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Thread: Real Estate Deal Gone Sideways Question

  1. #1
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    Default Real Estate Deal Gone Sideways Question

    I am the seller of a home.

    Buyer comes with realtor and makes offer.

    Buyer puts deposit on house $5000

    Buyer planned on using his line of credit to buy/ but when he goes to the bank he gets denied for using all his line of credit.

    Deal falls through.

    My realtor remax) says our contract is almost expired. 3 weeks out)

    Realtor gives me 2 options:

    I only get $2500 of the $5000 if I don't relist it with them, if I do relist till January I get the full $5000

    Is this right? Just want to make sure I am not getting shafted.
    Sometimes you have to take a chance, whether that be on someone, or something!

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    Quote Originally Posted by 2BLUE View Post
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    I only get $2500 of the $5000 if I don't relist it with them, if I do relist till January I get the full $5000

    Is this right? Just want to make sure I am not getting shafted.
    What does your signed realtor agreement state?

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    To tell you the truth I didn't check, I was unaware it would have a clause for this issue.
    Sometimes you have to take a chance, whether that be on someone, or something!

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    Unless you are unhappy with him and not in a hurry to unload it, tell him fork over $5K 1st and then relist with him.

    If he didn't sell your place for the last 3 months, he is probably not going to do it for the next 3 given it's over Christmas and it's very slow anyway.

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    Quote Originally Posted by Xtrema View Post
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    Unless you are unhappy with him and not in a hurry to unload it, tell him fork over $5K 1st and then relist with him.

    If he didn't sell your place for the last 3 months, he is probably not going to do it for the next 3 given it's over Christmas and it's very slow anyway.
    My agent did come to see me today having the $5000 cheque in his hand but said not to deposit unless I was going to relist. which he wants to list until January.

    I am looking over my contract but not sure what exactly I am looking for, It does state must inform the if I sell the house 30 days after agreement has expired.
    Sometimes you have to take a chance, whether that be on someone, or something!

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    Seems like a shady move by the realtor.

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    I can see the dilemma. I'm just talking to myself here and stating the obvious but he'd rather take the $2500 from you if he doesn't get to sell your house anymore.

    What happens if you wait until the day of 3 weeks from now, deposit the $5000 and then don't relist? Is that a dickmove?

    TL;DR, is selling realtor entitled to buyer's deposit on home if the deal falls through, right?

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    unless it states otherwise in the contract you signed with your realtor, the 5k deposit is yours, regardless. The listing realtor or their agency's house is not entitled to any of the deposit, again, unless it is specifically stated in the contract.

    I tend to believe it isn't in the contract, why else would the realtor drop off the cheque to you for the full amount. If they were entitled to ANY of it, they would have withheld it, 100%.
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    I’m surprised buyer was forfeiting the deposit. Wasn’t there a clause in the offer for “subject to approved financing”?

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    I am at work right now but ill check the contract, the realtor did drop off the new contract that he wants me to sign which it does state 50% deposit goes to him.

    I have till Monday to decide.
    Sometimes you have to take a chance, whether that be on someone, or something!

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    Quote Originally Posted by 2BLUE View Post
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    I am at work right now but ill check the contract, the realtor did drop off the new contract that he wants me to sign which it does state 50% deposit goes to him.

    I have till Monday to decide.
    Personally, I would not sign it.

    If the realtor has been, in your opinion, doing a good job to this point, then feel free to renew the listing until January. Having said that, he is just making shit up that he is entitled to it, hence why it is written into the new contract.
    Boosted life tip #329
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    Quote Originally Posted by 2BLUE View Post
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    I am at work right now but ill check the contract, the realtor did drop off the new contract that he wants me to sign which it does state 50% deposit goes to him.

    I have till Monday to decide.
    LOL, fuck no .... 'please sign this so that I can have 2500$'.

    And people wonder why realtors get lumped into one category.

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    You may owe the realtor some money if you didn't list it long enough with him and you decide to ditch him and try another realtor.
    But, even if you do owe him something, he has no claim to your deposit. He can send you a bill to cover whatever he's owed (per the contract).

    That's my thoughts.

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    Ask the Real Estate Board for clarification and send in your documents. If it is actually shady, they'll tell you.
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    There's no reason to sign a new agreement. Just let your realtor know you'll stick to the existing signed agreement.

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    the deposit is held in trust when buying is it not? why does the realtor think he controls how it gets distributed? Seems super weird. Wheres all the resident realtors who love to chime in with how good they are at their jobs? I'm sure they can clarify.

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    He is playing mind games

    Deposit the cheque and go from there.

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    Read the contract. Do what the contract says. That's why we have contacts.

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    This all comes down to what the service agreement has on it. The offer to purchase doesn’t cover it and there is room for something along those lines to be written into the service agreement. No one can speak to what you agreed to without seeing a copy of what you signed

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    Quote Originally Posted by Buster View Post
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    Read the contract. Do what the contract says. That's why we have contacts.
    If there is some BS clause about a deposit in the agreement you should threaten to make sure nobody you know ever uses him or his company if he tries to keep the $2500 and blast him for it online - this is a bullshit clause used to rip you off. If he drops it and letís you keep the cash then heís probably a good realtor. If itís not in the contract then fk this guy big time as heís trying to scam you, drop him ASAP and blast him and his company over every social media avenue you have.

    Realtor contracts are laughable, I struck almost everything in mine relating to them having any leverage over me last time I sold a property and told the guy take it or leave it (hint, they will always take it). Realtors are not lawyers and realtors are not even experienced with contracts (they fill in the blank, nothing more), never trust their interpretation.

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