| Darren 2008-02-16, 1:25 pm |
| Hello,
Your question is indeed a very common one, especially in today's
volatile real estate market. You didn't specify in what state you are,
so it would be difficult to give a definitive answer. Also, I am not
an attorney, so I cannot dispense legal advice. I am a Realtor.
However, here in NY, the situation you describe would be as such:
If your listing agent shows your house to the buyer during the 6 mo./
6% listing contract, and the buyer makes an offer during that time,
then that contract would be the basis for your commission to the
agent. The agent should have secured the offer from the buyer in
writing. If the price was to be further negotiated, then the sales
agreement would be amended once the price was agreed upon, whenever
that is.
Should the original contract expire during this
price-negotiaion, it wouldn't have any bearing on the deal.
This is because the agent brought you a ready, willing and able buyer
during the initial 6 month contract.
Of course, you and your attorney could possibly fight the agent on
this, but why in the world in today's market would you want to risk
losing the buyer and the sale by haggling with your agent over a 1%
reduction in the commission?
In many areas, houses are now taking years to sell, not months! Your
agent sounds like he/she is doing a pretty good job with you. Why mess
it up?
'Hope this helps...
Darren
|