wetdawgs
Should you chose to break this contract (with your lawyer's help), don't be surprised if you still owe the agent a commission.

What you signed carries more weight than what you said verbally.
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May 18 2010
Regardless of what pressure to sign, you signed a legal and binding contract.  I would say call a real estate attorney in your state and find out your options.  You can always hope it falls through.
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May 18 2010
I would suggest speaking with a qualified Real Estate Attorney who has experience in Contractual Law. Make sure to ask about their experience in that area, it could make all the difference. 

Good Luck.
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May 18 2010
In my experience, no judge will force you to sell your home, but they will make you pay damages if you are in breach of contract.
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May 18 2010
Profile picture for VegasResident
You signed a contract. Breach of contract if you do that....contact a lawyer.
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May 18 2010

You are the homeowner. No Realtor can make YOU the homeowner sign anything you don't want to sign.

The fact is that YOU have signed a legally binding contract with full knowledge of your actions.

You can seek to do a short sale with your banker, but depending on your finances, they may say "no". But they may also say "yes" and be willing to take the loss of $40,000 themselves.

Otherwise, you do need to contact an attorney. The buyers may be willing to walk away under certain circumstances, but you could be sued for specific performance of the contract as it is legally binding.

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May 18 2010
Rationally think this out. The market may get worse and the cash back programs may come to an end. Things may fall though in inspection or the house may not appraise. Take back up offers.
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May 18 2010
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Call an attorney. NOW. Let me know if you need a referral to one that specifically handles real estate.
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May 17 2010
 
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