Buyer selling home want to sell to a friend lower price then current offers made canI

[TonyMado]

What is the name of your state (only U.S. law)? PA

Hi, We're in the midst of selling an estate house from our parents and we have received two offers through our real estate agent. One for $175K and another for $165K. We turned down the lower offer and countered the second offer to $180K. In the midst of the counter offer a close friend is now interested in buying the house and wants to make an offer at the lower price of $165K and because he is a close friend we want to accept it. Can the person that we gave a counter offer to for the $175K sue us if we pull back the second offer and instead sell the house for the lower price to our friend? What recourse do we have in order to stop everything at this point and accept our friends offer? Can we do this or are we stuck? No money has exchanged hands in either case cause no one has accepted any offers to date. The buyers are coming back to look at the house this Wednesday to take a second look. How can we end this without legal ramifications or do we have the choice to simply sell it to our friend with no reason given? Please help and thank you!

Tony

[rowz]

I'm not gloing to pay this too close attention, but just want you to know that it is very possible and most likely that you are gling to owe the real estate agent the fullcommission as commited to in your contract.

Why would you be giving your friend a gift of 15,000.00?


Are all parties & beneficiaries to the estate in accord with this idea?

Or [as I think that this is where you are going]....you want to cut the real estate agent out, save the commission which will alllow you to sell the house at a lower price to your friend.

As no $ has changed hands & there is not a contract at this point, you would most likely be allowed to take the lower offer.


Is the friend qualified to do the deal or will you have to allow for any continigencies that could slow the sale.

[TonyMado]

All family members are in agreement and we weren't aware of his situation until just now. It is ok with everyone on the gift because in the long run one of the family members wants to remain in the house and rent from the friend buying. We are relying on the real estate agent hired by my Sister the executor due to the rough housing market we already lowered price twice in 3 months based on houses in the area. The real estate agent has no knowledge of this yet and we are not knowledgeable to understand if this was possible and if we are legally committed to the higher offer even though they haven't countered yet based on our last counter offer. Can we simply recall our last counter offer, sell the house to our pre-approved friend without any legal ramifications at this point?

Thank you for responding!
Tony

[rowz]

Nothhing is signecd, no $ [consideration] has been given over, so there is no contract.

Where there IS a contract is between the Sellers andd the Real Estate agent.
The answer you seek "do we owe the realtor someethhing if we sell to a friend" is contained in the listing agreement that ytou have signed with the Agent.

If the Agent is a registered Realtor and they are using the standard Realtor contract, you will find that indeed you will likely owe them the full commission on the sale.

The way you avoided my input and questions regarding the Agent hints to me that you are trying to evade paying them the $. Correct me if I am wrrong.

Good luck witth that.

[HomeGuru]

Originally Posted by TonyMado

What is the name of your state (only U.S. law)? PA

Hi, We're in the midst of selling an estate house from our parents and we have received two offers through our real estate agent. One for $175K and another for $165K. We turned down the lower offer and countered the second offer to $180K. In the midst of the counter offer a close friend is now interested in buying the house and wants to make an offer at the lower price of $165K and because he is a close friend we want to accept it. Can the person that we gave a counter offer to for the $175K sue us if we pull back the second offer and instead sell the house for the lower price to our friend? What recourse do we have in order to stop everything at this point and accept our friends offer? Can we do this or are we stuck? No money has exchanged hands in either case cause no one has accepted any offers to date. The buyers are coming back to look at the house this Wednesday to take a second look. How can we end this without legal ramifications or do we have the choice to simply sell it to our friend with no reason given? Please help and thank you!

Tony

**A: you need to terminate the counter offer if not terminated on its own by non acceptance by the date noted in the contract.

[swrdmbo]

Since no money has been exchanged you are within your rights to withdraw your counter offer.This would best be done before they come to see the property again.

If you are planning on paying the Realtor the full commission I do not see any problem with you selling to your friend.

If you are planning on screwing the Realtor out of the commission I would be prepared for a lawsuit you will most likely lose. Why? Because the Realtor brought you two ready and willing buyers ( since you will be accepting the 165K offer) and you refused both offers. As such the Realtor earned the commission. Save for the fact that you changed your mind and want to sell it to a friend, the Realtor would in all likelihood have made a sale and received the commission.

[PghREA]

Withdraw the counter offer and sell to whoever you want to.

[The_Saint]

You can withdraw a counter at any point prior to acceptance. Go ahead and withdraw asap in writing.

And you may want to check your listing agreement. Chances are that you have an exclusive right to sell contract which means the agent gets paid.