Expert: Dick Dennis - 12/29/2009

Question
We made an offer on a property that wasn't accepted this past September. We made our offer amount decision on information that we received from the Realtor we contacted when we saw the property for sale sign. The information turned out to be incorrect, consequently our offer was too low and wasn't accepted.

Since then, the sellers took the property off the market. We regret not offering more and really want to purchase the property. Can we contact the seller to see if it's still available and make another offer directly to them?  Wondering if there are any legal or ethical issues or time restraints since we made the initial offer through a Realtor?

Answer
As long as you have not executed some kind of buyer's listing agreement, Vicki, go right ahead and see if you can buy the property at a price you'd be satisfied with. Just be careful. I've seen it happen too many times where two private parties try to make a transaction and they screw it up where the buyer and seller swear each other were thieves and walk away in a huff.

If the seller still has it listed, but the broker has agreed to take down the sign, the seller may still be obligated to pay a commission if he sells it within the time of the listing. But if the seller is not obligated, then you and the seller really should hire a REAL ESTATE attorney to make sure the sales goes through if both of you cannot agree on a Realtor who would handle the purchase (presuming it would not be the one you used last September).

The seller may be concerned about paying a commission to his former agent if his agent gave him a document (a list) itemizing the agents and their clients that had shown and visited the property. The clause in the former listing agreement usually stipulates a period of six months after the end of the listing. However, if the seller's agent DID NOT provide that list (and most agents do not) then you have nothing to worry about. Just go ahead and buy the house if you can work out a deal. I do wish you well.

Dick Dennis
dixiedee13@gmail.com
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