Profile picture for user6686832

my listing agent made me an offer to buy my home

 he offered me 355 and told me he would waive his commission.  but, when he put the offer to purchase on the table, it wasn't for 355k it was for 334k.  he tried to explain why the figure was lower than he offered and it never made sense and when i told him i wanted to have my attorney look over it, he insisted if i waited until tomorrow the deal was off.  i should have walked, i signed it because the house has taken longer to sell and i'm so stressed out over it, i'm starting to have health issues.  it hasn't set well with me and i told him i wasn't at all happy with the way he told me one thing and did another and he tried to explain the deduction again, still not making sense.  i told him the bottom line was i agreed to 355 with him waiving his commission and that's not the way he wrote it.  after sending me an email stating he would let me out of the agreement, but i may not get another offer and wouldn't give me another one.  so he sent a termination of contract by mutual agreement which i signed and have to give him back a check for earnest money.  and pressured me to sign that.  i'm ready to sign a termination of listing agreement because i don't want to work with him.  the neighbors had told me long before i listed the house they wanted to buy the house and if they could come up with the money, they would and were hoping i wouldn't get any offers until they could make me one..  i had thought about filing a complaint with the real estate commission because of his bait and switch tactic and the way he pressured me to sign, but i don't want to cause him to lose his license..  i don't feel like he deserves to be paid a 6% commssion if i sell to the neighbors because he was never involved in any negotiations between me and them.  i don't know what to do.  as it is, i'm selling the house for over 250k LESS THAN WHAT IT COST TO BUILD, THAT ALONE IS MAKING ME SICK.
  • October 05 2013 - Charlotte
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Answers (10)

Profile picture for Outer Banks N C
This is pretty common when a real estate agent buys a property. You can say yes or no, but he is looking at it like you agreed to pay his commission and that is what you will net if a buyer buys it at full price. Likely a buyer will buy it for less and so you would get less than he is offering. It sounds more like you want to punish him, but you might step back and ask yourself, "is this a way to sell and move on quickly without much hassle"?"

Think about it not as a boxing match where you win or he wins.


tim
  • October 05 2013
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I'm sorry you are having such difficulties.  I can see where it might have been fuzzy when he gave you a contract for 334.  That is exactly 6% less than 355.  So he was taking a credit for his commission.  It is true that is the amount you would have netted had someone offered 355.

A listing agreement is not that easy to terminate.  The agent has to agree to it.  It's not a one way street.

If you later sell to your neighbor the agent might still try to pursue his commission alleging that you were negotiating with them during the listing agreement.

We are not privy to the conversations or events which took place between you and the agent.  However, if you truly feel you have been wronged and the agent did not act in an ethical manner you should file a complaint.  If it has merit the real estate board will take some type of action which might be a fine, continuing education, probation or revocation.

There are agents who definitely need to be removed from the business.  Whether this agent is one I do not know.  If the general public was more proactive and complained it would help identify those agents who besmirch the professional image of the rest.
  • October 05 2013
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I am usually the type of person to try to work things out with the person if I feel that I have been wronged, bbut in this situation you may want to get that agents Broker in Charge involved and if that person is the BIC you should contact the local real estate commission or the NC Real Estate Commission.  It seems that the agent forgot their role in serving you and protecting your best interest as their client.  It's fishy.  Not all agents are like that. 
  • November 12 2013
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Profile picture for SteadyState
You almost got taken - no easier way to say this. However, now I ask a question to all Realtors - where is the listing agent's fiduciary responsibility to the client (it appears that the agent signed on to be a listing agent for the client - it also appears this bad apple disregarded the client's interest and attempted to benefit from the situation at the expense of the client.).
Am I being too harsh on the listing agent and the contract between the listing agent and most clients?
  • November 12 2013
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I do not understand why the agent would only offer the deal if you gave him the listing that day. Based on the math, he was offering you a net full price on the property. Hence he could have just bought it from you and you would be done with it.

Even if you have neighbors offer to buy it from you, you want to make sure some one is assisting you that you will not be taken advantage of by them or that the transaction is handled properly. 
  • November 13 2013
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Profile picture for knightlight
You were under duress, he knew about your health issues and took advantage of you.  You and your neighbor go see a real-estate attorney and get it sorted out.  do not sign anything else he gives you. Be a jerk to him.  Ultimately you don't have you sell your house and he would have to spend a lot of money on a attorney to enforce the contract you forced you to sign under duress, which is illegal.  Talk to your neighbor…Come on realtors, I thought you all took a pledge of ethics?
  • November 21 2013
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Profile picture for knightlight
oh yeah, call the title company and tell them the cancel any title work, they will appreciate that.
  • November 21 2013
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1) Call your State's Real Estate Commissioner to file a complaint
2) Similarly speak to an attorney ASAP.

What the Realtor is doing, in my opinion (I am not an attorney), smells of fraud.  I'm honestly surprised in this day and age Realtors think they can get away with this.
  • November 21 2013
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I don't like the "sound of it" and you don't seem to either. You are not a hostage to this person, or their "offer" so call it quits and find another Broker that you are comfortable with.
  • August 04 2014
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Hi,

If you don't want to sell to your agent, then don't. File a complaint with the local board of REALTORS®. You have every right to cancel with that agent and find one that will not pressure you. Also, a commission is always negotiable. It doesn't have to be 6%.
  • August 04 2014
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