Real estate law/K question Forum

[stinger35]

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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[JRDallas11]

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]

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.

[JRDallas11]

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