Can I pull out of a Real Estate deal?
I am a independent Real Estate Broker in NYC. I am not a part of MLS…. I have a house for sale (short sale) in which the buyer and seller are actively ready to go. I am co-brokering with another Re. because they are apart of MLS–and the bank is requiring that the property be listed on MLS for a specific period of time. This realty is doing the short sale paperwork… the issue is that they are taking their time to complete their portion of the paper work.. This has been going on since June. Can I legally pull out from this agency? I really do not know what they are waiting for or why they won’t send the docs to the bank? I am just getting one story after the next. This is a well know realty in NYC. The owner has listed the property with me exclusively. This company did list the property on MLS. Can I pull out from them and get a new agency to work with?
A part and apart mean opposite things. And are you confusing the word realtor with realty? Or maybe agency?
What you can do will depend on what your contract with this other agent says. Seek legal advice – you don’t want to dig yourself a huge hole on this. Once you have that legal opinion, give them a final chance and if they dont produce, follow the attorney’s advice.
November 3rd, 2011 at 6:05 am
You have some sort of agreement with this other agency…what does this contract say about pulling out? That is what will dictate if you can or not.
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November 3rd, 2011 at 6:16 am
A part and apart mean opposite things. And are you confusing the word realtor with realty? Or maybe agency?
What you can do will depend on what your contract with this other agent says. Seek legal advice – you don’t want to dig yourself a huge hole on this. Once you have that legal opinion, give them a final chance and if they dont produce, follow the attorney’s advice.
References :
November 3rd, 2011 at 6:33 am
If you want to get sued by the other broker you can…..In my state you could lose your license.
You obviously don’t understand that short sales can take up to a year to complete….sometimes longer. I’d guess that the short sale seller is have a hard time proving a hardship and isn’t fully cooperating with the lender. That would be my first reaction. Aren’t you talking to the other broker? I would question your ethics taking the listing in the first place without being in the MLS. Why didn’t you just refer the seller to the other broker in the first place and get a 20%-25% of the selling side?
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November 3rd, 2011 at 7:19 am
You should go tell your sellers that you were wrong to take the listing. That you are an incompetent Realtor and had no business being in the Real Estate Business. Once you cancel your listing and help those poor sellers find a qualified Realtor who has something as simple as access to the MLS, then you can tell the 3rd party to fuck off.
How in the world you are a broker, if you actually are one is beyond me.
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Realtor