Expert: Karyn Foley - 7/25/2006

Question
We are first time sellers and tried to choose a reliable realtor to sell our home.  The problem is we received an offer and the realtor brought the paperwork over and shot through it very fast and told us to intial the agreement.  I did not realize that this was the actual acceptance.  She did not ask us or give the chance to counter offer nor was there anything in it about a contigency on us finding another home, which I had asked her about.  It was like we were hit by a tornado.  I know if we back out we will owe her 1% commision, but what are the rammifications from the buyers.  We are in North Dakota.

Answer
Dear James:
 I am sorry you have this problem, and hope I can be of some help.  With reference to your agreement, I am not aware that initialing is ok for you to do with your entire contract; initials are usually for a small, more minor change or paragraph.  A legally binding contract should be signed by all principals who are the sellers.
 It is my suggestion that you immediately call the manager or owner of the agent's office, and ask for a meeting among her or him, your agent, and yourselves.  Discuss this in detail and see what are your options.  If you still feel intimidated or confused, take a few moments and call a real estate attorney who can legally advise you in the correct direction.  
 What really is of concern is the question of the contingency on you finding another home.  This should have been in your listing agreement and publicized to all agents and buyers in your information sheet.It is obvious to me that your agent was too hasty in her approach to you, and it was definitely her responsibility to make you aware of everyhing that you were agreeing to and to make certain your interests were represented.  
 With reference to what you may owe should you back out, since I do not have a copy of the contract, I cannot advise you.  Again, an attorney will be your best advocate to your legal position.  
 Not being familiar with North Dakota's laws and disclosure issues, your own agent can tell you what inspections, contingencies, and so forth, will be done by your buyer and your position on agreeing or not agreeing with any and all of your buyer's requests.
 It is very common for sellers to have sellers remorse immediately following an acceptance.  Your buyer is probably going through the same type of buyers remorse.  Good agents can usually smooth everything out to everyone's satisfaction.  I hope your agent will do the same.
 Please let me know what happens, and if I can be of further assistance.  Good luck on this!  Karyn Foley