We had accepted offers on each other’s house, appraisals came back to low from the lender. One party can afford to go lower, the other cannot because of the realtor fees. (appraisals were approx 12k low). Contract w/ the realtor ends in 2 weeks, can we just switch to fsbo and buy each other’s houses at the appraised amounts and exclude the realtor?
More than likely you signed a contract with the real estate company to list the house. You will notice that there is a time period, typically six months, in which you are still obligated to the contract for any offers resulting for the time in which the listing contract was active.
You are better off trying to work out a solution with the agents already involved. Sometime when everybody gives up a little everyone wins.
More than likely you signed a contract with the real estate company to list the house. You will notice that there is a time period, typically six months, in which you are still obligated to the contract for any offers resulting for the time in which the listing contract was active.
You are better off trying to work out a solution with the agents already involved. Sometime when everybody gives up a little everyone wins.
References :
Probably not. When you each signed the contract with the listing agents, there is a clause, which was probably included, that gives the agencies listing the homes a certain amount of time after the listing ends, to still receive the commission if any person that viewed the home while under contract, buys it.
It is called a protection period and can be valid 6 months or more. Whatever the time limit is that was written into the listing contract.
If you want to proceed with the sale, and the contract is ending soon, you could always talk to the listing agents and try to get the commission lowered.
Often this is done, in order to make the sale.
Otherwise, you will have to wait for another buyer with a larger down payment since the house appraised low, the next potential buyer will need a bigger down payment.
References :
RE Agent-MI