Real estate law/K question

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stinger35
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Joined: Thu Jan 07, 2010 2:37 pm

Real estate law/K question

Postby stinger35 » Tue Aug 17, 2010 11:20 pm

I did really well in Ks but immediately forgot all of it and have no real estate knowledge at all. Anyways, is listing your house with a broker a valid offer if someone comes with an all cash offer? Can you still not sell? I have heard of having to pay your broker some sort of commission in this situation, but what about some sort of fine? Does this exist? Thanks for the help.

jkay
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Joined: Mon May 03, 2010 2:47 pm

Re: Real estate law/K question

Postby jkay » Tue Aug 17, 2010 11:30 pm

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Last edited by jkay on Wed Aug 18, 2010 4:01 pm, edited 1 time in total.

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JRDallas11
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Re: Real estate law/K question

Postby JRDallas11 » Tue Aug 17, 2010 11:38 pm

No, the seller does not have to sell. However, for most exclusive listing agreements, the listing broker has earned their commission in the example you have given. *Assuming the cash offer was list price. (left that part out) Anything less and the listing broker may not be due a commission depending on the verbiage in the listing agreement.

stinger35
Posts: 615
Joined: Thu Jan 07, 2010 2:37 pm

Re: Real estate law/K question

Postby stinger35 » Tue Aug 17, 2010 11:56 pm

Yea I was aware of the commission. The situation that was relayed to me involved one party claiming that there was a penalty (something like 30000) for not accepting a cash offer for list price. I thought it seemed absolutely outrageous but really didn't know.

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JRDallas11
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Re: Real estate law/K question

Postby JRDallas11 » Wed Aug 18, 2010 3:41 pm

I'm a licensed real estate broker and have never heard of anything like that.




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